RALEIGH, N.C. (WNCN) — A new massive development in Glenwood South is progressing with one tower recently opening. When the entire development is complete, it will allow a historic property to be preserved.

Raleigh Crossing is being built in two phases — the first is 301 Hillsborough, which is at the intersection of Hillsborough and South Dawson streets.

The first phase, which has two curving glass facades, has recently opened.

The new building does not have any living spaces — that is for the next phase. But 301 Hillsborough has its own parking deck, the top of which provides an 11,000 square foot terrace with hardscape and green planters and views.

The Fallon Company is overseeing the project.

Meanwhile, Turnbridge Equity is overseeing the second phase of the Raleigh Crossing development.

The second phase is right next door, at the intersection of Hillsborough Street and S Harrington Street. The residential living area is surrounded by four nearby restaurants, two on Hillsborough Street and two on W Morgan Street, as well as an array of nearby shopping venues, as well as arts and entertainment options, Downtown Raleigh said.

According to 2020 plans, phase two of the development will include a 165-room hotel and 135 apartments. But, Raleigh Magazine recently reported it will have 261 apartments.

The entire Raleigh Crossing development is slated for completion in 2024.

Kayla Morton contributed to this article.