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RALEIGH – Global real estate and investment company Jamestown and Raleigh-based developer Grubb Ventures today announced the start of construction on the first phase of the $150 million Raleigh Iron Works project, a new dynamic, mixed-use destination that will bring nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail, and 220 new residential units to Raleigh’s Five Points, Person Street, and Mordecai neighborhoods.
Construction began early this morning with crews from Brasfield & Gorrie focusing on excavation and foundation work for the residential building, and infrastructure work for the new roads and utilities at the 18-acre site.
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Located at 2200 Atlantic Avenue just minutes away from downtown Raleigh and the design district, and twelve colleges and universities in a thriving tech and research sector, Raleigh Iron Works has been designed to serve as a community destination with a diverse mix of shopping, dining, wellness, event, and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into a mix of office and retail spaces, along with the construction of a new seven-story multifamily residential building. The offices will feature original architectural details and distinctive finishes while the residential building will offer top-of-line amenities and services. The office, retail, and residential components are expected to open in mid-2022.
Parking for the project’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide. Ample green space will feature flexible seating for informal gatherings, outdoor dining, public art, events and more. A planned greenway connection will make for easy access to still more attractions — without having to hop in a car.
“Raleigh Iron Works will create a new mixed use innovation hub for Raleigh and a dynamic space where the creative community will thrive,” said Jamestown president Michael Phillips.
“We couldn’t be more excited to have found a way to blend Raleigh’s history with the creative new direction of today’s economy,” said Grubb Ventures president, Gordon Grubb. “This fits with Grubb Ventures’ commitment to enhance our community.”
The development of Raleigh Iron Works builds upon Grubb Ventures’ successful repositioning of Dock 1053, a 185,000 square foot mixed-use creative community that features local retail, warehouse, office, and manufacturing space. Grubb’s local residential and office expertise are a great complement to Jamestown’s experience in transforming historic and industrial spaces into community hubs and gathering places.
