Local News

Building Booms in Downtown Raleigh

Posted July 24, 2007

Map Marker  Find News Near Me

— Since the re-opening of Fayetteville Street a year ago, Raleigh city leaders claimed the downtown district has grown significantly.

In that year, more than $1.3 billion in public and private investment has been spent or been promised to fund downtown development, said city officials.

"You're starting to see all the pieces coming in," said Mitchell Silver, Raleigh Planning Director.

Twenty-three private developers have planned, started building or completed projects in downtown that are collectively worth more than $870 million.

Projects include Site 1, a mixed-use development in southern downtown; 222 Glenwood, a condominium project; and the RBC Plaza, which will be the tallest building in downtown Raleigh.

The RBC Plaza is already becoming a success, said Andy Andrews, the plaza's condo developer.

"After seven weeks of going to contracts, we only have 11 units left in the whole building. So, out of 139, we're pretty excited to be where we are with out sales," said Andrews.

In the same 12 month period, local governments have also committed more than $470 million to the downtown development.

The largest and perhaps the most anticipated publicly-funded project is the Raleigh Convention Center.

The $228-million project will feature more than 500,000 square feet of space, 19 meeting rooms, an exhibit hall and a ballroom. The convention center is slated to open in 2008.

City officials credited, in part, the opening of Fayetteville Street for spurring the growth.

"This initial $10 million investment just to redo the street has really put a lot of confidence in everyone who wants to do business and live downtown," said Silver.

As development continues in downtown Raleigh, Silver said that his staff is making sure the area doesn't become over-saturated. In particular, his staff is looking closely at how many condo units can be developed at once.

The demand for any downtown site is so hot that Silver said he expects that all the property will be claimed in the next few years.

Five years ago, downtown building accounted for only 5 percent of Raleigh's development, but now makes up a quarter of the city's overall growth, Silver told WRAL in May.

The downtown building boom will positively affect all Raleigh residents, said Silver.

"It's great for our economy. I think people have to understand that as we start to see our downtown develop, it helps the entire city. It helps the region. Having investment in downtown helps keep taxes low," said Silver.


Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all
  • Teddy Jul 25, 2007

    Fun, i disagree. have you seen the prices of these up and coming condos? i am not destitute, but there is no way I could afford one and I don't think the average person in raleigh makes 100 grand a year do you?

  • Bon Viveur Jul 25, 2007

    Darn, it looks like good things always happen to Raleigh and never to Durham. I wonder why that is?

  • mramorak Jul 24, 2007

    Money, money , money, good ole boys , money , rich ,money.

  • whatelseisnew Jul 24, 2007

    Taxes, Taxes, Taxes - to all that think we don't pay enough try this exercise: add up your city, county, state, federal, social security and medicaid as a starting point. to that add property taxes for your house and vehicles, add to that your water bills, add to that the fact that once you leave the house in the morning you are taxed for everything you do: Drive your vehicl, buy food, buy anything. Oh yeah don't forget to add in the other taxes: electric bill, phone bill, cable bill. Hmmm don't breath deeply, Meeker will tax you for excessive carbon dioxide emissions. Let me know if you have any money left to pay for the parking fees if downtown raleigh (Oh no - another tax)

  • whatelseisnew Jul 24, 2007

    Hey and guess what, none of the occupants of these places will need any drinking water so it won't add to the lack of water supply for Raleigh.

  • DontLikeTheSocialistObama Jul 24, 2007

    The investment in the Convention Center and Hotel boondoggle along with rebuilding Fayetteville Street has raised our taxes instead of lowering our taxes.

    Silver is a typical talking head public figure, tell your lies long enough and the people will believe you.

  • DontLikeTheSocialistObama Jul 24, 2007

    I avoid the downtown because of the poor parking. There are many other areas in Raleigh that has free parking.

  • Fun Jul 24, 2007

    cobrien, the average person WILL be able to afford a condo. They are being built in "anticipation" of a need. We the need does not develop as "foreseen" they stand vacant, developers cash flows get squeezed and the banks will want their money or the property through bankruptcy. THEN THE FIRE SALE. The banks dont want to own property, they want to "rent money".

  • ampcores Jul 24, 2007

    Silver is nothing but a dam liar! Our taxes has done nothing but go up and they are still going to raise our taxes. Read the news Mr. Silver. I would love to meet you in a debate. You telling us one thing and doing the other.

  • Teddy Jul 24, 2007

    from what i understand, they average person can not afford to live in the condos they are building. if they want more people down town why are they building condos for $500,000.00??????? they should be aiming at getting the average joe down there with their families, not the rich people who will probably spend their money elsewhere.