The Dillon rooftop dining is here—and, with it, Raleigh has arrived.
Occupying that formidable slice of heaven Raleigh has lusted after for so long, the primo slice of restaurant real estate atop The Dillon is finally realized—and with it, Raleigh has arrived.
Long lacking the kind of destination dining that lights up the sky in culinary powerhouse metropolises like Manhattan, San Fran and Chicago, La Terrazza brings a level of gravitas to Raleigh’s hospitality scene the city has only dreamed of—until now.
Samad Hachby (photo by Jennifer Robertson Photogrpahy)
Launching us into the epicurean ether of possibility—elevated urban dining, Michelin-star ambitions, top-tier hospitalitarians—the Mediterranean-meets-Southern Italian concept masterminded by Raleighite Samad Hachby (of Mulino Italian Kitchen & Bar fame) on the ninth floor of one of Raleigh’s most iconic towers may be authentically international—but it’s also intentionally local.
“I’m constantly inspired by visiting other places and bringing back the best of my experiences to share with our dining and special event guests right here in the heart of North Carolina,” says Hachby of implementing his travels to Italy’s Umbria region into his new Warehouse District concept.
That approach is precisely what makes Hachby the ideal fit for topping off The Dillon. It likely goes without saying Realty Corp. could have courted any top toque in the land (say Wolfgang Puck? José Andrés?) to helm such a coveted towering piece of real estate overlooking a city rapidly ascending into its own greatness—perennially topping “best places to live” lists and thereby attracting talent the country over.
But Hachby—and La Terrazza—are chosen by design. Playing the long game—from the jump, Kane intended the sort of grand-scale vision only a local hospitality titan like La Terrazza and its mastermind Hachby could serve so brilliantly. “We know La Terrazza will take the experience of The Dillon’s ninth-floor rooftop to new heights,” says Stacey Buescher, director of operations for Kane Realty Corp.
And before you write off this terrace (aka the moniker’s English translation) as an expensive “save for a special occasion” oasis—think again. Price point is very much front of mind for Hachby, who is committed to La Terrazza’s approachability and flexibility. As such, this little slice in the sky looks to disrupt your take on elevated dining by 86’ing the sticker shock—not unlike its sister concept Mulino has by serving up the option for some wine and pizza poolside sub-$50 (though, clearly, balling out is always an option).
Here, you can traipse up to the roof to take in some spirited sips and snacks among unparalleled vistas before or after some proximal plans or reservations, or tuck into the Garden Room for a more intimate dining experience. Which, ultimately, even more mirrors how those big-city culinary crown jewels unfold—aka layers and diversity and a mesh of winers and diners toasting every occasion and none at all.
For Hachby, Raleigh is home—and Terrazza only serves to elevate it. “I’m very fortunate to have made my home in Raleigh,” says the seasoned restaurateur, “and proud to be able to continue to add more opportunities for our guests to dine with us as the city grows into a truly world-class destination.” Now the only question is, what heights will Raleigh soar to next?
Courtesy of Kane Realty Co.
Urban Dining Know How to Go An event of epic scale, dining at La Terrazza will be a bit of a journey for Raleigh diners less familiar with urban tower concepts—from where to park to powder rooms. But that fact is precisely the draw, and precisely why you gravitate to NYC, DC or LA just for a culinary venture.
Parking: Roll up to the ground-floor Dillon parking deck for easy access out of the elements, or luck up with street parking.
Entry: Fulfill that big-city vibe with Warehouse District views as you ride the glass elevator up nine floors.
Powder rooms: Spoiler alert: Should you wish to powder your nose, you’ll need to exit the restaurant to use The Dillon’s same-floor bathrooms down the hall—not unlike what you’d do at a fancy Manhattan dining destination.
Public access: No reservation needed to imbibe and vibe—the outdoor bar will be open to the public for stellar sips and views.
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Elevating local spaces with sustainable wood creations
These days it seems like the impeccable craftsmanship of Raleigh Reclaimed can be spotted just about anywhere, from the sleek sycamore dining tables at Brewery Bhavana to the chic railway-inspired accents inside The Line Downtown Apartments (a custom oak flipboard cabinet to welcome residents? Genius).
The family-run furniture business has quite literally helped our city rediscover its roots by repurposing local trees into thoughtfully designed creations for a wide range of residential and commercial clients.
What started by reclaiming wood from old structures such as tobacco barns and textile mills has evolved over time to include reclaiming freshly sawn or fallen trees, especially as co-owners Billy Keck and Melody Ray learned more about what was happening to many of the large trees in our area.
“We incorporated this idea of urban salvage back in 2013,” explains the business-savvy Ray, whose background as a business litigation attorney perfectly complements Keck’s engineering experience and heart for craftsmanship. “We invested in a sawmill, as well as kilns, and began diverting trees that were otherwise going to end up in local landfills to our facility, where we would cut them and dry them and take them all the way to finished furniture.”
Today, urban salvage makes up the bulk of Raleigh Reclaimed’s projects and has cemented its reputation as a champion of local sustainable design. But beyond being environmentally friendly, urban salvage lumber also tells a story.
“I think, for us, it really is about helping folks have a tie to their sense of place or to the land,” says Ray. “We have clients who, on the residential side, will have an individual tree that came down in their yard that we’re putting back into their home.” She adds that their team “tracks every tree that comes in and follows it through its process with us,” noting doing so provides clients with a connection to a truly unique piece.
Although Raleigh Reclaimed celebrates the traditions and techniques of the past, the innovative business is very much focused on the future and showcasing the breadth of what can be made using urban salvage. “There’s so much need for it,” says Keck of their bespoke character-rich pieces. “To have a space like this where you have 50 employees building nothing but custom projects every single day… that didn’t really exist before us inside the city limits of Raleigh.”
With projects in the pipeline at North Hills, Raleigh Iron Works, Dix Park and more, it’s clear there’s no shortage of clients interested in collaborating with the design-forward duo and their team.
“Anytime you can partner with skilled, passionate, local craftspeople working with real materials, your project is better for it,” says Kane Realty Corporation Director of Design Josie Reeves, who has worked closely with Keck and Ray on several developments, including the aforementioned The Line in Smoky Hollow and One North Hills. “The contributions of Raleigh Reclaimed across our projects have added soul, story, texture and patina,” which is a critical layer in working in new construction especially, she adds.
“To me, it’s so rewarding and fun and challenging too because each one of our clients has their own vision and our job is to help them execute that,” adds Ray. “And to take this incredibly talented, curated team of people we have and help execute a client’s vision, and have that be unique every time and every space, is what’s so exciting for me.” raleighreclaimed.com
A district-by-district reveal of projects coming out of the ground.
Raleigh’s skyline is not only changing—but expanding. A number of highly anticipated developments are either coming out of the ground or inching close to completion, positioned to reshape the City of Oaks as we know it. Adding to the city’s allure with myriad new-to-the-market offerings, these projects cover all pockets of Raleigh, including emerging districts like Park District, named for its proximity to Dorothea Dix Park; West End, to the west of Downtown; and Blue Ridge Corridor, redefining West Raleigh. Here, we break down the developments that have begun construction in each area of the city, with updates on noteworthy features and projected deliveries. Change is coming, Raleigh.
WEST END DISTRICT
Image by Steelblue
319 W. Lenoir St.
Building on the expansion efforts for the Raleigh Convention Center, which also includes the shifting of Red Hat Amphitheater, is a new currently unnamed residential/retail project at 319 W. Lenoir St. Topping out in December, the mixed-use tower just a block away from the Convention Center will change the DTR skyline and add yet another exciting component to the already-changing area.
The project by developer Capital Square and JDAVIS Architects will provide 30,000 square feet of amenity space for residents of its studio and one-, two- and three-bedroom units who “will enjoy the vibrant social lifestyle provided by the nearby galleries, art studios, restaurants and the city’s largest park,” says Capital Square Co-CEO Whit Huffman.
Perhaps standing out the most of those luxe amenities is the resort-style pool deck with cabanas, an indoor/outdoor lounge and entertainment spaces; and a sky lounge with a private dining room and outdoor patio serving impeccable views of Downtown. Meanwhile, the public will be able to enjoy a pocket park and ground-floor retail.
“We couldn’t be more excited to develop this luxury mixed-use apartment property that will transform the surrounding neighborhood,” adds Huffman—ultimately “bringing vitality and elegance to Downtown Raleigh.” capitalsq.com
Phased opening: Spring 2025
Specs: ~10.5K sq. ft. retail, 297 residential units
Noteworthy features:
Spacious double-height resident lobby
~3,500-sq.-ft. fitness club with spa locker rooms
Coworking lounge with study cubicles and conference facilities
Kane Realty Corporation helped establish West End as an emerging district with the announcement of its mixed-use development Platform in 2021—now, they’re cashing in on their investment in the up-and-coming neighborhood, with residents beginning to move in this month.
Platform isn’t just designed with residents in mind—but the surrounding community as well. “The intentional part of the design was to really think differently about retail,” says Kane Director of Design Josie Reeves—which was made to complement the neighborhood with inviting and active retail spaces well-suited for hyperlocal food and beverage purveyors, upstart concepts, creative offices, service providers, and makers.
The building’s distinctive layout features a shared interior courtyard for residents and retail/flex office partners. Retail tenants will also have access to a large front patio, side patios and a shared outdoor space in the back. An additional docklike structure off the shops at Dupont Circle will also boast a raised area for seating.
“It should feel really active and like an invitation to the neighborhood to enjoy the semipublic spaces we created,” adds Reeves. Think of it as similar to Smoky Hollow, where both residents and visitors can move freely throughout the open hollow’s retail tenants. Platform will also feature a fully integrated parking deck.
Further banking on the area, Kane is set to break ground on Phase 2 of the project, Oldham & Worth, by the end of the year. The five-story residential building with ground-floor retail offers a mix of studios and one-, two- and three-bedroom units—in addition to an indoor/outdoor fitness center, coworking spaces and a conference room.
Both projects join a bevy of thriving existing local businesses in the area, from Boulted Bread to Sam Jones BBQ to Vault Craft Beer. “There’s a long history of makers and artists who have called the West End home for a long time,” says Reeves. And now, a new era ushers in. platformraleigh.com
Phased opening: Residential move-ins beginning Oct. 1; full completion 2024
Specs: ~29,500 sq. ft. retail, 694 residential units
Noteworthy features: • Shared central courtyard, expansive pool deck with grilling stations and fire pits, wellness center with group fitness area, creative workroom space, resident clubroom with cafe bar-style dining area • Fitness lawn with resort-style sundeck at Oldham & Worth
PARK DISTRICT
The Weld
Helping define the new district is The Weld, SLI Capital and Mack Real Estate’s most recently announced property. Named for its proximity to Dorothea Dix Park, the emerging district connects the past and the future—with the $700 million mixed-use project serving as the front door… and a direct connection from the park to Downtown.
The first phase of the groundbreaking development will consist of two 20-story apartment buildings across 3.5 acres at the intersection of Lake Wheeler Road and Hammell Drive, set to be completed by summer 2025. Thanks to the sleek, glass-fronted spaces, residents will have impeccable park views, not to mention central greenspace and ground-level restaurant and retail space for gathering.
“The Weld is a truly pivotal site for Dix Park and will be transformative for the city,” says SLI Capital CEO and managing partner Bryan Kane. “In addition, we are collaborating with the Dix Park Conservancy to identify other meaningful ways to support the park’s development.”
The project team’s goal is ultimately to create a vibrant new neighborhood in a burgeoning green urban environment, according to Mack Real Estate Group CEO Richard Mack. Historically industrial in nature, the district has already begun a transformation to a mix of local businesses, with The Weld only adding to its appeal as the next “it” DTR destination for Raleigh residents and visitors—further building on the excitement of Dix Park’s transformation into a true attraction for the city. slicap.com
Phased opening: First move-ins June 2025
Current status: Pre-leasing beginning this fall
Specs: 9,632 sq. ft. food- and beverage-focused retail space, 675 residential units
Rockway Raleigh
Formerly dubbed Park City South, Kane Realty Corp.’s new vision for Rockway Raleigh will add to the city’s emerging Park District by connecting our booming Downtown to an outdoor social destination along the greenway. The best of both worlds, the project is set to merge the convenience of urban living with the calm and connectedness of nature via its innovative design encouraging walkability and featuring myriad outdoor activations.
Naturally, outdoor dining will have a large presence in the trail-oriented development’s food- and beverage-centered retail space—in addition to creative- and service-based businesses mixed in. The alfresco opportunities will be positioned along South Saunders Street and directly on the Rocky Branch Greenway trail.
In terms of the “live” aspect, the first phase of apartments, dubbed Rockway Residences, will feature six residential levels over ground-floor retail. The second phase will deliver The Heath, an apartment building with sprawling street-level retail space. And as with any Kane development, the amenities are stacked—from a rooftop lounge, pool and fitness center to bicycle storage to a tranquil internal courtyard. Plans for a second additional residential building in Phase 2 are currently underway.
With this true urban infill project, Kane hopes to seamlessly blend peak live, work and play spaces in a natural environment neighboring one of the most exciting park projects in the country. kanerealtycorp.com
Phased opening: Mid-2024 Specs: Phase I: 18K sq. ft. retail/flex office space, 335 residential units Phase II: 7K sq. ft. retail, 350 residential units
Noteworthy features: • Enhanced sidewalks and landscape design to promote neighborhood walkability • Raised patios allowing outdoor dining on the Rocky Branch Creek Greenway
Standing out from the majority of high-rise projects slated for Downtown, Mira Raleigh is one of few competitive midrise developments advancing in the market, offering more economical rental rates.
“We continue to be very pleased with the progress in developing Mira Raleigh and in seeing our vision for this new community taking shape,” says Spandrel Development Principal and co-founder Emanuel Neuman. “Despite being several months away from launching our pre-leasing campaign, we’re already generating tremendous interest from prospective tenants.”
While not as tall as other new and planned developments in DTR, its seven-stories don’t fall flat on a desirable mix of studio and one- and two-bedroom living spaces and resort-style amenities. Not to mention unmatched skyline views, up to 12-foot ceilings, floor-to-ceiling windows and expansive terraces.
Mira Raleigh is just one of the planned projects for the otherwise underdeveloped area near Fayetteville Street, the Warehouse District and fellow emerging district West End. But the apartment complex could be the linchpin for future projects. miraraleigh.com
Phased opening: Beginning Q1 2024 Current status: Pre-leasing beginning January 2024 Specs: 2,600 sq. ft. shared office space, 288 residential units
Noteworthy features: • Hospitality-inspired lobby/lounge + sky lounge with skyline views • Commercial-grade coworking facility • Club room with chef’s kitchen and bar area
WAREHOUSE DISTRICT
Tempo by Hilton Raleigh Downtown
It’s Tempo time. Elevating Raleigh’s luxe lodgings, Tempo by Hilton Raleigh Downtown is the brand’s first foray in North Carolina—and only the second U.S. outpost. Primely positioned at South McDowell and West Davie streets, Hilton’s newest and most innovative lifestyle brand’s upcoming locale “places our guests in the heart of the action with walkability to numerous offices, restaurants, shops and more,” says Seraj Patel, VP of Greensboro-based CN Hotels, which owns the property.
Appealing to myriad travelers, the sweet sojourn serves a duo of choice digs to relax and recharge via the dual-brand concept across hotel rooms equipped with all you need to power up, prep for your day, power down and recharge—think oversize bath suite featuring Apotheke amenities and mirrors with built-in Bluetooth speakers. Or for the suite life, extended-stayers can partake in livable amenities like full in-room kitchens.
A shared grand lobby grounds the 13-story building featuring flexible event space and state-of-the-art fitness center. And an intentional lean into healthy living, the high-end hotel will also offer wellness-focused guest rooms, allowing patrons to get their fitness fix while on the go.
The hotel’s palatable food and beverage offerings will include ground-floor signature lobby cafe Fuel Bar and 14th-floor Urban Oak, serving up a sophisticated experience with sweeping views, gourmet tapas, distinctively crafted beverages, modern decor and live music.
“As excited as we are to provide a hospitable and unique hotel experience to guests traveling to Raleigh, we are just as excited to introduce Urban Oak, the tallest rooftop lounge and bar experience, to guests and locals alike,” says Patel. “We’re passionate about embracing and infusing the culture of Raleigh in all aspects of the property. Raleigh has a thriving downtown art scene we are excited to support and highlight by bringing in local artists to curate various pieces that will be displayed throughout the hotel.”
Slated completion: Q1 2024 Current status: Broke ground fall 2021 Specs: 126 rooms, 134 suites with full kitchens
Noteworthy features:
Peloton-equipped wellness-focused guestrooms with Theragun Elite and Therabody Wave Rollers
Signature Fuel cafe and bar
Urban Oak: Triangle’s tallest rooftop bar and restaurant
IRON DISTRICT
Raleigh Iron Works
While Raleigh Iron Works has already welcomed both residents and visitors, its 19 acres of mixed-use development is just getting started. Beyond the draw of such buzzy tenants as Eastcut Sandwich Bar, Andia’s Ice Cream and FX Fitness, Raleigh Magazine recently revealed RIW’s latest F&B occupant, Little Rey, a Tex-Mex-inspired concept by celeb chef Ford Fry, bowing in 2024.
Beyond top-notch tenants and on-site apartment building Forge (slated to be fully complete by October), RIW recently launched a public arts program dubbed The Collision Project, which connects creatives to art opportunities at the joint Jamestown and Grubb Ventures property in an effort to add vibrancy to the industrial-esque development. Initial art installations include three murals from multidisciplinary artist Gabriel Eng-Goetz; graffiti artist Morgan “MCK” Cook; and, most recently, highly regarded painter and muralist Taylor White—the former mural spanning seven stories and serving as a beacon to the development.
Rounding out the development’s creative offerings are “whitebox” spaces, aka empty units available to makers, creators and doers “with the intention to make art and creative works more accessible to the public,” says Grubb Ventures Creative and Marketing Coordinator Macey Bryant. The spaces will also play host to pop-ups, with the first featuring Girl Tribe Co. the first weekend in October.
“We want Raleigh Iron Works to be a backdrop and platform for creativity,” says Jamestown President Michael Phillips. Clearly, the developers are forging the way for all types of creatives—from artists to chefs to fitness junkies and all those in between—to get in on the action. raleighironworks.com
Announced tenants: • Little Rey • Brodeto • Jaguar Bolera • Ponysaurus Brewing Co. • Beatniks • YoBa Studio
Current status: Currently leasing office and residential
Specs: 19 acres: 170K sq. ft. office space, ~71K sq. ft. retail, 219 residential units
As Raleigh’s premiere sportstainment hub, Salvage Yard, an adaptive reuse project comprising three reimagined warehouses and totaling 100,000 square feet, is on track to be a major destination for sports lovers and active Raleighites. Over the summer, anchor tenant Triangle Rock Club released a flythrough rendering of its 40,000-square-foot location at Grubb Ventures’ mixed-use development, offering a more in-depth glimpse of the highly anticipated space.
Slated to bow in 2024, TRC Salvage Yard will boast a world-class climbing and fitness experience complete with 100+ climbing lanes, a dedicated yoga studio, a bouldering area with top-out boulders, and ample fitness space—not to mention an expansive 8,000-square-foot-tall wall area featuring a 47-foot clearance.
And leaning into the sportstainment trend sure to be a smash hit comes the latest announcement of Raleigh Iron Works’ first F&B tenant Jaguar Bolera expanding its footprint to include four indoor pickleball courts and one outdoor court at Salvage Yard as well—joining NOCO Beverage, a spacious joint brewery, taproom and coffee bar.
With no shortage of ways to sate every appetite, from bites and bevs to recreation and relaxation—all mere steps from Grubb’s sister development Raleigh Iron Works and Dock 1053—Salvage Yard serves up the next vibrant social destination. Emphasizing active play—as opposed to, say, retail and shopping—makes it a natural addition to the offerings already available in Raleigh’s growing Iron District. grubbventures.com
Phased opening: Starting Q1 2024 Current status: 82.5% leased Specs: 100,000 sq. ft. retail, restaurant and entertainment space
Noteworthy features: • Five pickleball courts • Open-air entries and exposed trusses
Announced tenants: • Jaguar Bolera • NOCO Beverage by Bond Brothers • TRC Salvage Yard
MIDTOWN DISTRICT
North Hills Main District Expansion
The Main District expansion project isn’t just expanding offerings in Midtown, it’s changing the way individuals maneuver the portion of North Hills. The updated infrastructure will give way to new and extended roads, plus additional parking, traffic patterns and general wayfinding that will rewrite navigating North Hills as we know it—and make getting around the Main District more manageable.
A Main Street extension to Lassiter Mill Road will partially open to the public as early as this fall, while a new Center at North Hills Street is underway—connecting Lassiter Street to the Main Street extension—and will open early spring 2024. And already-open Circle Drive will allow access to an expanded subterranean parking deck complete with 1,000 added spaces and new elevators and escalators (there will also be an on-grade ramp going up and down to access the deck). All roads are expected to be fully open and functional by spring 2024.
A new North Hills Concierge Office located off the lobby of 4114 Creative Offices will further assist visitors by offering directions, gift cards/umbrellas and districtwide valet parking.
An additional office tower, One North Hills, will integrate original large-scale art by local artist Corey Mason and finishes featuring reclaimed wood from trees at North Hills—not to mention two outdoor terraces and a noteworthy angled-glass design that hangs over I-440 and “makes you feel like you’re flying in the sky,” says Kane Realty Corp. Director of Design Josie Reeves. “[The office towers] have already really changed the skyline and added some height and a real urban experience to the Main District,” she adds.
And finally delivering the “live” aspect of the Main District is the first residential building in the expansion, Highland North Hills. The 12-story high-rise will tout one-, two-, and three-bedroom apartments; ground-floor retail; an eighth-floor amenity deck with fire pits and primo views; a second-floor pool deck overlooking a new active public plaza; and more.
Perhaps the cherry on top of the whole development, though, is the highly anticipated three-level RH Gallery—the first in the Raleigh market—complete with a rooftop deck/restaurant that’s “sure to be a hit with beautiful sunset views looking over the west side tree line,” Reeves emphasizes.
Kane’s attempts to elevate and refresh the Main District will provide refreshing live, work and play opportunities—not to mention the refined roads and traffic patterns that are bound to take the area to the next level. kanerealtycorp.com
Phased opening: Fall 2023
Current status: 97% leased
Specs: ~347K sq. ft. office space, 100K sq. ft. retail, 287 residential units
Noteworthy features: • 6K-sq.-ft. outdoor terrace at One North Hills • Large central green space with outdoor work environment
Kane Realty Corp.’s North Hills Innovation District is just that—innovative. And the latest announced building for the district is no different. Dubbed Tributary as a nod to its position adjacent to Big Branch Creek, the six-story mixed-use apartment building with ground-floor retail will offer a handful of unique live-work units for businesses and creative professionals who reside above. Residents will also have access to a new greenway extension—plus amenities such as two courtyards, a digital content recording room and an elevated wellness center overlooking the district.
The latest residential building to break ground is St. Albans Loft, which will round out NHID’s five residential offerings (including already-open Vine and Channel House, Tributary, and another yet-to-be-named residential high-rise in the planning stages). Beyond retail spaces, the luxe lodging will tout extensive resident club and entertaining spaces, a Zen courtyard, a resort-style pool courtyard overlooking Big Branch Creek, a club-quality fitness center, remote-work spaces and a private rooftop lounge.
NHID’s unique offerings differentiate this development from the rest of Kane’s portfolio. The freestanding 6,000-square-foot F&B building is designed for a single local purveyor, serving up a spacious open beer garden and ample seating. As for who will tap the space, Kane is “talking to a tenant very seriously” that will be announced soon, according to Kane Director of Design Josie Reeves.
Meanwhile, creatives will delight in Makers Alley, located below Channel House and designed with local retailers, artisans and makers in mind. To date, Dose Yoga is the only announced tenant. Rounding out the one-of-a-kind development, the retail jewel box Pumphouse will house a single tenant adjacent to Tower 5, NHID’s 17-story-high office tower.
“We’ve had luck all around North Hills having a handful of buildings smaller in scale to complement the larger urban buildings we have,” says Reeves. Dog parks, public art, plug-and-play opportunities for outdoor music, and other ways to gather will further complement the urban oasis.
And like its Midtown Main District neighbor, a new road network connecting directly to Wake Forest Road, Hardimont Road and North Hills will link each of the buildings and spaces at NHID, including a network of pedestrian bridges and landings within the district.
When visualizing the development as a whole, Reeves says, “We’ve made a conservative effort to ask ourselves: ‘What is innovative? How do we pull together this collection of big thinkers and people who are creating new ways for us to eat and have drinks and gather and create content?’ … We’re having a lot of fun thinking through an interesting and diverse collection of makers, artisans, chefs and thought leaders, and bringing them together in this collaborative environment.” kanerealtycorp.com
Phased Opening: Next Phase II projects delivering 2024 Specs: 33 acres: 700K sq. ft. office space, 60K sq. ft. retail, 1,500 residential units
Noteworthy features:
Microretail spaces [350–900 sq. ft] for small local purveyors
100-foot-high “Three-Pointer at the Buzzer by the Creek” mural by Jeremiah Britton and Joe Geis of Also Dept. at Channel House
New Capital Area Greenway system connections
The Exchange Raleigh
The Exchange Raleigh is poised to elevate not just Midtown, but all of Raleigh when its highly anticipated 1000 Social begins to deliver in the second quarter of 2024—making up one half of the project’s state-of-the-art WELL-certified twin office towers.
Already 50% pre-leased, the mixed-use development’s first deliverable will be anchored by two dining concepts that will only serve to bolster the City of Oaks’ food and beverage offerings: a marquis restaurant and coffee shop/cafe space.
The restaurant is designed to accommodate a large open bar and abundant outdoor seating overlooking the 4-acre park, according to Dewitt Carolinas Communications Director Jenni Soccorso. The developers are in talks with several chefs and operators to bring a high-end, chef-driven eatery to the space. (Stay tuned for updates.)
Meanwhile, the cafe will serve as an all-day amenity for office tenants, residents and the larger community that will be accessible from the lobby of 1000 Social and open onto a spacious patio, playing into the development’s emphasis on outdoor spaces.
Like with most developments cropping up in the City of Oaks recently, restaurants, coffee shops, bars and the like are a significant anchor (notably, we saw it play out at Fenton)—and those who live, work and play at the highly anticipated development by Dewitt Carolinas can be rest assured the dining and drinking scene will deliver.
While we wait, one thing is certain: The Exchange is a game-changer for Raleigh, poised to attract not just Raleighites, but people from all over the state—and country. And it’s only the beginning for what the future of our city could look like. theexchangeraleigh.com
Phased opening: Starting Q2 2024 Current status: 1000 Social 50% pre-leased Specs: 990K sq. ft. office space, ~1,275 residential units, 125K sq. ft. retail + dining, 300 hotel rooms
Noteworthy features: • 4-acre park with water feature • 20K sq. ft. amenity deck for Birchwood, one of the residential units • Plan for trails to connect to Greenway
CRABTREE CORRIDOR
Glenlake
Inspiration meets innovation at the intersection where Creedmoor becomes Edwards Mill Road. Ideally located, West Raleigh’s newest office tower, GlenLake Three, alongside brand-new food and beverage-focused Retail Row, are primely positioned as the final pièces de résistance to the longstanding GlenLake development.
Designed with people’s well-being in mind, the additions promise to bolster the seven-building office community’s vast walkable outdoor spaces and plazas, serving as an antidote to the typical hustle-and-bustle office park vibe. “It’s like a work retreat,” says Highwoods Properties senior VP Skip Hill of the campus’ mod Zen approach. “It’s just a nice place to be able to enjoy working and get away from the helter-skelter of the world and focus on what you need to do.”
Serving up 205,000 square feet of Class A office space, the seven-story streetfront glass and steel-edifice tower leans into the serene, alfresco feel of the campus via 360-degrees of wall-to-wall floor-to-ceiling windows, flex work space, fitness and food selects, and more.
Fueling the hustle while intentionally playing into the parklike setting, Retail Row—situated adjacent to the new tower—will dish as many as five “festive” concepts, says Hill, including abundant outdoor seating. Expect at least one of the concepts to be a cafe with a local coffee partner—and for two of the restaurant spaces, Highwoods is in talks with both a regional group and a local group looking to expand.
“We’ve now incorporated retail into the property that we feel is important for the live-work-play aspect of the park,” says Hill. Extending the play portion beyond Retail Row, plans are in motion to activate the triangular grassy area mid-development with another restaurant-brewery—with site plans and ideas on the table with a duo of diverse prospects, one local and one “local elsewhere but new to Raleigh,” says Hill.
The half-dozen or so concepts serve to activate the Crabtree corridor at large while also further establishing West Raleigh as the next “it” destination—and GlenLake as the gateway to the burgeoning PNC entertainment district emerging just down Edwards Mill Road. highwoods.com
Opening: This fall Current status: 25% pre-leased Specs: 205K Class A office space, 13K-sq.-ft. Retail Row
Noteworthy features: • Indoor/outdoor workplace, event/flex work space, shaded outdoor function space, fitness center • Four-story free parking deck • Outdoor Wi-Fi
Announced tenants: • McKim & Creed HQ • TEKsystems
BLUE RIDGE CORRIDOR
DHHS Phase 1
The future of Raleigh’s next destination district is well underway. Comprising the triangular area from Blue Ridge to Western to Edwards Mill, the Blue Ridge Corridor is an urban hotbed of development with 32 projects completed since 2016, a half-dozen major projects currently under construction and over a dozen in the planning stages.
Already housing an embarrassment of riches that attract people from across the state and beyond (think stadium, fairgrounds, museum), the district is primed to level up its live-work-play persona via a $2.7 billion development pipeline billed as “the next North Hills.”
For starters, the massive NC Department of Health & Human Services is relocating its HQ from Dix Park to Blue Ridge Road, slated for a 2025 completion. The transformational building is part of a three-phase project serving up enormous impact to the area, with Highwoods Properties at the helm of Phase II and III in a public/private partnership with the city—the former slated for DHHS overflow and additional office space, with talks now underway on how the latter will shape up (think mixed-use office, residential and highly amenable retail—but, really, the sky’s the limit, one source close the project tells us.)
These projects come together to craft a complete community across as many as four branded districts—including the PNC sports and entertainment district—where “within a 15-minute bubble, you can work, shop, live, exercise, have fun—with everything you need at your fingertips,” says Jeff Murison, executive director of the Blue Ridge Corridor Alliance (BRCA).
“This is a very robust, healthy pipeline of development projects that add to the energy of the corridor,” adds Murison. “There’s a lot of opportunity for this to be a high-achieving area.”
BRC Noteworthy features: • $1 billion+ in transit investments, plus Triangle Bikeway connecting NCMA to Chapel Hill • Ramada by Wyndham will be demolished and replaced with 370-unit apartment complex Aura Blue Ridge by Dallas-based Trinsic Residential Group
PNC Sports & Entertainment District
Adding to the buzzy Blue Ridge Corridor is of course the score of upgrades coming to PNC, a game-changer for fans, spectators and locals alike. In August, Carolina Hurricanes owner Tom Dundon was given the go-ahead to build a sports and entertainment district around the arena, including a sportsbook, activated outdoor areas, lounge areas, loge boxes and more—not to mention additional office and residential as part of the mixed-use development. In essence, the kind of attractions that will bring you to the arena even if you don’t have tickets, or there’s no event at all.
“Our development is going to create great synergy,” says the Centennial Authority Executive Director Jeff Merritt—“a great ‘Welcome to Raleigh’ moment,” nodding to the thoroughfare that is Wade Avenue. “The sportsbook will happen fast—maybe a year,” he adds, noting summer 2025 and ’26 will be big for the district. pncarena.com
Well, Raleigh—we got what we wanted. Another grand—literally—lesson in being careful what you wish for. So have we made it or lost our minds? The latest and greatest from real estate juggernaut Kane Realty Corporation is towering over Midtown as Raleigh’s tallest residential tower—with soaring rent to boot. Previously dubbed The Walter, The Eastern Residences’ primo penthouse is priced at—wait for it—just under $14K per month (!). As we celebrated our top billing on No. 1 lists across the land for everything from best place to live to top tech to Black and women entrepreneurs to best place to start a biz… we also escalated to, well, top billing. Some of you may think this means we’ve made it. And it may scare the sh*t out of the rest of you. … While all this hoopla is great and we’re no doubt Raleigh proud, with that comes a price tag—especially when it’s time to house or apartment hunt.
It’s all about… Location, Location, Location
Gaining almost $7 trillion in value over the course of 2021, the U.S. housing market is now worth twice as much as it was only a decade ago (aka amid the Great Recession)—obliterating previous single-year records. But one thing that hasn’t changed? It’s still about location, location, location. Reflecting that premise in Raleigh, as people continue to relocate here in droves, in addition to sky-high prices, inventory is also down more than 24% from last year at this time—and risk-aversion is at a seemingly all-time low. Hence, people are not only paying more, but at the cost of security. Beyond throwing down offers exorbitantly above asking price and insanely high due-diligence fees to compete, says DeRonjaReal Estate Broker Ann Gray, “buyers are also waiving inspections and appraisals, creating a lot of potential risk. All this translates to potential buyers being priced out of neighborhoods they may have chosen a year ago—or not being able to compete in Raleigh at all.”
So what’s a would-be house hunter to do? We tapped a local buyer who managed to muddle through the mayhem without sacrificing their must-haves for inside tips. Their top advice: “Do not panic buy,” they told us. They also suggested preparing yourself for a two- to six-month hunt, which “will allow you to look at a greater pool of houses. By giving yourself more time, it will give you experience to know what a good house is—and what is overpriced.” While that may be a tough pill to swallow as housing costs continue to trend upward—and as everyone’s situation varies—the longer you extend your hunt, the more likely you are to find the right house. And as our triumphant buyer so aptly reminds us: “Nothing is worse than overpaying on a house you are not happy in.”
Stonehenge | Townhome | $230,000 7808 Falcon Rest Circle | 1,194 sq. ft.Lions Park | Detached | $329,900 1105 Brighton Road | 1,045 sq. ft. Village District | Townhome | $445,000 1306 Cameron View | 1,944 sq. ft.North Hills | Detached | $495,000 5406 North Hills Drive | 3,238 sq. ft. Northwest Raleigh | Townhome $534,900 3526 Barron Berkeley Way | 2,662 sq. ft.Stonehenge | Detached | $625,000 2008 Tiverton Court | 3,000 sq. ft. West Raleigh | Detached | $749,000 2904 Everett Ave. | 2,207 sq. ft. Five Points | Detached | $850,000 2010 Pine Drive | 2,400 sq. ft. Country Club Hills | Detached $1,200,000 2503 Glenwood Ave. | 2,866 sq. ft.
House Hunting Struggles
Having never hunted for a house inside Raleigh city limits before, this couple gives us their firsthand experience in their own words:
“We were only on the chase for about a month—not terribly long, all things considered. Our search began on Oct. 25—and we received an acceptance response on Nov. 23. By Dec. 30, we closed on the house. House hunting was like having a second job for a while there. It was very high-paced and dependent on what was available.
Every day was exciting and new—but challenging and painfully unpredictable. We had to be on the lookout for new listings at all times and had to be willing to sacrifice our leisure time to make it to showings before anyone could make an offer.
We made it a point to only look within our desired area. This and the size of the house were our biggest concerns. We would often draw strict lines in the sand not to step out of our location and size requirements; both were nonnegotiable in our minds. For the price, however, we were willing to move, if needed. We knew getting a good house was worth adjusting our price.
We made a total of three offers and lost out on two of them. For one of the offers, we had high optimism that we would receive an acceptance letter; however, we did not land that house. It was a bit of a shock to us, especially considering how much over the selling amount we bid—which revealed just how tough the competition is.
The circumstance that cost us the bid was not knowing how much more the other buyers were willing to go over—and not knowing how much more we needed to bid over was the hardest part. It was about on par with playing poker. You’re not sure how much the other buyers are willing to go up. While at the same time, you’re trying to not overspend and you only have one chance to one-up the other buyers—but not too much. We played out every scenario in our heads before making an offer.
For the house we ultimately closed on, our size and location preferences were adequately met, but the price was slightly higher than our original expectation (very near our max, but within reason). Our house absolutely satisfied our original wish list. There are a few minor preferences that weren’t met, but they are overshadowed by the major preferences that were fulfilled. We originally didn’t want a house with an HOA, but the one we have meets our needs. Outside of a few odds and ends, we are still very pleased with the house.”
Renting Is Not a Remedy
As the housing market continues to smolder—with no signs of slowing—so too does the rental market, as many city dwellers have been forced to rent or continue renting—creating a “lessor market,” if you will. To exemplify this trend, we spoke to a recent transplant employed by Wells Fargo (ironically in mortgage lending) who was being relocated from Virginia. For six months, he commuted between Norfolk and Raleigh in search of a place to purchase and call home. Alas, after “looking for a house for about six months, I finally gave up and went the rental route,” he says—landing at 616 at The Village in Village District.
While new Raleighites like this one scrounge to lay down roots, other current residents looking to buy are forced to continue to rent as they get repeatedly outbid or lack home purchase options at their price point. And as monthly rates soar for new and renewal leases—jumping as high as 40%—residents are facing the impossible, with many unable to afford the steep increase. (Such jumps are pretty much a unicorn—with even 20% and 30% rental increases being reportedly rare.) So… as Raleigh grapples with going rental rates, we take a look at some of the top rental properties across the city—and the shift in how people are living to get by.
Rooms for Rent?
Out of problems are born cultural shifts, innovation and invention. To wit, as the market balloons, many residents have returned to “room rentals” as an affordable option. And platforms such as Alcove have emerged, specializing in helping find the right room for rent for everyone.
“Over the past decade, there’s been a pretty dramatic change in how we live,” says Alcove CEO Colin Tai, noting a sudden rise in people seeking rooms for rent. “Today, just about 1/3 of American adults live with roommates. North Carolina is no exception, and renting with roommates has become the go-to option for many of us here.” Spurring that charge, he says, beyond rising home prices, are other cultural indicators—delayed marriages, student debt… “these are big societal changes, and we’re seeing that drive incredible demand on our platform.”
For those who live here, says Tai, it’s certainly “no secret the Triangle is in a ‘Goldilocks’ zone.” Translation? Great schools, talent and diversity of industries in spades—all for a fraction of the cost of bigger cities like New York and San Francisco. “Combined with the growth of NC’s tech industry,” he says, “these conditions have created an amazing flywheel of growth.”
But growth comes at a cost—literally. Like house price tags, rents are soaring here, which is a big concern for both tenants and businesses. “I believe it’s going to take us years to solve the shortage issue,” says Tai, “and we desperately need a faster and more sustainable solution.” To put it into perspective, Alcove received 4,000 applications for their homes last year in NC alone—a 4-times increase from the year before that.
“Our plan is to play our part and double down in this region to continue to enable more homes to be accessible to roommate groups,” says Tai.
Forecasting 2022
Grab the popcorn, Raleigh. 2022 looks to be another wild ride. As DeRonja Real Estate owner and principal broker Frank DeRonja explains, right now, as we head toward Q2 2022, “prices continue to rise across the board; inventory of homes remains at record lows; and many new-to-the-market buyers are having to adjust their expectations.” But will the market frenzy start to level at all or just continue to smolder? Industry experts are divided.
For starters, inventory is predicted to improve. Developers and builders have responded to the red-hot market by working to bring more homes online, explains DeRonja—“but this takes time.”
The impact that will have on the buying frenzy, though, remains up for debate. Says Allen Tate Realtors President Gary Scott, “While the market won’t do a complete inverse this year, we’re already seeing signs that the frenzy is starting to cool.” Scott and his team predict the number of offers—which averaged 5.1 in 2021—will normalize toward the end of 2022. With that, they also forecast a return of risk aversion—meaning the trend of buying “as is” or “sight unseen” with nary an inspection or appraisal will begin to dissipate, “signaling the entrance of a more discerning buyer,” says Scott.
But Compass Real Estate broker Cara Pierce has a different outlook. While she notes she’d like to see a cool down in due diligence fees “as many buyers are leveraging their entire down payment in their due diligence fee—and it is a terrible risk to buyers,” she also thinks “it will not be unusual to see 10 to 20 offers on some properties.” So while there’s hope the wild market will start to level out, signs right now give no indication.
Kane Realty Corporation’s big plans for South Raleigh are everywhere (so no doubt you’ve seen the impressive renderings), but we’d be remiss not to mention the news. ICYMI, designs are for not one, but three new vertical projects—two of which are the first in Downtown South—within Raleigh’s Southern Gateway that will help expand the City of Oaks to the south.
“The opportunity for Kane to help define Downtown Raleigh’s Southern Gateway through our work along South Saunders Street is invigorating,” says Kane Director of Design Josie Reeves. “We’re excited to work with the community to bring much-needed amenities—from dining- and entertainment-based options to everyday necessities like groceries and pharmacies—to the South Raleigh community in the form of walkable, mixed-use projects.”
The first, Park City South, is a 9.7-acre multiphase development directly adjacent to Dorothea Dix Park that is expected to break ground by the end of the year. Phase 1 will offer ground-level retail, midrise apartments (with uberappealing amenities like a full spa and rooftop lounge), and flex office space, while future phases will include high-rise residential and office space with more ground-level retail and structured parking. Located directly on the Capital Greenway System, Park City South will also feature an enhanced stretch of Greenway trail with a new bridge linking it to Rocky Branch Creek—allowing those walking the existing Greenway and visiting Dix Park to access the ground-floor retail.
The other two projects Kane has in the works are part of the $2.2 billion pro soccer stadium-anchored Downtown South development—first proposed in 2020—one of which will be Raleigh’s premiere mass timber construction building, offering a more sustainable alternative to carbon or steel. A collaboration with Durham-based DUDA|PAINE Architects, the office building will boast six levels of work space, shared and private terraces, and amenities such as a collaborative work lounge and conference rooms.
A second mixed-use building planned for Downtown South (renderings are not yet available) will tout ground-level retail; a fully integrated structured parking deck; studio, one- and two-bedroom apartments—plus two terraces and a rooftop lounge. Construction is anticipated to begin on both of the announced Downtown South projects in Q3 of 2022—finally setting the highly anticipated development into motion.
