Q3 2023 Downtown Raleigh Market Report

Page 1

Q3 2023

MARKET REPORT

DOWNTOWN RALEIGH

SUMMARY AND HIGHLIGHTS: Downtown Raleigh is growing with 18 developments under construction and when completed they will deliver 2,472 residential units, 410 hotel rooms, 155,610 square feet of office space, and 160,679 square feet of retail. An additional 47 planned and proposed developments would bring 7,256 residential units, 1,840 hotel rooms, 587,220 square feet of office space, and 236,956 square feet of retail. Downtown Raleigh’s stabilized apartment occupancy rate is 94.4% and effective rent have decreased slightly year over year at $2.23 per square foot.3 Stabilized occupancy does not include recently completed developments. The Platform at 600 W Cabarrus is now welcoming residents to move into 442 units in the growing Warehouse District. A total of 3,221 residential units are either under construction or have delivered so far this year. Downtown’s direct vacancy rate for office space, which does not include sublease space available for immediate occupancy, ended the quarter at 12.5%, decreasing slightly from 14.7% in Q3 2022.4 Average Class A rent remains flat year over year at $39.72 per square foot.4 400H is expected to deliver 144,410 square feet of Class A space in the fourth quarter.

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

Photo: AK Photography

18

DEVELOPMENTS UNDER CONSTRUCTION1

Q3 2023

2,472

RESIDENTIAL UNITS UNDER CONSTRUCTION1

Q3 2023

+30

NET GAIN IN STOREFRONT BUSINESSES1

YEAR TO DATE DRA

1

CBRE 3CoStar 4 JLL 2

1


The downtown storefront economy added seven new storefront businesses in the third quarter while five businesses closed during the same time frame. Among the new businesses that have opened are several retailers: Limatus Bespoke, Hause of Dogs, Needle & Thread Co., and Sarah Rose Glickman Art.

94.4%

Stabilized Apartment Occupancy Q3 20225

Average monthly food and beverage sales decreased 2.7% year over year during the first two months of the quarter, however the Warehouse District saw a 14.4% increase during the same period.2 Total food and beverage sales between January and August have increased 6.5% over the same period last year.2

$204M

Estimated Food & Beverage Sales January to August2

Average daily pedestrian counts across six downtown counting sites decreased by 4.9% from Q3 2022.3 Overall visitor visits increased 3.3% year over year for the third quarter as 1.8 million unique visitors came downtown.4 Glenwood South saw a 7% increase in total visitor visits from the previous quarter.4 Total pedestrian counts between January and September are unchanged year over year.

+19.6% INCREASE

*Average Monthly Hotel Room Sales Revenue From Q3 20222

There are 410 hotel rooms under construction in two projects with another 1,840 rooms proposed or in planning. Average monthly hotel room sales revenue increased 19.6% year over year with August increasing 23%.2

1.8M

UNIQUE VISITORS Q3 20234

133 E Hargett Street was sold in July for $1.28 million, the property once housed The Remedy Diner.5

DRA Wake County Tax Administration 1

2

Eco-Counter Placer.ai 5 CoStar *Only July and August data available 3

NEW DATA HIGHLIGHT: DOWNTOWN WORKDAY POPULATION There were an average of 54,182 visits each weekday in Q3 between 9AM and 5PM by downtown employees, residents, and visitors.4 This workday population level is 81.7% of the Q3 2019 figure and is a 9.7% increase year over year from Q3 2022.4

4

DEVELOPMENT UPDATES: Overall, there is $7.1 billion of investment in the current Downtown Raleigh development pipeline.1 This includes an estimated $2.1 billion in projects completed since 2015, $1.1 billion in projects under construction, and $3.8 billion in proposed or planned developments.1

$2.1

BILLION

Completed (since 2015)

$1.1

BILLION

Under Construction as of Q3

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

$3.8

BILLION

in Site Preparation/ Proposed/Planned Developments

$7.1

BILLION

Completed since 2015, Under Construction, in Site Preparaion, and Planned Developments 2


Platform Residents have begun moving into the recently completed Platform apartments at 600 W Cabarrus Street. The 442unit development features an outdoor lounge area with a pool, a co-working lounge, and a 24-hour fitness club. The development adds over 27,000 square feet of new retail space to downtown and the Warehouse District.

Image: rendering of The Platform Apartments Credit: Kane Realty

320 W South Construction is progressing at 320 W South and when complete the development will add 296 apartments and 10,000 square feet of retail to the southwest edge of downtown. The 20-story Warehouse District development will have approximately 30,000 square feet of amenity space including a swimming pool, rooftop lounge, coworking space, and fitness center.

Photo: 320 W South under construction

Noble Place Construction has begun on 16 three-story condos at the corner of Boylan Avenue and North Street. Each unit will have a single car garage with electric vehicle charging, private outdoor spaces, and open-concept floor plans.

Image: rendering of Noble Place Credit: Glenwood Agency DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

3


Q3 2023 DEVELOPMENT MAP Completed Since 2020 Under Construction In Site Preparation, Planned, or Proposed

47 21

30 49

32

51

58 13 52

1

26

6

12

31 4

7

41

23

39 16

48

27

14 46 5

60 19

56 45

61

54

3 18 35 36 17

53

10

33 22 64

An interactive development map with updated listings of project information and images is viewable at downtownraleigh.org/ do-business/ developments

8

9 55 11 24

63

57

20 25

2

42 62

29 50 44

15 38 28

34

40

59

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

4


RECENTLY COMPLETED (SINCE 2020) #

NAME

Investment

SF

Units/Rooms

Type

2020 1

CAMERON CREST

$4,207,192

16,200 SF

6 units

Townhome

2

CITY PLAZA RENOVATION

$3,100,000

N/A

N/A

Public Space

3

HARGETT WEST

$4,000,000

25,500 SF

N/A

Office/Retail

4

LONGLEAF HOTEL

$6,500,000

20,812 SF

56 rooms

Hotel/Retail

5

THE CASSO

$22,702,726

71,794 SF

126 rooms

Hotel/Retail

6

PEACE (SMOKY HOLLOW PHASE I)

$150,000,000

652,500 SF

417 units

Apartment/Retail

7

THE SAINT

$23,000,000

53,199 SF

17 units

Townhome

8

SIR WALTER APARTMENTS (RENOVATION)

$15,000,000

20,000 SF

18 new units

Apartment

9

SOUTH DAWSON RETAIL RENOVATIONS

$471,857

9,746 SF

N/A

Retail

2021 10

HEIGHTS HOUSE HOTEL

Not available

10,000 SF

9 rooms

Hotel

11

THE FAIRWEATHER

$28,000,000

103,250 SF

45 units

Condo/Retail

12

THE LINE APARTMENTS (SMOKY HOLLOW PHASE II)

$95,000,000

271,589 Residential SF / 30,000 Retail SF

283 units

Apartment/Retail

13

421 N. HARRINGTON ST (SMOKY HOLLOW PHASE II)

$95,000,000

225,000 Office SF / 20,000 Retail SF

N/A

Office/Retail

14

TOWER TWO AT BLOC[83]

$108,000,000

241,750 Office SF / 30,000 Retail SF

N/A

Office/Retail

15

JOHN CHAVIS MEMORIAL PARK IMPROVEMENTS

$12,000,000

N/A

N/A

Public Space

16

AC HOTEL RALEIGH DOWNTOWN

$25,000,000

88,454 Hotel SF / 3,860 SF Retail

147 rooms

Hotel

17

FIRST CITIZENS BANK BUILDING (RENOVATION)

$9,000,000

N/A

N/A

Public Space

18

208 FAYETTEVILLE (RENOVATION)

Not available

18,000 Office SF / 9,000 Retail SF

N/A

Office/Retail

19

RALEIGH CROSSING PHASE I

$160,000,000

287,252 Office SF / 12,100 Retail SF

N/A

Office/Retail

20

333 FAYETTEVILLE (RENOVATION)

$750,000

N/A

N/A

Office

2023 21

THE SIGNAL

$95,000,000

30,000 Retail SF

298 units

Apartment/Retail

22

THE PLATFORM (WEST END PHASE I)

Not announced

26,000 Retail SF

442 units

Apartment/Retail

23

NC FREEDOM PARK

$5,400,000

N/A

N/A

Public Space

24

DUKES AT CITY VIEW

Not announced

N/A

8 units

Townhome

TOTALS:

$917,391,775

793,102 Office SF / 233,470 Retail SF

1,535 units / 338 rooms

25

THE ACORN AT PERSON ST

Not announced

N/A

107 units

Apartment

26

SEABOARD STATION BLOCK A

Not announced

11,400 Retail SF

75 units / 149 rooms

Apartment/Hotel/Retail

27

400H

$130,000,000

144,410 Office SF / 16,935 Retail SF

242 units

Apartment/Office/Retail

28

ROCKWAY RALEIGH - PARK CITY SOUTH PHASE I

Not announced

16,800 Retail SF

336 units

Apartment/Retail

29

320 W SOUTH

Not announced

10,000 Retail SF

296 units

Apartment/Retail

30

SEABOARD STATION BLOCK C

$125.000.000

34,656 Retail SF

204 units

Apartment/Retail

31

NOBLE PLACE

Not announced

N/A

16 units

Condo

32

615 PEACE

$7,000,000

2,200 Retail SF

24 units

Condo/Retail

33

TEMPO BY HILTON/HOMEWOOD SUITES

Not announced

1,810 Retail SF

259 rooms

Hotel/Retail

34

GIPSON PLAY PLAZA (DIX PARK)

$55,000,000

N/A

N/A

Public Space

35

210 FAYETTEVILLE ST (RENOVATION)

Not announced

Not announced

Not announced

Retail

36

216 FAYETTEVILLE ST (RENOVATION)

Not announced

Not announced

Not announced

Retail

37

ROW 12

Not announced

N/A

12 units

Townhome

38

MIRA RALEIGH

Not announced

4,000 Retail SF

286 units

Apartment/Retail

39

122 GLENWOOD AVE

Not announced

20,000 Office SF / 10,505 Retail SF

N/A

Office/Retail

40

THE WELD

$700,000,000

9,700 Retail SF

675 units

Apartment/Retail

41

ALEXAN GLENWOOD SOUTH

$63,000,000

8,000 Retail SF

186 units

Apartment/Retail

42

IDYLE

Not announced

N/A

10 units

Townhome

TOTALS:

$1,083,600,000*

164,410 Office SF / 133,551 Retail SF

2,472 units / 410 rooms

43

865 MORGAN

Not announced

900 Retail SF

401 units

Apartment/Retail

44

SALISBURY SQUARE PHASE I

Not announced

13,720 Office SF

366 units

Apartment/Retail

45

UNION WEST - RUS BUS

$200,000,000

18,000 Retail SF

587 units

Apartment/Retail/Transit

46

TOWER THREE AT BLOC[83]

Not announced

Not announced

N/A

Not Announced

47

707 SEMART DR

Not announced

11,000 Retail SF

680 units

Apartment/Retail

48

KIMPTON MIXED-USE

Not announced

Not announced

350 units / 179 rooms

Apartment/Hotel/Retail

49

MADISON MIXED-USE

Not announced

13,000 Retail SF

313 units

Apartment/Retail

50

SALISBURY SQUARE PHASE II

Not announced

3,850 Retail SF

300 units

Apartment/Retail

51

SMOKY HOLLOW PHASE III

Not announced

Not announced

Not announced

Apartment/Office/Retail

52

THE CREAMERY MIXED-USE

Not announced

242,000 Office SF / 17,212 Retail SF

295 units

Apartment/Office/Retail

53

221 W MARTIN

Not announced

Not announced

450 units

Apartment/Retail

54

330 W HARGETT

Not announced

17,381 Retail SF

372 units

Apartment/Retail

55

401 CABARRUS

Not announced

7,964 Retail SF

298 units

Apartment/Retail

56

BLOOMSBURY APARTMENTS

Not announced

2,475 Retail SF

237 units

Apartment/Retail

57

CABARRUS AND DAWSON RESIDENCES

Not announced

Not announced

261 units

Apartment/Retail

58

MOXY HOTEL

Not announced

Not announced

169 rooms

Hotel

59

PARK CITY SOUTH PHASE II

Not announced

Not announced

386 units

Apartment/Retail

60

RALEIGH CROSSING PHASE II

Not announced

Not announced

275 units

Apartment/Retail

61

VELA LONGVIEW

$170,000,000

10,268 Retail SF

374 units

Apartment/Retail

62

WILMINGTON STREET MIXED USE

Not announced

Not announced

387 units

Apartment/Retail

63

COURTYARD MARRIOTT

Not announced

Not announced

179 rooms

Hotel

64

518 W CABARRUS (WEST END PHASE II)

Not announced

Not announced

240 units

Apartment/Retail

TOTALS: **

$3,791,838,000*

587,220 Office SF / 236,956 Retail SF**

7,256 units / 1,840 rooms

UNDER CONSTRUCTION

IN SITE PREPARATION, PLANNED, & PROPOSED

25 ADDITIONAL PLANNED & PROPOSED PROJECTS CAN BE FOUND AT downtownraleigh.org/do-business/developments

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

*Totals based on investment estimates **Totals for Planned & Proposed projects include projects not listed in table. See website for full list of these projects.

5


MARKET HIGHLIGHTS OFFICE

OFFICE MARKET

Q3 2023 Class A Office Average Rent PSF1

$39.72 Class A Office Vacancy Rate1

18.74%

Class A Office Net Absorption1 Photo: Office tenant amenity patio at 150 Fayetteville Street Credit: Brian Mullins

Class A net absorption for the third quarter was -12,033 square feet and the average class A asking rent is $39.72 per square foot.1 Total direct vacant office space has decreased by 436,715 square feet since Q4 2021 with direct vacancy at 12.5%.1 Direct vacancy does not include sublease space that is available for immediate occupancy. 144,410 square feet of Class A office space is under construction at the 400H develop­ment which will be delivered in Q4 2023.

-12,033 SF Total Office Inventory2

6,148,057 SF Office Delivered Since 20153

1,828,479 SF PERFORMANCE INDICATOR: TOTAL DIRECT VACANT OFFICE SPACE (SF)1

Office Sublease Space Available1

487,205 SF JLL 2CBRE 3 DRA 1

-436,715 SF

DECREASE IN DIRECT VACANT SPACE FROM Q4 2021

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

6


MARKET HIGHLIGHTS RESIDENTIAL

RESIDENTIAL MARKET

Q3 2023

Stabilized Occupancy1

94.4% Effective Rent per SF1

$2.23 Residential Inventory2 Photo: The recently completed Platform Apartments Credit: AK Photography

The downtown residential market is expanding rapidly with 13 residential developments under construction and when completed will add 2,472 residential units. An additional 7,256 units in 22 residential developments have been proposed or are in planning. A total of 3,221 residential units are either under construction or have delivered so far this year. Downtown’s stabilized occupancy rate, which does not include recently completed projects, remains high at 94.4%.1 The effective rent per square foot is $2.23, or $1,796 per unit.1

PERFORMANCE INDICATOR: APARTMENT STABILIZED OCCUPANCY RATE 1

8,655 units Units Under Construction 2

2,472 CoStar DRA

1

2

SOUTH’S

CITY #2 BEST ON THE RISE 2022

Raleigh

Southern Living March 2022

#1 HOTTEST HOUSING

MARKET IN THE U.S. Raleigh

U.S. News February 2023

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

7


MARKET HIGHLIGHTS STOREFRONT

RETAIL MARKET

Q3 2023 Retail SF Under Construction1

160,679 Retail SF Planned or Proposed1

236,956 Photo: interior of Arrow Credit: Brian Mullins

There were seven storefront openings and two expansions in the third quarter while another 28 storefront businesses are slated to open in the near future. There were five business closings in the quarter for a net gain of two storefront businesses. Among the new businesses opening in downtown is Incendiary Brewing at 612 W Morgan Street, the 12th craft brewery or distillery to open in Downtown Raleigh. Average daily pedestrian counts across DRA’s six downtown counters decreased 4.9% year over year in the third quarter.2 Total pedestrian counts year to date are flat year over year.

New Storefront Business Openings & Expansions (Q3)1

9

Storefront Business Openings & Expansions YTD1

56

DRA Eco-Counter

1

2

PERFORMANCE INDICATOR: AVERAGE DAILY COMBINED PEDESTRIAN COUNT ACROSS SIX COUNTER SITES IN DOWNTOWN1

CITY #1 BEST TO START A BUSINESS

Raleigh

LendingTree 2021

-4.9%

DECREASE IN PEDESTRIAN COUNTS FROM Q3 20221

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

8


MARKET HIGHLIGHTS

RETAIL MARKET

STOREFRONT

Q3 2023 Average Monthly Food & Beverage Sales in Q31*

$24.7

MILLION $25.3 Million in Q3 2022

Restaurants & Bars In Downtown With Outdoor Seating2 Photo: Streetery at Raleigh Times Credit: Brian Mullins

FOOD AND BEVERAGE SALES BY DISTRICT IN Q31

Average monthly downtown Capital food & beverage sales for District the first two months of Q3 decreased 2.7% year over Warehouse year to average $24.7 million.1 District The Fayetteville Street and Moore Square Glenwood South districts District each saw a 7.1% and 9.9% decrease, respectively, while the Warehouse District saw a 14.4% increase.1 Total food and beverage sales have increased 6.5% year to date.

Glenwood South

160+

Craft Breweries & Distilleries In Downtown2

12

Wake County Tax Administration, DRA *Only July & August data available 2 DRA 1

Fayetteville Street

PERFORMANCE INDICATOR: AVERAGE MONTHLY FOOD AND BEVERAGE SALES BY QUARTER1

+6.5%

INCREASE

YEAR OVER YEAR TOTAL SALES FROM JANUARY TO AUGUST1

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

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Q3 2023 STOREFRONT ACTIVITY Openings & Expansions Closings Coming Soon

24 18 2317 30 29 28

25 31 37 26 38 6 39 33 14

35 41 13

32 8

21

19 34

36 43

44 11

4 9 10 45 20 16 42

22

7 2

3 40

Looking for retail space? Visit: downtownraleigh.org/ do-business/space-available 12

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

1

15

5

10


Q3 2023 STOREFRONT BUSINESS ACTIVITY #

Business Openings in Q3

Type

Date

1

Raleigh Podcast Studio

Service

July 2023

2

Blackbird Books & Coffee

Cafe/Retail

July 2023

3

Alive

Bar

July 2023

4

The Green Monkey (Relocation & Expansion)

Retail/Bar

July 2023

5

Chido Taco

Restaurant

August 2023

6

Hause of Dogs

Retail

August 2023

7

Limatus Bespoke

Retail

August 2023

8

Hotbox Pizza

Restaurant

August 2023

#

Early Q4 Openings

9

Needle & Thread Co.

Retail

October 2023

10

Sara Rosa Glickman Art

Retail

October 2023

11

The Lotus Room

Experiential

October 2023

12

Feature Flora

Retail

October 2023

13

Incendiary Brewing

Brewery

October 2023

14

Devolve

Bar

October 2023

15

Yatai Market

Restaurant

October 2023

#

Business Closings in Q3

16

Frills Atelier

Retail

July 2023

17

Rainbow Luncheonette

Restaurant

July 2023

18

The Pink Boot

Bar

July 2023

19

Bella’s Wood Fired Pizza

Restaurant

August 2023

20

Aesthetic Appeal Jewelry

Retail

September 2023

#

Coming Soon

21

The High Tide Salon Suites

Service

22

Milk & Sin

Restaurant

23

The Devereaux

Bar/Nightclub

24

Prospects

Restaurant

25

Embargo

Bar/Nightclub

26

Heat Studios

Service

27

Gussie’s

Bar/Retail

28

The Eye Institute (Relocation)

Service

29

Biscuit Belly

Restaurant

30

The Yard

Restaurant

31

The Crunkleton

Bar/Nightclub

32

Press Coffee, Cocktails & Crepes

Restaurant

33

Pearl & Peril (Expansion)

Bar/Nightclub

34

La Terrazza

Restaurant

35

Anthony’s La Piazza Italian Restaurant + Bar

Restaurant

36

ABC Store

Retail

37

Morelia Gourmet Paletas

Restaurant

38

Alksha’s Indian Bistro

Restaurant

39

Noire Nail Bar

Service

40

Little Native

Cafe/Retail

41

Volofit

Fitness

42

Flavor Hills

Restaurant

43

Figulina Pasta + Provisions

Restaurant

44

LM Restaurants Concept at 150 Fayetteville St

Restaurant

45

Umbrella Bar

Bar/Nightclub

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

11


MARKET HIGHLIGHTS HOTEL & TOURISM

HOTEL + TOURISM MARKET

Q3 2023

410

Hotel Rooms Under Construction3

338 Photo: Downtown Raleigh Alliance Ambassadors posing with their new equipment

New Hotel Rooms Added Since 20203

Average monthly hotel room tax revenue increased 19.6% year over year for the months of July and August, the only two months available.1 Total visitor visits in downtown increased 3.3% year over year for the third quarter and saw 1.8 million unique visitors.2

1.8M

There are 410 hotel rooms under construction in Downtown Raleigh including 261 rooms in the dual brand Tempo by Hilton & Homewood Suites located at 200 W Davie Street. An additional 1,840 hotel rooms have been proposed or are in planning.

PERFORMANCE INDICATOR: DOWNTOWN RALEIGH VISITOR VISITS2 Visits to Downtown Raleigh in Q3 2023 increased 3.3% year over year

Unique Downtown Visitors in Q32

$9.4M

Average Monthly Hotel Room Revenue July & August Wake County Tax Administration, DRA 2 Placer.ai 3 DRA 1

#1 MOST AFFORDABLE SOUTHERN CITY FOR 2022 FAMILY VACATION Southern Living

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

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NEWS & EVENTS Raleigh Selects OMNI Hotel for 550-Room Convention Hotel The City of Raleigh entered into negotiations with Omni Hotels & Resorts to develop the highly anticipated convention hotel in the core of Downtown Raleigh. The new hotel will be built on an approximately one-acre lot at the southern end of Fayetteville Street and across from the Martin Marietta Center for the Performing Arts and a block from the Raleigh Convention Center. The Omni Raleigh Hotel is anticipated to include 550 guest rooms and 55,000 square feet of meeting space, which will allow for larger events to take place downtown and support the growth of the Raleigh Convention Center expansion. The hotel will also feature several food and beverage outlets, a rooftop pool, a signature Mokara spa and a fitness center. The hotel is expected to open in 2027.

Image: Rendering of the OMNI Hotel Raleigh Credit: City of Raleigh and Visit Raleigh

Pop-Up Shops at Martin Street Wins Award The International Downtown Association (IDA) recognized Downtown Raleigh Alliance this month with a 2023 Downtown Achievement Award of Excellence in Economic Development for its resourceful approach to equitable economic development and retail activation with the Pop-Up Shops at Martin Street program. The program presented by Lenovo is a pop-up retail incubator program for Minority- and Women-owned businesses in Downtown Raleigh. Pop-Up Shops also welcomes two new Minorityand Women-owned businesses who entered the retail incubator space in October 2023. Needle & Thread Co. and Sarah Rosa Glickman Art (SRG Art) have set up shop in 17 East Martin Street for one year, offering a distinct but complementary product mix that includes clothing and accessories as well as prints and hand-painted art.

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

Image: Pop-Up Shops at Martin Street

13


DOWNTOWN DEMOGRAPHICS1

11,000+ Resident Population

44,000+ Employees Within 1 Mile of the State Capitol

31.7

Median Age

DOWNTOWN POPULATION GROWTH [2000-2028]

95K

Average Household Income

71.1%

Bachelor’s Degree or Higher

40%

DOWNTOWN POPULATION BY AGE

Of population between ages 20-34

ESRI, DRA

1

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

14


p it a Ca l B pi

Ob e rlin Rd

lvd lvd l B ta

Ca

Wad e Ave

Glenwoo d

Av e

ABOUT DOWNTOWN RALEIGH ALLIANCE (DRA)

Glenwood

Ave

DRA has a mission of advancing the vitality of Downtown Raleigh for everyone. DRA facilitates this mission through five goals:

W Peace St

St

N Salisb

E Edenton St

Ne w Bern Ave

W Morgan St

E Morgan St

Moore Square District

Fayetteville Street District

W Lenoir St

E Lenoir St

W South St

CONTACT FOR QUESTIONS: Gabriel Schumacher Research Manager Downtown Raleigh Alliance 919.821.6981 // gabrielschumacher@downtownraleigh.org

er Martin Luth vd King Jr Bl

ilmington St

d

Martin Luther King Jr Blvd

S

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SW

Weste

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Blvd

St

Weste rn

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E South St

Da w so n

database, project management, communication, financial stewardship, and planning.

S East St

S Salisbury St

Warehouse District

W Cabarrus St

N East St

N Dawson S t

W Edenton St

and improve DRA’s internal orga5 Elevate nization and processes through improved

For additional information and resources visit: downtownraleigh.org/do-business

Capital District

St

and maintain a sense of safety and 4 Improve security in downtown through our Ambassador program, Social Services and work with RPD; and,

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d

Hillsborough

N Boundary St

Garner R

Make downtown an engaging place to live, work, and visit through safe activations that appeal to a wide variety of stakeholders;

M

on S t ilm ingt W

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3

Glenwood South District

well St do

to make downtown a place for 2 Advocate everyone that reflects evolving needs and interests of the community and lessons learned from the recent past;

E Peace St

N

research, marketing & promotions;

y ur

N Person St

downtown economy through 1 Improve recruitment, pop-ups, financial support,

Seaboard + Person Street District

DOWNTOWN BOUNDARY AND DISTRICT MAP LEGEND Downtown Boundary Downtown Municipal Service District (MSD)

DOWNTOWN RALEIGH Q3 2023 MARKET REPORT

15


Photo by Patrick Maxwell


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