Hillsborough Street could get mixed-use development
The $40 million plan would include a 240 apartments, more than 30 townhouses and 10,000 square feet of retail and office space between N.C. State and downtown Raleigh.Posted — Updated
A Charlotte developer wants to redevelop nearly seven acres of industrial space off Hillsborough Street in what would be the first major project in the area in at least a decade.
The $40 million plan would include a 240-unit apartment building, more than 30 townhouses and 10,000 square feet of retail and office space between North Carolina State University and downtown Raleigh.
FMW Real Estate filed a rezoning request with the city this month to change the area where West Morgan and Hillsborough streets cross into a residential and retail area.
A public hearing on the application is set for July, and the request could be approved by the fall. Construction could begin as early as next spring.
The street is already undergoing a $9 million makeover with road crews installing several roundabouts between Oberlin Road and Gardner Street to make the road more pedestrian-friendly and to help revitalize the area for business.
It's expected to be completed in September.