American malls aren’t having their brightest days right now -and the Triangle is no exception.
Cary Towne Center was sold to out-of-state investors, while the Triangle Town Center and Durham’s Northgate malls are facing financial trouble. Even Crabtree and Southpoint are mulling over exciting development plans that might make them look more like transit-oriented(ish) developments than isolated commercial hubs.
This is obviously a trend that’s been going on across the country. But when it comes to Raleigh, being the development haven (sorta) that it is, I started to wonder if it has more direct, long-lasting impacts for DTR…
Specifically, assuming those malls don’t just die out and leave behind a wasteland, could the opportunities presented by these struggling malls be a challenge/competition against downtown Raleigh?
I say this because there’s examples around the country of derelict malls that were successfully turned into more modern uses -pretty much the exact market Kane (and, really, DTR in general) has been taking advantage of. For all of y’all picture-lovers, here’s an example.
And here’s a whole article with more examples.
I don’t doubt these sorts of ambitious projects are good for the malls. But what does it mean for DTR? Does Raleigh need to do anything to stay ahead of this curve?