DowntownSouth Zoom Meeting today 5:30 To 6:30! I am not sure if I can make it.?
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Someone feel free to summarize any new news about the project that came out of this meeting.
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The meeting gave information on Phase I . This phase will take app. 2022 to 2027. This will include Office Space 410,000 SF , Residential , 618 Units , Hotel, 280 Rooms , Retail, 81,000 SF . No Updates on the Stadium but still is their goal . Currently no funding for the stadium. Raleigh Leaders, Mitchell Silver, has been talking about a sports stadium since 2008 for this same location that DTSouth has picked. Affordable Housing will start @ 10% after 1,000 units are built.
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Thanks for getting this info!
Any word on the specifics / heights of the buildings after the first two?
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Bonner did not go into detail on heights except that he said that smaller projects need to come first before high rises.
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Mass grading will occur this year. Additional buildings in phase 1 are still in design. It appears they’re planning an entertainment venue that would have a music focus.
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Buh, Bye Red Hat and Walnut Creek…
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Not so fast- Red Hat is a ~5,000 cap. venue, Walnut Creek ~20,000. So the latter definitely cannot be replaced or competed with in Dtown South (unless they plan on using the entire space to build a new 20,000 capacity amphitheater…) and Red Hat has even more capacity than The Ritz (~2,000) so unless they build a HUGE indoor venue (maybe Raleigh’s own Fillmore location?) it may only really compete with Ritz. Just depends on the size and who they work with (if it will be a Live Nation venue, or an independent one, for example)
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So they’re planning a music venue here AND potentially one is going in Dix Park too?
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I hope the market can justify both… (though the one at Dix Park won’t be built for several decades, I guess)
Also, as @mike pointed out in the new developments thread, the city is trying to rezone some city-owned properties near DTS for affordable housing. The TBJ’s article on this showed the below parcels:
In the numbers’ order:
- This is the site Mike talked about where there’s 9.25 acres of non-floodplain land available for 340+ residential units
- 0.67 acres are available here for 30 or more housing units.
- 1.2 acres are available here for more than 10 units.
All of these sites are expected to become mixed-use buildings and rezoned to RX-4-UL, but could be eligible for density bonuses (read: could be taller) depending on where the Southern BRT land use study recommends creating transit overlay districts. The homes would be made affordable for low-income families “possibly through a low income housing tax credit project or a land lease to an affordable housing developer”.
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I didn’t do a very good job of depicting the discussion regarding an entertainment venue, and it has led to some conclusions that may or may not be accurate. My apologies. The information provided during the meeting was very limited. Allow me some time to get some clarifications and I will post an update. Thanks.
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No worries, as @keita points out there’s going to be more people in the area. I’m sure some of the information they shared last night will also change as the process moves forward. I’m just also wondering if the market is there to support two venues so close to each other.
I can imagine a future Dream Fest or a different future music festival could utilize multiple venues like this a la Hopscotch.
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Are there city (or other government) funds going toward the Downtown South development?
The only assistance (that Kane hasn’t applied for yet) is Raleigh’s new tax increment financing program (TIF).
TIF subsidies are not appropriated directly from a city’s budget, but the city incurs loss through forgone tax revenue.
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Ok, I was on the presentation and heard a ton of questions about Affordable Housing (intentionally capitalized, this is officially a proper noun these days). I was curious if this was somehow required of this project.
If some city funds were going to the project (via tax credit or otherwise), I could understand including that stipulation.
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Saw the neighborhood meeting pop up on the Wire for this area. Of note, I saw them doing what appeared to be a core sample here (red mark) yesterday evening.
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During a phone conversation with a member of the Kane Realty staff, he told me that they were still in the process of planning the entertainment venue. He stated the venue would be an enclosed building. He also told me that the last Quarterly Meeting was posted on the downtown south website (https://www.visitdowntownsouth.com/quarterly-meeting ), so I was able to watch it again.
Two viewers asked a question about the entertainment venue during the Q&A portion of the meeting. When asked to describe the use of the entertainment venue, Bonner Gaylord replied, “We’re still working on exactly what that’s going to look like. Probably general events, music, open for the public for different purposes”. When asked specifically what will be the initial entertainment venue, Mr. Gaylord replied, “it’s focused on music” and “it’s available for other things. It should be a phenomenal addition to our community if we pull it off the way we’re anticipating”.
So there you have it. At this point in time, the only thing I’m certain of is that I’m not certain of anything as it relates to the venue. As you would expect, they are avoiding releasing too much information before they are ready to release the plans publicly.
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They got wind of MxE trying to poach Live Nation and barged in, I bet. Kane is not going to let anyone else develop a venue like that in this city if he can do it first.
They had some goodies on the slides in there. They provided an updated timeline for the folks who were curious.
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Interesting, really front-loading the hotels.
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