Two Tower Project in Raleigh – Residential AND Commercial
Twenty stories is the rumor we are hearing for the 2 tower project to hit downtown Raleigh! One is to be for commercial and one for residential. Both will feature a lot of retail space on the lower floors. Raleigh continues to grow and become a “Big City” with a small town feel. It wasn’t that long ago that the words Raleigh, downtown and commercial growth were rarely used in the same sentence. Now we are privileged and excited to see it often.
The Lundy Group formed a real estate investment group and will lead the charge for this project to include more land on Hillsborough Street. The buildings apparently are said to have 242 residential units, in excess of 150 hotel rooms, nearly 1000 parking spaces, and over 40,000 square feet of retail space. Those of you that are fans of grabbing a beer at The Flying Saucer may want to get there quickly as it will remain as the only part of that city block not under control of the investment group. No deal is imminent but certainly worth watching!
While the project is expected to push $160MM the total invested at this time is just over $10MM. Stewart Engineering of Raleigh is a consultant on the project.
To learn more about what’s happening in the commercial real estate world in the Raleigh, Durham and North Carolina markets do not hesitate to contact us at Kima Commercial, Llc. Our team of Brokers, REALTORS and staff are here to meet your real estate needs.