Jamestown JV Begins Adaptive Reuse Project in Raleigh
- Jan 28, 2020
Jamestown and Grubb Ventures have partnered to bring an adaptive reuse project to Raleigh, N.C. Dubbed Raleigh Iron Works, the $150 million first phase of the project will include a seven-story, 220-unit luxury residential building, nearly 500,000 square feet of creative office space and more than 90,000 square feet of retail.
Construction is expected to continue through 2023. A Jamestown spokesperson said additional residential and creative office space are currently planned for the next phase of the project located at the crossroads of Raleigh’s Five Points, Person Street and Mordecai neighborhoods.
The initial phase will include renovation of the historic steel mills and warehouses that were previously part of Peden Steel into creative office and retail space and the newly constructed multifamily building.
The residential development will feature a mix of upscale one-, two- and three-bedroom units along with studios and micro units wrapping a seven-story parking deck, according to Jamestown. No details were provided but the building is expected to provide top-of-the-line amenities and services.
The first floor of the residential building will have 26,000 square feet of restaurant and retail space overlooking a central plaza. It is within walking distance of another Grubb Ventures project—Dock 1053, a mixed-use community with 185,000 square feet of local retail, warehouse, office and manufacturing space. Residents will be able to visit Dock 1053, located across from Raleigh Iron Works, where they will have access to restaurants including Hummingbird and Wilson’s Eatery, brewery and taproom Lynnwood Brewing Concern and neon artist Nate Sheaffer’s Glas studio.
Jamestown, a national leader in adaptive reuse projects including Chelsea Market in Manhattan and Ponce City Market in Atlanta, will leverage its leadership in the culinary world and its relationship with the James Beard Foundation to bring a variety of food offerings to Raleigh Iron Works.
The joint venture partners said they plan to bring a curated mix of food and beverage options, boutiques, health and wellness offerings and event and outdoor spaces to the historic site. Michael Phillips, Jamestown president, noted in prepared remarks that the project, located minutes from downtown Raleigh, will preserve part of the city’s industrial past while creating an environment for creators, thinkers and innovators to thrive.
Gordon Grubb, president of Raleigh-based Grubb Ventures, said in prepared remarks the partnership with Jamestown will allow them to set a new standard for creative office space in Raleigh and create an iconic destination for residents and visitors. Grubb founded Grubb Ventures in 2002 and focuses on infill development in the Research Triangle regions.
The company has acquired, developed or repositioned a portfolio with a total value of more than $500 million. Grubb Venture’s Raleigh multifamily projects include The Carolinian on Glenwood, a joint venture with Stiles Residential Group that has 186 luxury units located near downtown Raleigh at 2600 Glenwood Ave. Grubb Ventures also developed Sojourn Glenwood Place Apartments, a 296-unit multifamily community at the intersection of Glenwood Avenue and Woman’s Club Drive in Raleigh.