Raleigh Gives OK for Downtown High-Rise With Up To 40 Stories, 1.47 Million SF of Space

Downtown Raleigh is inching closer to its newest high-rise after the City Council approved a rezoning request Tuesday.

City Council approved a request allowing for the development of a mixed-use tower up to 40 stories tall at 506 and 508 Capital Boulevard near a collection of large projects planned and underway in downtown Raleigh.

Wilmington-based Zimmer Development filed the request in May 2019.Filings with the city call for a mixed-use tower complete with retail, office and residential space.

The new zoning allows for up to 1.74 million square feet with as many as 1,466 residential units, 897,082 square feet of office space, 213,591 square feet for retail and 222,135 square feet of industrial space.

The property is currently zoned for industrial mixed-use up to 12 stories tall. Rezoning conditions included in the request provide for a city bikeshare station.

During Tuesday’s meeting, council members asked about traffic impacts and studies and potential mitigation efforts. Council then unanimously approved the rezoning request

The proposed project is situated across Capital Boulevard from Kane Realty’s Smoky Hollow project. Earlier this year, the first phase of Smoky Hollow opened with tenants including Florida grocer Publix, which announced its grand opening scheduled for Sept. 2. Phase three of the project was rezoned last year to allow for development up to 40 stories.

A few blocks to the west, New York City-based Turnbridge Equities has filed a rezoning request to allow for up to 40 stories of mixed-use development at the site of the historic Creamery property on Glenwood Avenue. The company bought the Creamery building and two adjacent properties in March for $34.7 million.