There is little doubt that interest in the Capital Boulevard area of Raleigh is at a new high these days.
Zimmer Development Co., a Wilmington-based company, is seeking approval to rezone a property off Capital Boulevard that would allow for a new mixed-use project to go up as high as 40 stories. The request to the local government was made by current owner Morris Communications of Augusta, Georgia on behalf of Zimmer, the proposed buyer of the property.
The 1.48 acres of land at 506 and 508 Capital Boulevard, just off West Peace Street, is currently zoned for 12 stories. The land, which was used to house Fairway Outdoor Advertising and Smith’s Auto Repair among others, now sits empty.
The documentation provided to the city by the Williams Mullen law firm notes that the lots are currently underutilized as expansion and improvements to Capital Boulevard brought about the demolition of the previous buildings on the land.
The rezoning request indicates that the proposed development would be “a mixed use property with commercial and retail space on the street level and residential and office space on upper stories.”
The proposal states that it would be a public benefit as a corridor into downtown. “The proposed rezoning would encourage more live/work/play opportunities” in downtown Raleigh, the rezoning request states.
The rapidly evolving area includes the nearby redevelopment of Seaboard Station which could bring approximately 650 apartments, 150 hotel rooms and 90,000 square feet of new retail space.
Another proposed 40-story mixed-use rezoning for property on Peace Street is currently waiting for city approval.