Downtown Raleigh Tops $846M In Private Investments
Posted February 8, 2006 9:53 a.m. EST
RALEIGH, N.C. — A bank's new headquarters, new restaurants and condominiums -- hundreds of millions of dollars are being spent in Downtown Raleigh and it isn't taxpayer money.
It's from people buying into the vision of the new downtown.
Over the last three years, the city estimates a private investment of $846 million downtown on projects already built, planned or announced.
"The investment the city made really made sense because it snowballed into private investment, and someone needed to start the ball rolling," said Downtown Raleigh Alliance President Nancy Hormann.
On the north end of Downtown Raleigh, old railroad warehouses are undergoing a $15 million renovation.
"You've seen a lot of warehouse conversions that have been successful," said Seaboard Station leasing agent Ty Thomas.
Seaboard Station on Peace Street is one of the newest projects in Downtown Raleigh -- 46,000 square feet of retail space under construction, which many believe the city center can now support.
"The whole dynamics of downtown has changed," Thomas said.
The space is already spoken for with two restaurants, a bar, two clothing stores and a grocery store having committed to the area; and they are all locally owned.
Hormann believes the $200 million convention center and Fayetteville Street are already paying off. She now estimates the $846 million private investment could triple in five years.
With more businesses looking to come on board at Seaboard, downtown advocates don't doubt it.