Raleigh’s getting 20-story tower with 297 luxury apartments in Warehouse District
September 21, 2021
RALEIGH – Skyscrapers continue to be added to the Raleigh’s future skyline, the latest being a 20-story tower headed for the Warehouse District.
The developers of a new multifamily, nearly 300-unit residential tower at 320 West South Street in Raleigh plan to raise more than $48 million for the project, which according to the company will include luxury apartments, a stand alone parking structure, and other amenities.
Capital Square, a Richmond, Va.-area company, opened a $48,451,000 fund, CRSA Opportunity Zone Fund VI, to raise equity capital from investors in order to develop the project at 320 West South Street, the company announced in a statement.
According to the Administrative Site Review filed with the City of Raleigh, updated on August 6, 2021, the 1.166-acre, 20-story project will include 296 residential living units and 396 parking spaces, as well as ground-floor retail space.
Another new tower is located at 400 Hillsborough Street and is scheduled for completion in the fall of 2023. It’s the latest in a series of planned developments from downtown to North Hills and beyond that is transforming the Capital City skyline. Two 40-story towers also are projected to be coming to North Hills.
The company said the project will include 297 residential units and 437 parking spaces. The proposed project will contain 201 1-bedroom units, 92 2-bedroom units, and three 3-bedroom units, according to the plans filed with the City of Raleigh.
“The fund combines the many benefits of tax deferral and exclusion from being in a qualified opportunity zone plus exceptional economics associated with a 20-story development in downtown Raleigh, the state capital of North Carolina,” said Louis Rogers, founder and CEO of Capital Square in a statement. Rogers added that the company specifically chooses to invest in and develop projects in capitol cities because these types of markets are often insulated against downside during economic pullbacks or recessions.