Raleigh OKs plans for 20-story tower in downtown near Red Hat Amphitheater
A Virginia-based developer and investment firm is the latest player in downtown Raleigh real estate with plans for a 20-story residential and commercial high-rise building.
Capital Square 1031 submitted a preliminary barebones development proposal to the city last month for a high-rise mixed-use building with structured parking in the southern part of downtown.
The firm proposes building 351,394 square feet of space, which include 296 multifamily housing units of between one and three bedrooms, plans show.
The site is on over an acre of land in downtown near the Red Hat Amphitheater.
The site is currently occupied by a small one-story abandoned building with a parking lot. The lot is next to a church and an Enterprise car rental depot.
After Capital Square 1031 initially filed rezoning plans with the city last summer to allow taller development construction on 320 W. South St., the City Council granted the zoning in February.
Capital Square bought the land for $4.2 million in April 2020, according to Wake County records.
The company did not respond to The News & Observer’s request for more information.
The firm focuses on “tax-advantaged real estate offerings” such as Opportunity Zones, which allow developers and investors to get tax deferments to build residential developments in economically-distressed areas.
The building’s architect will be Raleigh-based JDavis Architects, who is behind the massive Salisbury Square high-rise tower project with hundreds of apartment units, hotel rooms and thousands of square feet in commercial space next to the Duke Energy Center for the Performing Arts.
This tower is among the latest in downtown Raleigh development plans this year, with the Raleigh City Council approving plans for a tower as high as 30 stories in the parking lot behind the Marbles Kids Museum on Morgan Street.
The city also greenlighted plans recently for building up to 40 stories on the site of the historic Creamery building on 400 and 410 Glenwood Ave. That developer is New York-based firm Turnbridge Equities, which owns the historic Mutual Life tower in downtown Durham.
