RESEARCH TRIANGLE PARK – You likely haven’t heard much about Downtown South recently, but work behind the scenes continues, says the executive driving the project.

Steve Malik, one of the development partners and owner of the North Carolina Courage soccer club, says the Downtown South project, with some $2.2 billion investment planned in Raleigh, continues. Big issues to be be addressed such as affordable housing and workforce development are occurring, he adds.

“I want people to tell me what their issues are, I want to make something happen, so if you don’t suss all that out, they’re going to talk behind your back, they can’t deal with that,” Malik explains.

WRAL photo

Steve Malik dons a North Carolina Football Club cap. (WRAL photo)

“It’s always nicer when people see the value,” he added, answering a question from the audience at the Startup Summit event Wednesday in RTP about the initial opposition to the project.  “But the reality is there will be issues along the way, and if you’re going to be successful, you’ve got to listen to people tell you why they’re not on board.”

The project – including a soccer stadium – is envisioned as a gateway to Raleigh from the south, centered around 140 acres near South Saunders Street and an I-40 interchange. Initial work is scheduled to begin in the fourth quarter of this year, according to the Downtown South website.

Raleigh approved the Downtown South rezoning last December, and the partners in the project closed on the needed land on Dec. 30, according to the project’s website.

But the rezoning came with numerous requirements. As the developers note, those conditions include:

  • Prohibitions on high impact uses
  • Height limitations in areas close to existing neighborhoods
  • A minimum of 14 acres of open space and parks
  • Density limitations for Areas A & B
  • Quarterly community engagement meetings
  • Heightened stormwater mitigation and analysis
  • Establishment of a stormwater grant matching fund with community partners
  • Affordable housing commitments

One of the benefits that came with all of the downsides of the pandemic is that Raleigh is well-positioned coming out of it, said Malik.

In an interview with WRAL TechWire following his keynote address at the event, Malik pointed out the continuing growth of the region and the expansion of the population with residential housing is in high demand.

And that’s a good thing for Downtown South, said Malik, noting that the high housing demand may be a reason the developers of the project could accelerate the construction of residential housing units.

The developers will continue to hold community and stakeholder meetings, he added.

“We’ve bought the land, we’ve got it zoned, we’re working with the city and the state on all of those issues, but it’s slow, and you’ve got to have patience,” said Malik.

Among the partners is John Kane, developer of North Hills in Raleigh.

Upbeat despite pandemic

The Triangle is resilient, and so are its entrepreneurs and investors, even facing adversity due to the global coronavirus pandemic, told the crowd at the event.

The event, which was organized in order to provide practical wisdom to entrepreneurs, especially those considering raising capital for the first time.

“To raise money, turn negatives into positives,” said  Malik, a serial entrepreneur based in the Triangle who founded Medfusion and Greenlight Health. He’s also the chairman and owner of the North Carolina Courage and the North Carolina Football Club.

Malik recalled that he gave to the Wall Street Journal the week he bought the Courage when he received a call from someone affiliated with the team who begged him not to mention any topics of social justice, equity, or equality.

“What do you mean,” Malik said he replied.  “We’re going to lose money, millions and millions of dollars, but we’re doing this to give women equality. That thing that no one wanted to talk about, we turned it into a positive.”

Equity and justice are important, Malik argued.  “If your business hasn’t put together a plan around those things, you’re irrelevant right now,” he said.

Land now in hand, Downtown South developers aim to break ground this year

Malik recalled that he gave to the Wall Street Journal the week he bought the Courage when he received a call from someone affiliated with the team who begged him not to mention any topics of social justice, equity, or equality.

“What do you mean,” Malik said he replied.  “We’re going to lose money, millions and millions of dollars, but we’re doing this to give women equality. That thing that no one wanted to talk about, we turned it into a positive.”

Equity and justice are important, Malik argued.  “If your business hasn’t put together a plan around those things, you’re irrelevant right now,” he said.

Kane, Malik make case for stadium as stimulus to development south of downtown Raleigh

 

Capitol Broadcasting Company, the parent company of WRAL TechWire, is a part of the ownership group for the North Carolina Courage.  Additional details on the ownership group are published here.