Trademark Property Announces Major Mixed-Use Development Near Crabtree Valley Mall in Raleigh
- May 14, 2014
By Adriana Pop, Associate Editor
Trademark Property Co. of Fort Worth, Texas has announced plans for the construction of a new mixed-use project on Glenwood Avenue in Raleigh.
According to the Triangle Business Journal, the developer is negotiating a partnership with EYC Companies of South Carolina to repurpose the approximately 20-acre Crabtree North site located right across from Crabtree Valley Mall.
Called Carolina Row at Crabtree Valley, Trademark Property’s component in the development entails an estimated investment of at least $90 million. Plans call for more than 125,000 square feet of restaurant and retail space, a hotel and 175 apartments.
EYC will have development rights for another 525 apartments, adjacent to Carolina Row, which would bring the project’s total number of residential units to 700.
The companies will also share the construction cost of a pedestrian/bicycle bridge connecting Carolina Row to Crabtree Valley Mall.
Last May, Raleigh city leaders approved EYC Companies’ rezoning request for the Crabtree North site, paving the way for the redevelopment of the property. Two aging apartment communities, Northampton Apartments and Richmond Hills, will need to be demolished before construction can start.
The developers are still in the process of finalizing the details of the project, which will be reviewed by the Raleigh Planning Department. If approved, Carolina Row will be Trademark Property’s first ground-up development in the state. The company expects to begin construction in 2015 and have the first shops open by late 2016.
“In our view, this is one of the best retail and mixed-use sites in North Carolina,” Trademark CEO Terry Montesi said in a news release. “We believe national retailers will have strong interest in a pedestrian focused mixed-use development at this site, given the outstanding location and the strong performance of Crabtree Valley Mall. This site provides tremendous opportunity to live our purpose: To be extraordinary stewards, enhance communities and enrich lives.”
Photo credits: www.eyccompanies.com