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On Friday, the development team from Charlotte and Triangle-based Northwood Ravin unveiled plans for its next big project in the region: A 10-story office and retail building, called 555 Mangum, which will be built in partnership with Akridge, a Washington, D.C.-based real estate development firm.
Designs for the new 10-story office building, along with a second, mid-rise building with about 400 high-end apartment units, are still being tweaked and must still pass muster with Durham planning officials, but the goal so far is to begin grading the site for construction in fall 2016, says Jeff Furman, director of Raleigh operations for Northwood Ravin.
If you have a good transit system, people will ride. Looks like Raleigh and Wake county are willing to tax to help fund this transit plan. Good luck.
Funding Wake’s Transit Plan
Some of the expected funding sources, 2017-2027:
▪ $962 million half-cent transit sales tax.
▪ $720 million federal funds (half the capital cost for commuter trains and bus rapid transit).
▪ $512 million bond proceeds.
▪ $112 million passenger fares.
▪ $95 million car registration fees.
▪ $41 million rental car tax.
▪ $14 million state bus funds.
Source: waketransit.com
Paraphrasing Duke University Real Estate's Scott Selig in TBJ's centerpiece report on June 10 about the multiple game-changing projects planned for downtown: It is the end of the beginning for the downtown district.
A Raleigh real estate partnership that’s also part of the team seeking to buy and redevelop the News & Observer building in downtown has acquired the aging Gateway Plaza retail strip center at Capital and Crabtree boulevards about a mile south of the I-440 Beltline.
The 6.8-acre property, which is surrounded by the Greyhound bus station and the former Raleigh Flea Market property, has the potential to become a new “destination” for retail and restaurant tenants who want to be close downtown Raleigh but can’t afford downtown’s higher rents.
County commissioners voted 5-3 for BK Partners LLC to redevelop two parcels — a 5.7-acre site with Bob Walton Plaza and an 11.3-acre property containing the education center and Marshall Park — in uptown. The larger parcel is the former site of Brooklyn Village.
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