RALEIGH, N.C. (WNCN) — A developer is asking Raleigh city officials for permission to construct a building up 40 stories high. The request is just the latest over the last few years to vertically grow Raleigh.
The property is one block east of Glenwood South and bounded by Hillsborough Street, West Street, Morgan Street, and the railroad to the west. Right now, the site is made up of four one-story vacant buildings and a small surface parking lot.
The applicant, listed as Toby Coleman of Smith Anderson, is requesting a rezoning to allow a mixed-use building up to 40 stories with retail on the ground floor. If approved, about 800 apartments could be built on the property.
Demand for living downtown remain high. Even with rent increasing 20% since 2019, occupancy rates stay above 90%, according to the Downtown Raleigh Alliance.
Smith Anderson’s proposal is the latest case of a developers taking action on that demand. Since 2015, 3,757 resident units have already gone up. Another 2,899 are under construction with nearly 7,000 more planned or proposed.
The city’s planning commission has recommended approval as long as the developer puts money back into the city’s affordable housing fund. City council will hold a public hearing on the proposal on Nov. 7.
Despite challenges, data from the Downtown Raleigh Alliance shows people still want to buy homes downtown. Despite increases in home prices and interest rates, the median time a home stays on the market downtown is nine days.