Downtown Raleigh’s 2nd Quarter Development Report is Here!
It seems like every day Raleigh’s urban center is making local and national headlines. From Forbes, to the Wall Street Journal and Fox Business, Raleigh is a hot topic and the center stage spot light is all on one area: Downtown Raleigh (DTR). Let’s take a look at how DTR fared this spring.
Although multifamily development is the major trend, with the Link, Lincoln, Edison and Skyhouse apartments demanding current attention from Raleigh residents, what was really interesting for the 2nd Quarter was found in the development numbers and business openings (NO businesses closed in DTR this past quarter!).
A few takeaways for your compass:
For the 2nd Qtr, $243 Million in DTR construction started
For the year, $668 Million in development projects has been designated for DTR alone
DTR opened up 6 new street front businesses, and have 11 planned for next quarter!
DTR has opened over 150 new street front businesses since the 2008 market recession.
150 new hotel rooms are planned for DTR
3 apartment projects are planned for future (220 the Saint, West Apartments, West Apartments II)
The office market is still very tight in DTR, with little to no large construction planned outside of Andy Andrew’s Charter Square project of the past few years. Look for this to also have an effect on DTR retail, specifically shopping stores (non-restaurant space) where street front spaces are already dwindling down.
With no new office towers to add large floor plate spaces for street side stores, look for DTR retail problems in the next few years.
Thanks to Downtown Raleigh Alliance for compiling the report (click here for full report), and check out the new City of Raleigh Development website raleigh4u.com for all new info and videos concerning innovation in DTR.
- Capital Compass