I am a TBJ subscriber so here is a summary of the article that was published today (Courtesy of Copilot): A long-awaited multibillion‑dollar real estate project in Raleigh—Downtown South—may finally begin construction by the end of this year, according to John Kane, founder of Kane Realty Corp. A key piece of the plan is a $250 million, 12,000–15,000 seat soccer stadium, developed with Steve Malik, owner of the North Carolina Courage. If built, the team would move from Cary’s WakeMed Soccer Park to Downtown South. The stadium is viewed as the catalyst for the entire development, though no public funding has been committed yet, and financing discussions with Raleigh and Wake County are ongoing.
Originally unveiled in 2019, Downtown South paused during the pandemic and as Kane prioritized North Hills expansion. The project area—near South Saunders Street and I‑40—is described as underused but positioned as a major gateway into downtown.
Phase 1 of Downtown South is planned to include:
-
The new soccer stadium
-
535,000 sq. ft. of office space
-
60,000 sq. ft. of retail
-
1,000 multifamily units
-
A 3,500‑seat concert venue
-
A 180‑room hotel
The entire district is estimated at $2 billion but has faced delays due to financial-market conditions.
Meanwhile, Kane Realty is also advancing other major Raleigh projects. At North Hills, the newly acquired Midline Raleigh property is slated for five developments—mostly residential mixed-use plus a hotel—with construction set to begin by 2028. Existing apartments and offices will be demolished, and a new bridge over I‑440 will connect Navaho Drive and Barrett Drive. Kane is also investing heavily in development near Dix Park with the Rockway project.