RALEIGH – A new $150 million project will transform a former industrial area of Raleigh into a combination of office space, retail and residential housing into “Raleigh Iron Works,” the developers announced Monday.

The target for reuse and development focuses on a former Peden Steel facility at 2200 Atlantic Avenue near Raleigh’s Mordecai neighborhoods, the Five Points Area, Person Street and East Whitaker Mill Road.

Dock 1053 and Loading Dock Raleigh are among existing sites in the area that is emerging as a hub for entrepreneurs and startup businesses, including craft breweries.

A map of where Raleigh Iron Works will be located.

Developers of the project are Jamestown and Grubb Ventures, which is based in Raleigh.

“Our partnership with Jamestown, a national leader in adaptive reuse projects, is going to allow us to set a standard for creative class space in Raleigh unseen so far and create an iconic destination for residents and visitors alike,” said Gordon Grubb, president of Grubb Ventures, in the announcement.

Dock 1053 is a Grubb Ventures project.

Construction is set to begin this year.

Plans call for:

  • 500,000 square feet of office space
  • More than 90,000 square feet of retail
  • 220 residential units

The developers are calling the project a “multi-phase adaptive resue project.”

A rendering from developer Jamestown of what Raleigh Iron Works will look like.

Some of the existing facilities and warehouses will be renovated.

Also to be built is a new 7-story building to provide housing.

“Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive,” said Michael Phillips, the president of Jamestown, in the announcement. Jamestown is involved in numerous other reuse pojects elsewhere in the US.