RALEIGH – With fast-growing software firm Pendo as a major tenant already signed on, the new 3-tower mixed-use project coming to Downtown Raleigh will be called Raleigh Crossing, developer The Fallon Company says.
Groundbreaking is coming in September for the first tower (19 stories) to be located at 301 Hillsborough Street with Pendo’s logo atop the building. It is to include 280,000 square feet of office space, a fitness studio and 12,500 square feet set aside for retail businesses.
Pendo is to occupy five floors in the 19-story tower in early 2022 after the building is completed in late 2021.
A company spokesperson says that Pendo will occupy the top five floors and that the lease is for seven years.
In all, the development will cover 1.86 acres with a mix of commercial, residential, retail and hospitality uses, Fallon says,
“Located in the heart of downtown, Raleigh Crossing will be the city’s premier mixed-use destination. The 301 Hillsborough commercial office tower will lead the way with best-in-class amenities, a bold and unique design, and a vibrant and expansive public realm,” said Michael Fallon, president of The Fallon Company, in Monday’s announcement.
“We look forward to breaking ground on Raleigh Crossing at an important moment in downtown Raleigh’s evolution into a national destination, further defining the neighborhood as an ideal place to live, work and play.”
Raleigh Crossing is the latest in a series of high-profile tower and development projects announced for downtown. And still to come could be more towers around the proposed Downtown South entertainment district that would include a 20,000-seat soccer stadium.
Fallon says Raleigh Crossing will include:
- 280,000 square feet of trophy office space
- 18,000 square feet of retail
- 165-room hotel
- 135-unit apartment community
- What Fallon calls “an expansive, flexible outdoor amenity terrace”
- The terrace is for “multi-purpose use, including fitness classes and community events”
A second phase of the project will include the hotel, residential and retail spaces.
The Fallon Company is working with CBRE in Raleigh to handle leasing.
Other major developments underway or planned in Raleigh include:
Preferred Office Properties, based in Atlanta, announced plans for the 121 Fayetteville tower earlier this month The tower will overlook the old North Carolina State Capitol and its dome.
California developer the Acquisition Group bought the downtown Raleigh former headquarters of The News & Observer for $22 million in 2017. In partnership with East West Partners, the company plans to redevelop the 1.5 million-square-foot site, deemed the Nexus, into a multi-use building that will feature office and residential space, retail and more.
Development plans include a 325,000-square-foot, 20-story office tower that will face Salisbury Street with ground floor retail. The first phase of development is slated for a 2021 completion.
Located at 413 Harrington Street, this mixed-use space will feature 450 residential units and 225,000 square feet of office space, with ground floor retail.
Under the care of developer Kane Realty Corporation, the nine-story building is in Phase II of its development, bringing more residential and office space to the Glenwood South neighborhood of downtown Raleigh.
Formerly known as The Edison Office site, Edge is located at 313 Wilmington Street and will be at least 19 stories of office space. H
Highwoods Properties, Raleigh’s largest commercial developer and owner of office spaces, finalized the acquisition in 2016. Edge will sit directly across from the city’s tallest building — the 33-story PNC Tower.
Plans and a timeline for development have yet to be announced.
Two Glenwood, also referred to as Tower Two at Bloc is located at 607 W. Morgan Street. The 275,000-square-foot, 10-story building, will be used for Class A office and retail.
Located at the intersection of two of downtown Raleigh’s most prominent streets — Glenwood Avenue and Hillsborough Street — the building’s locale will make it a premier spot for work and play. Development under Heritage Properties, Inc. begins this summer and will follow the finalization of its sister structure, One Glenwood, which is slated for a 2019 opening later this winter.
“The overarching theme of developments like these is transformation,” said Jason High, an executive vice president at CBRE | Raleigh. “Tenants are going to be witnessing the construction of developments that will bring things that we’ve never seen here — amenities and a product type that is far and above anything else that we’ve had in downtown Raleigh in the past. It’s an exciting time for our city.”