Jamestown and Raleigh-based developer Grubb Ventures has announced a new joint venture partnership to create Raleigh Iron Works, a mixed-use destination at the crossroads of Raleigh’s Five Points, Person St., and Mordecai neighborhoods.
The first phase of this multi-phase adaptive reuse project connects to Raleigh’s historic roots by combining the new with the old to create nearly 494,000 sq. ft. of creative office space, 91,000 sq. ft. of retail, and 220 residential units.
The initial phase of the project, valued at more than $150 million, includes the renovation of historic steel mills and warehouses that were once part of Peden Steel, and a newly constructed seven-story multifamily building.
The historic buildings will be repurposed into thoughtfully designed creative office and retail spaces, featuring original architectural details and distinctive finishes. The new residential building pays homage to historic Raleigh while offering modern luxury living with top-of-line amenities and services.
Construction will begin this year and continue through 2023 with plans for additional development.