Raleigh-based developer Grubb Ventures and Jamestown announced a new joint venture to create Raleigh Iron Works, a mixed-use development at Raleigh’s Five Points, Person Street, 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 500,000 sq.ft. of creative office space, 90,000+ sq. ft. of retail space and 220 residential units.
“While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA,” said Michael Phillips, President of Jamestown. “Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive.”
Phase One of the project, valued at more than $150 million, includes renovation of historic steel mills and warehouses that were once Peden Steel, and a newly constructed seven-story multifamily building.
The historic buildings will be re-purposed into 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 in 2020 and continue through 2023 with plans for additional development.
”We are thrilled to be partnering with Jamestown to pioneer the new Iron Works district in Raleigh,” said Gordon Grubb, President of Grubb Ventures. “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.”
Raleigh Iron Works will serve as a community destination with a carefully curated mix of food and beverage options, boutiques, health and wellness, event and outdoor spaces.
Raleigh Iron Works is located just minutes away from Downtown Raleigh and is surrounded by twelve colleges and universities in a thriving tech and research sector.
The development will build upon Grubb Ventures’ successful repositioning of Dock 1053, a 185,000 sq.-ft. mixed-use creative community that features retail, warehouse, office, and manufacturing space located across the street from Raleigh Iron Works.
Jamestown, LP was established in 1983 as an investment and management company focused on income-producing real estate in the United States.
In 2002, Gordon Grubb founded Grubb Ventures to focus on infill development in the dynamic Research Triangle Region. With its overall mission to “rethink, rebuild and renew,” Grubb Ventures capitalizes on the potential for improved land uses and density closer to the city’s core.