RALEIGH – “The Weld,” a $700 million mixed use project near Dix Park in Raleigh, has lined up financing and construction has begun, the companies announced Monday.
Mack Real Estate Group and SLI Capital say they are collaborating the project.
Phase one will include two 20-story tall buildings featuring 675 units of one-, two- and three-bedroom apartments.
Richard Mack, CEO of Mack Real Estate Group, said in a statement: “Raleigh has become a regional hub for us, where we have an office and a development team on the ground. As we expand in the Southeast, we are focusing on multifamily and mixed-use projects in dynamic growth markets. The location of The Weld is contiguous to one of the largest new park developments in the United States. Our goal is to create a vibrant new neighborhood in a burgeoning and green urban environment.”
Mack operates six offices across the U.S., including one in Raleigh.
The news comes as the Triangle and the U.S. commercial real estate markets in general faces challenges ranging from higher interest rates and a possible near-term recession,
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“The Weld is a truly pivotal site for Dix Park, and will be transformative for the city,” said Bryan Kane, CEO and managing partner at SLI Capital, which is based in Raleigh. It’s a real estate investment and development firm. “With Park City South next door, The Weld will be the front door to Dix Park and provide a direct connection to downtown. “In addition, we are collaborating with the Dix Park Conservancy to identify other meaningful ways to support the Park’s development and expect to announce further details in the Fall.”
The buildings are expected to be completed by summer 2025, according to the developers.
They are located on a 3.5 acre site at the intersections of Lake Wheeler Road and Hammell Drive.
“Each building will include a ground-level restaurant and retail space and share a central greenspace that will serve as a gathering place for residents,” the companies added.
The Weld will be “built into” the area around Dix Park, they added.
