Exclusive: New Real Estate Developments

These days it’s nearly impossible to keep track of all that’s changing in Raleigh. Here are five of the most exciting projects in the works. Just make sure you read to the bottom…
by Seth Crossno |  illustration by Todd Benner

Holiday Inn Moving To Five Points

When Hillsborough Street’s Holiday Inn property was sold to a New York developer earlier this year, the Lassiter Group knew it had to act fast. The Raleigh-based development group quickly raised $27 million and partnered with Preservation North Carolina to purchase the iconic circular structure. Their plan: move the entire building to the center of the Five Points intersection, where it will be converted into a mixed-use project that also functions as a traffic-calming roundabout.

The redevelopment will transform existing hotel rooms into condominiums, with commercial space on the ground and top floors. Finch’s restaurant has signed a letter of intent to occupy the ground floor, while the top will be a bar and dining space shared by Churchill’s and The Point. The Lassiter Group plans to reactivate the spinning top floor of the building, which has remained motionless since The Connells performed a concert there in 1991. “We see this as a win for all parties. A unique feature of Raleigh will be saved and enjoyed by generations to come,” says Myrick Howard, president of Preservation NC.

Ferry Stop Coming to the Neuse

Planners from the City of Raleigh are working with NCDOT on a project that will finally give Raleigh residents the option of traveling to the coast by boat. The concept was born after officials learned about the existing ferry route between Figure 8 and Chapel Hill, as featured in the Netflix series Outer Banks. Plans call for the dredging and widening of over 100 miles of the Neuse, and the project will tie in to existing Greenway and Bus Rapid Transit plans, with the first stops planned for Old Milburnie and Crabtree Creek.

“Within a few short years you’ll be able to bike along the greenway, hop on the OBX ferry, and be at the beach in time for dinner,” says John B. Routledge, the current Head of Ferry Route Development at NCDOT. “And once the ferry casinos are up and running, the project will practically pay for itself.” Initial funding will come from a retroactive tax on Big Rock winners from the previous 20 years. 

Target Planned for Oakwood

Responding to the needs of the neighborhood’s increasing family-oriented demographics, the Committee for the Preservation of Historic Oakwood has approved plans to construct a 127,000- square-foot Target within the historic district. The brand worked with local architect Louis Cherry to design an exterior that fits in with the surrounding Victorian-era architecture. “It’s important that this Target feel historically accurate, so the new building will include many classic Second Empire elements, such as a Mansard roof, finials that incorporate the brand’s bulls-eye logo, and a generous front porch,” says Cherry.

Says one Oakwood resident, who requested anonymity: “I know I should be opposed to any new development, but I actually love this idea.” 

Content Creator Housing Coming To North Hills

North Hills is hoping a new type of luxury apartment complex will cement it as the destination for upwardly mobile creatives. Designed to attract the next generation of social media stars, the 21-story Creator Clubhouse development will house content creators of all ages and backgrounds — as long as they have at least 25,000 followers on social media. The complex will feature never-before-seen amenities including a Michelin-rated food court that serves only photogenic food, a set designed to look like the interior of a private jet for fake private flight photos, and aGolden Hour Room” equipped with an LED wall for those coveted sunset pictures.

Each residential unit will come furnished with Starlink internet, a ring light, a green screen, and state-of-the-art audio and video equipment. Similar to other creator houses, North Hills will take a small equity stake in each creator. To protect its investment, North Hills will offer 24/7 access to a Cancel Concierge, which will alert creators if (or, let’s be honest, when) someone tries to cancel them. Creators will also have the option to pay their rent with the Likes and Impressions.

“I can’t wait to move in and start collab-ing with people in different verticals,” tweeted Cameron Jacob Austin, a 7-year-old student at Root Elementary whose fidget popper reviews have been viewed over 3 billion times on YouTube. 

K&W Returning to Village District 

We wish! April Fool’s, y’all.  

This article originally appeared in the April 2022 issue of WALTER Magazine