Construction begins on FNB Tower in downtown Raleigh
Construction officially begins on the $116 million FNB Tower in downtown Raleigh Thursday — one of several large projects changing skylines across the Triangle.
The 22-story FNB Tower will join a cluster of other high-rises on Fayetteville Street and will become the regional headquarters for First National Bank, the Pittsburgh-based bank that bought the Raleigh bank Yadkin Financial last year.
The Dominion Realty Partners-backed project will have seven floors of office space, 239 residential units and a terrace with a pool. Construction, which will cause some lane closures downtown, is expected to be completed in 2020.
FNB's groundbreaking makes it one of several large-scale projects currently under construction in the Triangle, with many more expected to follow suit in the coming months.
Here are some of the biggest construction projects on the way.
Kane Realty's 17-story mixed-used tower's grand opening is set for next week. The $150 million project has, along with Union Station, transformed the Warehouse District from a collection of low-level brick buildings into an area where sleek, modern architecture mixes with its industrial past. The Dillon will add office space, residential units and the grocer Weaver Street Market to downtown.
One City Center
Another project that is getting closer to completion is Austin Lawrence Partners' One City Center in downtown Durham. The crane has already come down from the 27-story tower that now dominates the skyline of Durham. The remaining work is taking place on the interior, where Duke University and co-working space provider WeWork will become tenants. The high-rise apartments there have recently hit the market starting at $1,725 for one-bedroom units and $2,950 for two-bedroom units.
A 10-story office building being developed by Heritage Properties on the edge of Glenwood South will bring 227,500 square feet of office space to a part of town known for its apartments and nightlife. The project is expected to be completed later this year.
A planned 10-story building on the southern end of downtown Raleigh called City Gateway will house the Exploris School plus offices. The $65 million building will be built on the 5.9-acre site of a former Duke Energy data center at 120 Kindley St., near the Duke Energy Center for the Performing Arts. The project is expected to be completed Fall 2018.
Durham Innovation District Phase One
A nearly $100 million project by Longfellow Real Estate Partners is bringing two twin 7-story buildings to the Central Park District in Durham. When completed later this year, the two buildings will add 350,000 square feet of office space to Durham as well as a rooftop restaurant. Duke Clinical Research Institute has already announced it will lease the entirety of one of the buildings.
Van Alen and 555 Mangum
These two projects on the southern end of downtown will bring hundreds of apartments and a much-needed injection of office space to downtown Durham. The Van Alen project will include more than 400 apartments, fueling the downtown apartment building boom going on in Durham. 555 Mangum, a 10-story office tower adjacent to the apartment project, recently broke ground.
Williams Realty and Kane Realty’s Peace Project
Kane Realty and Williams Realty & Building Co. announced in 2016 plans to build an $85 million to $100 million project that will include 400 apartments and ground floor retail. Since then the project, which is under construction just off Capital Boulevard on Peace Street, has gained attention for being the future home of a Publix grocery store. The grocer will occupy 45,600 square feet of the building. The project is expected to be completed in 2020.
Some projects further off
North Hills Tower 4
John Kane continues to increase his offerings in North Hills. Though no concrete plans have been announced, Tower 4 is expected to become the tallest building in North Hills when it is announced later this year.
Named after its location in the 400 block of Hillsborough Street, 400H would bring another 20-story building to downtown. The tower is expected to have 16,000 square feet of ground-level retail, 144,000 square feet of office space and 216 residential units to rent. The tower, being developed by BR Hillsborough Partners and designed by Gensler, has an unknown timeline.
South Bank Redevelopment
One City Center developer Austin Lawrence Partners is expected to follow up on its 27-story tower in downtown Durham with another large-scale project. This time its the redevelopment of the South Bank building, an aging multi-story building in the Five Points part of downtown. Austin Lawrence Partners said the potential residential and office building will break ground in 2020.