On Wednesday, the Downtown Raleigh Alliance released its State of Downtown report — a detailed overview of downtown Raleigh’s current status, highlighting growth and development. With $6.7 billion in downtown’s development pipeline, the city skyline could look significantly different in the near future due to an acceleration of real estate projects.
A new visual graphic shows the downtown projects completed since 2015, projects currently or soon-to-be under construction + planned and proposed projects. The buildings will primarily house office and retail spaces, residential units, and hotels.
🏗️ Let’s break down some key takeaways:
- More than $4.5 billion in new construction is planned + $1.9 billion has already been invested.
- According to the report, 11 multi-purpose projects are currently under construction (Think: 400H, Seaboard Station, and Park City South).
- Currently, downtown’s apartments are 94.9% occupied, but 8,300+ residential units are planned or under construction. This would more than double downtown’s current amount (7,914 units).
- Right now, more than 150,000 sqft of office space is under construction or in site preparation.
- The 184,045 sqft of retail space under construction or in site preparation will soon make way for new shops and restaurants.
- More than 400 hotel rooms are under construction or in site preparation.
- Two new outdoor spaces are coming soon: NC Freedom Park is under construction + the Gipson Play Plaza at Dix Park has broken ground.
The specific timelines for many of these projects are currently unknown (but stay tuned for updates).