Crabtree Valley Mall area projects

[rolly]

5 Story Apartment Complex

Plans have been submitted for a 350,000-square-foot apartment project near the Crabtree Valley Mall.

• 5-story, 230-unit apartment complex featuring 356,822 square feet
• 4-story parking deck.
• a future phase with 15,000 square feet of retail and restaurant space. 

[KJHburg]

Drive by photos today of the new Crabtree Terrace building across from the mall.  I see it is elevated to prevent flooding too.

https://ewp-nc.com/project/crabtree-terrace/

[Trent Y]

Great pictures. I would love it if the 18 story Westin would get started.

[Phillydog]

11 hours ago, Trent Y said:

Great pictures. I would love it if the 18 story Westin would get started.

Good point.  Is that project stalled?

[dmccall]

On 12/4/2019 at 2:18 PM, KJHburg said:

Drive by photos today of the new Crabtree Terrace building across from the mall.  I see it is elevated to prevent flooding too.

https://ewp-nc.com/project/crabtree-terrace/

Thanks for the photos. This is arguably the worst development project we've seen in, oh, 20 years in the area. They built a short, ho-hum building in the floodplane with a tall ugly parking garage right up on Glenwood ave. The result, a building that has no marquis frontage, makes no visual statement about it's surroundings, has poor views from inside, and requires its employees to navigate up and down a parking garage, then navigate up into the building to reach their destination. Putting this building on top of the parking garage would have better protected it from floods and been much easier to use. I have some patients who have already complained about how cheap the Allscripts building in North Hills feels due to having to use a separate parking garage next door., This is truly a lost opportunity for the Crabtree area.

Edited December 14, 2019 by dmccall

[DPK]

2 hours ago, dmccall said:

Thanks for the photos. This is arguably the worst development project we've seen in, oh, 20 years in the area. They built a short, ho-hum building in the floodplane with a taller ugly parking garage right up on Glenwood ave. The result, a building that has no marquis frontage, makes no visual statement about it's surroundings, has poor views from inside, and requires its employees to navigate up and down a parking garage, then navigate up into the building to reach their destination. Putting this building on top of the parking garage would have better protected it from floods and been much easier to use. I have some patients who have already complained about how cheap the Allscripts building in North Hills feels due to having to use a separate parking garage next door., This is truly a lost opportunity for the Crabtree area.

 

Yeah I tend to agree.  That Crabtree building is boring, drab, and really contributes nothing stimulating to the area it's in.

[rolly]

It should have definitely been built on top of the parking deck. Would have been prominent as hell.  It looks cool, but it's kind of hidden due to being snugged in that spot. 

But... it does add the highest density office space in metro Crabtree Valley.  Certainly overall a nice addition to the Raleigh tax base, despite how much more awesome it could have been. 

[KJHburg]

Big News out of Crabtree Valley Mall.  The mall is for sale and I am sure some redevelopment will happen.  Most of the mall would remain retail I would imagine but I can see some mixed uses coming like an apartment tower, office or something.  from the triangle biz journal.

https://www.bizjournals.com/triangle/news/2022/02/14/raleighs-crabtree-valley-mall-goes-up-for-sale.html

""Just two months shy of its 50th birthday, Crabtree Valley Mall has been put on the market.  The 57-acre enclosed mall off Glenwood Avenue in Raleigh is the second-largest shopping center in the Triangle area and is up for sale for the first time since it opened in 1972.  Sources confirmed to Triangle Business Journal that the mall is currently for sale with global real estate investment bank EastDil Secured as the listing brokerage. Eric Zimmerman, managing director at EastDil Secured, declined to comment on the listing.  The mall, owned by CVM Holdings LLC, goes up looking for buyers as the retail sector continues to shift, with e-commerce growing rapidly and many traditional enclosed malls struggling to generate enough foot traffic amid changing economic and demographic trends – leading to developers and investors scooping up mall properties across the country and, in many cases, transforming them into mixed-use spaces with an open-air design. CVM officials did not return repeated phone calls.  Crabtree Valley Mall hasn’t been immune to the decline of in-store retail shopping, with 175,124 square feet of its 1.35 million square feet of rentable space being vacant in the last quarter of 2021, according to TBJ's quarterly SPACE publication. Vacancies have been plaguing malls across the United States over the past two years as the Covid-19 pandemic accelerated the rise of e-commerce.""

I still think this one of the best malls in the area but like Southpark in Charlotte may need to add some uses.  At Southpark apartments and outside retail was added.  Phipps Plaza in Atlanta has added a hotel and office tower.  Anyone buying it will try to reimagine it I am sure.  

Edited February 15, 2022 by KJHburg

[rancenc]

New development could be in the works for Crabtree Mall

https://www.bizjournals.com/triangle/news/2022/02/18/crabtree-site-once-slated-for-43-story-tower-now-s.html?utm_source=st&utm_medium=en&utm_campaign=me&utm_content=ra&ana=e_ra_me&j=26781244&senddate=2022-02-21

[KJHburg]

HUGE news if this goes through Kane in talks to buy Crabtree Valley Mall.   

""Raleigh's Kane Realty Corp., developers of the North Hills mixed-used project, is in advanced talks to buy Crabtree Valley Mall, a 57-acre enclosed mall along Glenwood Avenue in Raleigh, according to several sources familiar with the negotiations.   Kane is familiar with retail lease challenges. When he first started transforming the North Hills mall to an open-retail concept of live, work and play, he ran into resistance from JC Penney Co., and Penney executives were not amicable to leave the midtown site. So Kane demolished structures all around the JC Penney store until 2020, when the retailer's lease ran out and the store was closed for Kane to embark on further expansion of North Hills.  Crabtree Mall has two anchors left after Sears closed in 2018. One anchor, Charlotte-based Belk, filed for bankruptcy in February of 2021. The other anchor, Macy’s (NYSE: M), owns its 175,000-square-foot space in the mall, property records show.""

https://www.bizjournals.com/triangle/news/2022/06/23/kane-realty-in-talks-to-buy-crabtree-mall.html

If Kane buys this mall expect a North Hills style open air shopping center with department stores it would be awesome. 

[RALNATIVE]

1 hour ago, KJHburg said:

HUGE news if this goes through Kane in talks to buy Crabtree Valley Mall.   

""Raleigh's Kane Realty Corp., developers of the North Hills mixed-used project, is in advanced talks to buy Crabtree Valley Mall, a 57-acre enclosed mall along Glenwood Avenue in Raleigh, according to several sources familiar with the negotiations.   Kane is familiar with retail lease challenges. When he first started transforming the North Hills mall to an open-retail concept of live, work and play, he ran into resistance from JC Penney Co., and Penney executives were not amicable to leave the midtown site. So Kane demolished structures all around the JC Penney store until 2020, when the retailer's lease ran out and the store was closed for Kane to embark on further expansion of North Hills.  Crabtree Mall has two anchors left after Sears closed in 2018. One anchor, Charlotte-based Belk, filed for bankruptcy in February of 2021. The other anchor, Macy’s (NYSE: M), owns its 175,000-square-foot space in the mall, property records show.""

https://www.bizjournals.com/triangle/news/2022/06/23/kane-realty-in-talks-to-buy-crabtree-mall.html

If Kane buys this mall expect a North Hills style open air shopping center with department stores it would be awesome. 

We're very, very lucky to have a visionary like him in Raleigh.

[KJHburg]

Just now, RALNATIVE said:

We're very, very lucky to have a visionary like him in Raleigh.

He is one of the best developers in the southeast and I really mean that.   My vision would be that he would knock Sears over, make the mall open air with new flood control measures, keep the 2 department stores and slap a 20-30 story mixed use high rise over there if not 2 or 3 so I do hope this is true and he buys it.   Flatten most of those existing garages and build new ones with towers on top. 

[RALNATIVE]

3 hours ago, KJHburg said:

He is one of the best developers in the southeast and I really mean that.   My vision would be that he would knock Sears over, make the mall open air with new flood control measures, keep the 2 department stores and slap a 20-30 story mixed use high rise over there if not 2 or 3 so I do hope this is true and he buys it.   Flatten most of those existing garages and build new ones with towers on top. 

My understanding from talking to others in the local commercial real estate and development arena, Kane can get whatever financing that he wants at this point from major financiers in the US and Europe and beyond.

This is why he has so many projects currently in the pipeline. If he wants to go big at Crabtree, i'm sure that he can make it happen and it will be impressive.