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Jamestown, Grubb Ventures to Develop Adaptive Reuse MXU Project in Raleigh
Investment and management company Jamestown and developer Grubb Ventures have announced a new joint venture partnership to create Raleigh Iron Works, an adaptive reuse project at the juncture of Raleigh’s Five Points, Person Street and Mordecai neighborhoods.
The first phase of the project, which is valued at more than $150 million, will create approximately 500,000 square feet of creative office space, 90,000 square feet of retail and 220 residential units. The initial phase will include the renovation of historic steel mills and warehouses that were once part of Peden Steel, as well as a newly-constructed seven-story multifamily building. Construction will begin in 2020, and continue through 2023 with plans for additional development.
“While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA,” said Michael Phillips, president at 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.”
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- ◦Development
