Dillon Supply Site Acquired for Adaptive Reuse
Federal Capital Partners and Kane Realty have acquired a prime site in Raleigh's warehouse district.
Chevy Chase, Md.—In a joint venture with Kane Realty Corporation, Federal Capital Partners completed the acquisition of Dillon Supply site in the Warehouse district of Raleigh, N.C. Construction on the two-and-a-half acre site will begin in January 2016. The mixed-used development will transform a district that’s lacking the residential and office density needed for 24/7 liveliness. The project along Union Station is located between S. West Street, W. Martin Street, S. Harrington Street and W. Hargett Street.
When completed, the Dillon redevelopment will include a 210,000-square-foot, 17-story Class A office tower, 40,000 square feet of retail and two six-story apartment buildings featuring 261 units. The project will include an adjoining parking deck with over 950 spaces to accommodate both the new development, the Union Station transit center and public parking to support the neighborhood needs.
The luxury apartment community will feature studio, one-, two- and three-bedroom units with best-in-class amenities. The residents will enjoy integrated covered parking, interior finishes inspired by a modern warehouse aesthetic, innovate amenity spaces like a state-of-the-art fitness center and unmatched views of Raleigh.
The office and residential buildings are designed by architects Duda Paine and J. Davis and will feature innovative designs incorporating the character and historic elements of the Dillon Supply warehouse building. The office tower will offer prominent visibility and unmatched tower signage opportunities and amenities, while providing state-of-the-art, efficient work space in approximately 25,000 square foot column-free floor plates.
“The Dillon development will be a catalyst for the continued evolution and growth of Raleigh’s dynamic warehouse district,” said FCP Vice President, Bryan Kane. “We are excited to be moving forward on another investment with Kane Realty, which continues to demonstrate a passion for Raleigh’s future and the expertise to deliver the right product.”
Justin Good and Allan Lynch of HFF represented FCP and Kane in the transaction.
Rendering courtesy of KW Communications LLC