A major development proposed for downtown Raleigh includes two towers and hundreds of hotel rooms and apartments.
On Wednesday, Dominion Realty Partners and the North Carolina Association of Educators announced they’ve reached a deal for DRP to buy 4.9 acres of NCAE-owned land for the development of Salisbury Square, a multi-tower project at the corner of W. South and S. Salisbury streets. The property is located right across from the Duke Energy Center for the Performing Arts.
Dominion expects the project to cost more than $300 million over two phases. Plans for the project call for four new structures, including two 20-story towers, a hotel and a parking structure. Plans will be submitted to city officials for approval in the coming months.
“This project will be monumental not only for our company and for NCAE, but for the City of Raleigh,” said Dominion Chairman and CEO Andy Andrews. “A ton of hard work has gone into this project already, and this is just the beginning as a project this scale will keep our team busy for years to come. We are excited to not only continue to contribute to the quickly changing Raleigh landscape in a responsible manner, but also continuing our partnership with NCAE and the greater downtown community.”
Plans for Salisbury Square call for a 20-story mixed-use tower, a 20-story multifamily tower, a 6-story, 150-room hotel and 4-story building for workforce housing with attached parking deck.
The mixed-use tower will feature 242 upscale apartments on top of 175,000 square feet of commercial office and retail space. The residential tower will feature 270 luxury apartments complete with a rooftop pool.
Finally, plans also include 63 workforce housing units wrapping around a shared parking structure. These units will feature below-market rates and will be reserved for lower-income tenants, DRP says.
In the middle of the development will be the NCAE park, which will provide green space between the towers and structures. The park will be dedicated to the legacy and history of NCAE.