Raleigh developer plans major project near Mordecai and Five Points neighborhoods
This story was updated on Jan. 27, 2020 at 3:19 p.m.
A developer native to the Triangle has partnered with an international real estate investment company to redevelop historic property for a large commercial and residential development east of Raleigh’s Five Points and north of the Mordecai neighborhoods inside the northeastern region of the beltline.
Raleigh-based Grubb Ventures and Jamestown, which focuses on design and architecture, announced plans Monday for Raleigh Iron Works, a multi-phase project whose first phase will include nearly 500,000 square feet of office space, over 90,000 square feet of retail space and a 220-unit, seven-story luxury apartment building that does not need rezoning.
“We’re making good progress,” Gordon Grubb, president of Grubb Ventures, said in an interview. “We did the adaptive reuse project at Dock 1053 across the street. That was 185,000 square feet but this one is of a different scale. It’s larger and that is one of the main reasons we’re excited about our partnership with Jamestown and their track record in adaptive reuse all over the country.”
The first phase of the development will cost over $150 million and include “thoughtfully designed creative office space” incorporating the historic elements and original architecture of the historic warehouses and steel mills on the site at 2200 Atlantic Ave., according to a press release.
As an adaptive reuse project, it will be built similarly to The Dillon development in the Warehouse District. Raleigh Iron Works will repurpose the former Peden Steel warehouse.
“While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA,” Michael Phillips, president of Jamestown, said in a press release. “Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive.”
Anne Stoddard, development director at Grubb Ventures, said a site review process with the city is underway. She said construction is expected to start in June, with the first building aimed for completion toward the end of 2021.
According to Stoddard, the Peden Steel warehouse was the former site of the Raleigh Iron Works company, which originally was located in the Warehouse District. Peden Steel bought the steel division of Raleigh Iron Works in the 1930s, according to the N.C. Department of Natural and Cultural Resources.
“One of the things about this is there’s a lot of linkage of Raleigh history,” said Stoddard.
Completion for the entire initial phase of the project is targeted for 2023. Plans for the second phase are tentative.
“There would be additional office, retail and apartment space as the market demands,” said Stoddard. “That would be all new construction.”
According to a press release, Raleigh Iron Works will have “a carefully curated mix of food and beverage options, boutiques, health and wellness, event and outdoor spaces, featuring regular activations including public events and performances.”
This story was originally published January 27, 2020 at 2:43 PM.
