Jamestown, Grubb Ventures Break Ground on $150M Raleigh Project
- Feb 24, 2021
Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a mixed-use development set to include some 500,000 square feet of office space, 90,000 square feet of retail, as well as 220 residential units. Brasfield & Gorrie is the general contractor for the project.
The first phase of Raleigh Iron Works calls for the redevelopment of vintage mills and warehouses into office and retail space, along with the addition of a new seven-story multifamily building. The plan also includes a structured parking deck with approximately 700 spaces as well as 115 surface slots. Residents will also have access to ample green space, outdoor dining, public art, as well as a pedestrian-friendly greenway connection to other nearby attractions.
CBRE will handle office leasing. “We are just launching the leasing process in earnest, but the interest has been strong with both local concepts and nationals. No leases to report yet,” a Raleigh Iron Works spokesperson told Commercial Property Executive.
While the project was already well-suited for a post-pandemic world, the developers made additional adjustments, including hands free entry systems, enhanced filtration in HVAC systems and other operational changes to minimize touch points. Completion of the first segment is scheduled for mid-2022.
“We are focused on the current phase but once fully underway we will start planning the future phases so that they can follow our initial phase,” the Raleigh Iron Works spokesperson added.
Located at 2200 Atlantic Ave., on a 18-acre site, the development is within 1 mile of Interstate 440. Downtown Raleigh is 2 miles from the project. The Iron Works is also adjacent to Dock 1053, a 185,000-square-foot, mixed-use creative community developed by Grubb. The project includes retail, warehouse, office, and manufacturing space.
In December 2020, Jamestown sold a 50 percent stake in the 1.4 million-square-foot Innovation and Design Building in Boston’s Seaport District. Newmark represented the seller.