RALEIGH, N.C. (WNCN) – A new 18-acre site to be known as Raleigh Iron Works is under construction between Atlantic Avenue and Capital Boulevard just south of the Crabtree Creek Trail. The mixed-use development will house shops, offices and apartments.
Work on Phase 1 of the project should wrap up by mid-2022. People occupying office space will move in during the third quarter of the year. Retail and residential renters will move in early 2023.
Jamestown, the real estate firm partnering with Grubb Ventures on Raleigh Iron Works, announced the Wasserman agency has signed a lease to relocate its Raleigh office to Raleigh Iron Works. This makes the sports, music, and culture marketing agency the first tenant for the development.
“Raleigh Iron Works will connect Raleigh’s industrial past with its innovative future, creating a hyper-amenitized, dynamic environment where creative firms like Wasserman can thrive,” said Michael Phillips, President of Jamestown. “Wasserman is one of the most groundbreaking talent and marketing agencies in the world and representative of the innovation economy ecosystem we’re cultivating at Raleigh Iron Works.”
Wasserman is moving and is currently located in North Hills. They plan to move into Raleigh Iron Works by fall 2022. Their office will span 14,000 square feet of the ground floor of the Double Gable Building.
Will Pleasants, Wasserman Managing Director, U.S. Brands & Properties, said, “Wasserman’s roots in Raleigh date back over two decades, and we are looking forward to remaining a part of the city’s continued transformation while also honoring its past.”
In all, the $150 million development will house:
- 219-unit multi-family apartments
- 184,000 square feet of office space
- 65,000+ square feet of retail space
- 683-space parking deck (plus approximately 275 surface parking spaces)
The next phase will create another 350,000 square feet of office space and more multi-family residences.