Downtown Raleigh is exploding with new construction and development and has seen over $2.75 billion in investment in the last decade. The denser development results in more efficient use of land and the highest value per acre in property tax revenue to the city.
A Major Grocery Store is Coming Downtown
The fastest growing area and the largest tax revenue will soon be embarking on a new business venture to support the expected residents of 10,000 by 2020. The area will be celebrating the arrival of its very own major grocery store and pharmacy, set to begin building in 2017 and open by 2018. After many years of speculating and debating the idea, investors have finally decided to follow through with the plan.
Details on the New Harris Teeter
This Harris Teeter will be apart of the Seaboard Station, located off of Peace Street in the Seaboard Station retail area. The new store will total up to a size of 55,000 square feet. This project will also include a three-level parking deck for shoppers. The other tenants currently residing in the Seaboard Station will not be forced to leave. Harris Teeter will only expand the area itself.
The Seaboard Station is owned by William Peace University, and holds over 92,000 square feet of space. This space has been distributed to restaurants, shops, and a fitness center. Being the only real shopping center in the downtown area, the Seaboard Station is primed to attract more businesses and tenants. CEO of the Downtown Raleigh Alliance, David Diaz, said that the announcement of a new Harris Teeter at the Seaboard Station is “a game-changer for us in downtown.”
More Development, More Consumers, More Businesses
To learn more about commercial investment opportunities and residential housing in Downtown Raleigh, contact the experts at Craft Commercial, a locally-owned real estate company that has served the Triangle for over 30 years. Contact us at 919-446-5000 or email@example.com.