RALEIGH, N.C.(WNCN) – Downtown Raleigh’s skyline is quickly changing as developers race to build.

A market report from the Downtown Raleigh Alliance said eight new building projects will break ground in 2022. Another dozen are already under construction.

Included in those plans are apartment developments.

615 peace street construction
615 Peace construction. Downtown Raleigh Alliance.

Construction for two residential developments have already started this year. The Acorn on Person Street and Park City South Phase will hold a combined 442 units.

Since 2015, 3,415 housing units have been built downtown.

That’s about to speed up.

More than 1,400 are currently under construction. An additional 5,535 are planned or proposed for the future.

Between the first quarter of 2021 and the first quarter of 2022, downtown Raleigh saw a 78 percent increase in residential unit construction. DRA’s report showed demand for those units is still high.

615 Peace, a condo project downtown, has already pre-sold its two dozen condos before it’s move-in date this fall. DRA said another condo project, The Fairweather was completed in 2021. It has sold its 45 condos.

More than 12,000 people currently live downtown. That’s expected to surpass 15,000 by 2026. The median age for downtown residents is 33 with 40 percent of them being between the ages of 20 and 34.

Growth downtown isn’t restricted to housing. Overall, DRA said there is more than $5 billion worth of investment downtown. That includes $642 million in projects under construction and $3.75 billion in proposed or planned developments.