Grubb Ventures Plans $500M High-Density Mixed-Use Revitalization Project in Raleigh
- Dec 14, 2014
An aging office park along one of the busiest stretches of Glenwood Avenue in Raleigh could soon be transformed into a mix of high-end shops, apartments, offices and a hotel.
According to the NewsObserver, Grubb Ventures is planning to invest as much as $500 million into the new development known as Glenwood Place, which would be built in multiple phases over the course of several years.
Preliminary plans call for 140,000 square feet of retail and more than a half-million square feet of office space, a 292-unit apartment complex, as well as additional apartments or condominiums.
The company has partnered with Lincoln Harris of Charlotte to build the project, which would cover a 42-acre site currently home to a handful of office buildings that were constructed in the 1970s.
Besides the residential portion, Grubb’s investment includes a significant office and retail component, which would have been unlikely a few years ago but now makes sense with the recovery of the economy.
“It’s been apartments for the last three or four years and now office is starting to come in,” Brian Reece, a partner with Karnes Research, a Raleigh firm that tracks commercial real estate trends, told the newspaper.
The developers will now seek to rezone the property from office and industrial to planned development, a new zoning category that would give them more flexibility in how the retail is positioned and how the density within the project is dispersed. It will also allow for the construction of higher buildings of up to 195 feet or about 12 stories.
Grubb expects the first phase of the project to include the retail and hotel components. The company, which specializes in redeveloping older infill residential and office properties, has also developed the recently opened 401 Oberlin apartments at Cameron Village (pictured).
Photo credits: Grubb Ventures
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