Major Development Approval Just Granted Near the CBD

The Raleigh City Council voted 6-1 on July 7 to approve a $185 million mixed-use tower at the corner of South Wilmington Street and East Martin Street, two blocks from the CBD core.

The decision arrives as downtown office vacancy rates hover near 14 percent and multifamily rents in the central business district have climbed 9 percent year over year, according to Wake County assessor records. Developers say the timing aligns with renewed interest from technology firms scouting space after several recent relocations along the I-440 corridor.

The 1.2-acre site sits across from Moore Square and one block from the Raleigh Convention Center. The project will add 312 apartments, 48,000 square feet of ground-floor retail, and a 200-space parking deck. It replaces a surface lot that had served overflow parking for events at Red Hat Amphitheater since 2014.

Project scope and financing

Plans call for 22 stories of residential units above four levels of office and retail space. Average asking rents are projected at $2.35 per square foot, with 15 percent of units reserved as workforce housing under the city’s density bonus program. Construction is slated to begin in the first quarter of 2027 and finish by late 2029. The developer, a local partnership with Atlanta-based Lincoln Harris, secured tax-increment financing worth $22 million from the Downtown Raleigh Alliance.

Next steps for residents and businesses

City planning staff will hold a public information session on August 12 at the downtown library branch on Fayetteville Street. Neighbors within 500 feet can submit comments through the Wake County online portal until July 28. Once permits are issued, the site will be fenced and demolition of the existing lot will start in September.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.