Downtown growth continues although at a slower pace
This past week a Florida developer broke ground on a redevelopment project in downtown Raleigh which will consist of the kind of mixed-use development the city wants to encourage. The 21 acre Blount Street Commons project will include the renovation of several older homes a couple of blocks from the Governor’s Mansion. The final project will likely include over 400 homes and 110,000 square feet of shops. The area being redeveloped is near state government buildings, including the legislature and the Museum of Natural Sciences which will soon undergo a major expansion.
Other projects in the downtown area have been slowed down by the current nationwide credit crunch. Three new hotel projects near the soon to be finished Civic Center have been delayed. The new Marriott near the Civic Center will be open this summer providing some additional room capacity.
While Raleigh is feeling some of the effects of the economic slowdown, there is still growth taking place and opportunities for real estate investment. The fact that development and growth are continuing is a reflection of the confidence in the future of the city.
