Lisa Southern Real Estate Team and Southern Group Property Management attended The State of Downtown Raleigh event this morning, and we are excited to share what we learned! The State of Downtown Raleigh is yearly event put on by The Downtown Raleigh Alliance (DRA) that provides an overview of what’s in store for Downtown Raleigh in the coming year.
Downtown Raleigh is exploding with growth. Since 2005, downtown has seen over $2.5 Billion in development completed, which has added new residences, convention space, offices, retailers, entertainment venues, hotels, and restaurants.
In the Past:
- Hotel occupancy is up and millions attend Raleigh’s attractions and festivals
- Downtown’s retail base has grown by over 35% in five years
- Downtown is now home to an award winning restaurant scene
- Downtown is adding 1,840 new residential units, which will attract over 3,000 residents
- 15 new buildings will be opening in 2015
- Dynamic tech companies have made downtown their headquarters
- Over 700,000 square feet of Class A office space,nearly 300 hotel rooms, new greenspace and more than $500 million in new new constructions will be completed or underway
In the Future:
- Downtown Raleigh has over 2 Million square feet of space under construction
- Downtown 2025 Experience Plan will guide growth and development in downtown for the next 10 years
- Several projects are already planned such as Raleigh Union Station, Devereux Meadows Park, renovation of Moore Square and many more
The growth of Downtown Raleigh is the catalyst for growth in the entire Triangle Area of North Carolina. The Triangle Area consists of the cities of Apex, Cary, Fuquay Varina, Holly Springs, and Raleigh. If you or anyone you know is planning a visit to Raleigh, give us a call at 919-800-0880 so we can give them local knowledge and help guide them during their stay.
If you or anyone you know is looking to sell or buy a home give us a call at 919-800-0880! We are connected to real estate agents all around the world and would love the opportunity to help you find your next home!