Developer buys prime lot zoned for 40 stories in downtown Raleigh. What’s next?
AI-generated summary reviewed by our newsroom.
- Parkway Corporation bought .68-acre downtown lot at 301 S. Wilmington for $7.15M
- Site zoned for mixed-use up to 40 stories, sits amid a downtown redevelopment surge
- Parkway will keep the lot as revenue-generating parking while holding development rights
An out-of-state developer has scooped up a rare, undeveloped .68-acre lot, zoned for high-density, in downtown Raleigh.
Philadelphia-based Parkway Corp. purchased the property, called The Edge, at 301 S. Wilmington St., for $7.15 million, according to property records.
The land has an assessed value of $11.3 million.
It’s currently a surface parking lot, directly across from Beasley’s Chicken+ Honey, but it’s part of Raleigh’s central business district and is zoned for mixed-use allowing up to 40 stories.
This site represents a “main-and-main location with strong income-generating potential,” said Sarah Godwin, partner at Foundry Commercial, which managed the transaction.
In recent years, this downtown pocket has seen a redevelopment surge, with some 15 projects currently under construction, according to Downtown Raleigh Alliance’s 2025 third-quarter market report.
Parkway Corp. is a privately held parking operator known for mixed-use and parking assets across the U.S.
But even with the option to build up, at least for now, it plans to continue operating the site as a “cash-flowing” parking lot, Godwin said.
For years, a vacant two-story building dating back to the 1870s stood on the site at the corner of South Wilmington and East Martin streets. It once housed Lucky Street Sweepstakes Café.
But in 2013, a city inspector noticed cracks, and it was demolished, WRAL reported, along with its neighbors, Issac’s and Reliable Loan & Jewelry.
A 19-story office tower had been slated to rise in its place as part of a larger mixed-use project but never materialized. Eventually, it was converted into parking.
Robert Zuritsky, president and CEO of Parkway Corp., said Raleigh continues to demonstrate strong economic momentum, “making [this property] an ideal addition to our expanding portfolio.”
Other nearby projects include Wilmington Street mixed-use tower, Omni Convention Hotel, Salisbury Square redevelopment and Nash Square Apartments.
