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Downtown Raleigh South Entertainment District


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Well we are all going to have wait on this one as Kane is delaying due to lack of money available due to high interest rates and banks tightening their lending.

From the Triangle Biz Journal today:

""Kane Realty’s massive Downtown South district in Raleigh is on hold as the commercial real estate market remains on a downswing and capital markets run dry.

In a quarterly meeting regarding the status of Downtown South, Kane’s Chief Operating Officer Bonner Gaylord said the company is in a “holding pattern” due to the current economy.

Gaylord, in a video posted on the website for Downtown South, cited lower interest rates, investors becoming interested in real estate again and getting necessary funding as factors that need to occur for Kane Realty to start construction on the $2 billion entertainment district – the first phase of which is along South Saunders Street at Interstate 40.

“Our job is to take land and money and put them together to build incredible communities. We’ve got the land, we just need the money and then we can get it built and start to move folks in there and create the beginnings of this community that we're so excited about,” Gaylord says on the video.

Triangle Business Journal has reached out to Kane and Gaylord for further comment.

The meeting also included an update about the first couple phases of Downtown South. That includes the completed phase zero, which is the adaptive re-use of two warehouse buildings that total 45,000 square feet. It’ll be 31,000 square feet of office — which is already leased — and 14,000 square feet of retail.

Phase one of Downtown South will include 535,000 square feet of office in two buildings, 60,000 square feet of retail, 1,000 multifamily units in three buildings, the 3,500-capacity concert venue and a 180-room hotel.""

and this

""Downtown South isn’t the only commercial real estate project in the region that's on hold. Several projects have construction start dates slated for 2024 or later in hopes that the market will change. Blue Ridge Realty has pushed back the construction start for its Glenwood South development, and Turnbridge Equities’ The Creamery project has a tentative start date of mid-2024 after being on pause for almost a year.""

It is difficult to get anything financed right now doesn't matter where it is Charlotte, Nashville, Austin this same thing is happening everywhere.    I have no doubt Kane will complete this project but it could be years off.  

Massive Downtown South development in Raleigh on hold due to lack of financing - Triangle Business Journal (bizjournals.com)

Edited by KJHburg
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71 is not too old and he seems to like his job of development alot but you are right others are sweating the details I am sure.  

Here is their presentation video and the plans for this are very exciting.  It is a 12 minute video and it is a great project.  Check out the high rise apartment tower and the entertainment venue.  

Community Engagement — Downtown South

Phase 0 is complete which was 2 renovated warehouses and they already have a 31,000 sq ft office tenant preleased.  

Edited by KJHburg
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On 12/4/2023 at 7:37 PM, KJHburg said:

Well we are all going to have wait on this one as Kane is delaying due to lack of money available due to high interest rates and banks tightening their lending.

From the Triangle Biz Journal today:

""Kane Realty’s massive Downtown South district in Raleigh is on hold as the commercial real estate market remains on a downswing and capital markets run dry.

In a quarterly meeting regarding the status of Downtown South, Kane’s Chief Operating Officer Bonner Gaylord said the company is in a “holding pattern” due to the current economy.

Gaylord, in a video posted on the website for Downtown South, cited lower interest rates, investors becoming interested in real estate again and getting necessary funding as factors that need to occur for Kane Realty to start construction on the $2 billion entertainment district – the first phase of which is along South Saunders Street at Interstate 40.

“Our job is to take land and money and put them together to build incredible communities. We’ve got the land, we just need the money and then we can get it built and start to move folks in there and create the beginnings of this community that we're so excited about,” Gaylord says on the video.

Triangle Business Journal has reached out to Kane and Gaylord for further comment.

The meeting also included an update about the first couple phases of Downtown South. That includes the completed phase zero, which is the adaptive re-use of two warehouse buildings that total 45,000 square feet. It’ll be 31,000 square feet of office — which is already leased — and 14,000 square feet of retail.

Phase one of Downtown South will include 535,000 square feet of office in two buildings, 60,000 square feet of retail, 1,000 multifamily units in three buildings, the 3,500-capacity concert venue and a 180-room hotel.""

and this

""Downtown South isn’t the only commercial real estate project in the region that's on hold. Several projects have construction start dates slated for 2024 or later in hopes that the market will change. Blue Ridge Realty has pushed back the construction start for its Glenwood South development, and Turnbridge Equities’ The Creamery project has a tentative start date of mid-2024 after being on pause for almost a year.""

It is difficult to get anything financed right now doesn't matter where it is Charlotte, Nashville, Austin this same thing is happening everywhere.    I have no doubt Kane will complete this project but it could be years off.  

Massive Downtown South development in Raleigh on hold due to lack of financing - Triangle Business Journal (bizjournals.com)

I think the emergence of Raleigh as a legitimate contender for an MLB expansion team played into the decision to delay construction.  Maybe it wasn't the only reason but if I remember correctly there was a considerable amount of land set aside for a soccer stadium at the edge of Downtown South.  If I was Kane I would probably want to wait and see what happens with the MLB if there is a chance that some of the site has to be redesigned to accommodate a baseball stadium.

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  • 2 months later...

Okay this is south of Downtown South but a good use of a 2nd floor of a warehouse industrial building.  And  I know Wake County is a hot spot for pickleball my cousin and her friends included.  

Former N.C. State QB plans giant pickleball, golf facility in Raleigh - Triangle Business Journal (bizjournals.com)

""A massive new facility is set to bring pickleball courts and golf simulators to Raleigh.

Pin Point, a new sports and entertainment concept by a local group, is set to open this summer. The facility will be the largest indoor pickleball and golf facility in the country, according to its owners.

Located in warehouse space at 2201 S. Wilmington St., Pin Point will feature 16 professional pickleball courts, eight commercial golf simulators and a chipping and putting area.""

Pin Point 2

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