Downtown South development stuck in ‘holding pattern’

According to Kane Realty, this multi-phase development is waiting for market conditions to improve to continue buildout. Downtown South, just inside the beltline in south Raleigh, will feature a music venue and more entertainment opportunities.

A rendering of Downtown South.

This huge development in south Raleigh is being put on pause by Kane Realty.

Rendering provided by Kane Realty Corporation

Last summer, Kane Realty Corporation announced plans to construct a new music venue as a part of its upcoming $2 billion Downtown South development. Fast forward to today, developers are in limbo due to high market rates.

During a quarterly presentation, Kane’s Chief Operating Officer Bonner Gaylord said “we’re long-term, very bullish, but in the near-term, we’re in a holding pattern,” about the budding project.

Phase zero of the project is already complete — 31,000 sqft of office space has been leased. Kane is searching for retail concepts to join, like breweries and other food + bev businesses in a 14,000-sqft space.

Phase one is the development primarily on hold; this phase will include a 180-room hotel, multi-family housing + office buildings. Plus, this development will include a music hall — think bigger than the Ritz, but smaller than Red Hat Amphitheater — to attract new acts with a rooftop space.

Learn more about the upcoming development + additional details online.