Jamestown, Grubb Ventures form JV to develop new multi-phase, reuse project in US

WCN Editorial Team 28 Jan 2020 NORTH AMERICA BUILDINGS

Jamestown, a developer of reuse projects, has formed a joint venture partnership with Grubb Ventures to develop a mixed-use project in Raleigh, North Carolina.

Dubbed Raleigh Iron Works, the project will be located at the crossroads of Five Points, Person Street, and Mordecai neighbourhoods in Raleigh.

The first phase of the multi-phase adaptive reuse project will create nearly 500,000ft² of office space, 90,000ft² of retail space along with 220 residential units.

Valued over $150m, the first phase will include the renovation of steel mills and warehouses that were once part of Peden Steel along with a newly constructed seven-storey multi-family building.

Jamestown stated that the historic buildings will be repurposed into office and retail spaces and will feature the original architectural details and distinctive finishes. The residential building will offer modern luxury living with top-notch amenities and services.

Construction on the project will begin this year and will continue through 2023 with plans for additional development.

Jamestown president Michael Phillips said: “While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA.

“Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive.”

Raleigh Iron Works is also expected to serve as a community destination with a mix of food and beverage options, boutiques, health and wellness, event and outdoor spaces with regular activations such as public events and performances.

The project will be located just minutes away from Downtown Raleigh and is surrounded by 12 colleges and universities.

Grubb Ventures president Gordon Grubb said: “We are thrilled to be partnering with Jamestown to pioneer the new Iron Works district in Raleigh.

“Our partnership with Jamestown, a national leader in adaptive reuse projects, is going to allow us to set a standard for creative class space in Raleigh unseen so far and create an iconic destination for residents and visitors alike.”

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Image: Rendering of Raleigh Iron Works in Raleigh, North Carolina. (Credit: Jamestown, LP)

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