State of Downtown Raleigh 2015 by Downtown Raleigh Alliance

2015 | DOWNTOWN RALEIGH ALLIANCE

LETTER FROM DRA PRESIDENT AND CEO THE STATE OF DOWNTOWN 2015: THE RISE OF THE CREATIVE URBAN CENTER A critical mass of activity has positioned Raleigh’s downtown as a creative urban center that is anchoring the Triangle region. •D owntown is adding 1,840 new residential units, which will attract over 3,000 residents • Dynamic tech companies have made downtown their campus • Over 700,000 square feet of Class A office space, nearly 300 hotel rooms, new greenspace, a sparkling new multi-modal station, and more than $500 million in new construction will be completed in 2015 or underway by 2016 • Hotel occupancy is up, and millions attend our attractions and festivals • Downtown’s retail base has grown by over 35% in five years • Downtown is now home to an award winning restaurant scene

This year’s State of Downtown report is nearly 50% longer with even more data on market trends, population, demographics and development, as well as peering into the future with projections and a summary of exciting upcoming projects and plans for downtown. Each chapter provides a detailed look at all of the interrelated aspects of downtown that reinforce each other and make downtown a vibrant and exciting place. We provide both previouslyreported, industry-specific data collected by others, as well as original analysis and data from our staff here at DRA on retail, population, density and many other areas. Furthermore, this report benchmarks downtown Raleigh to peer central business districts and regional trends, as a way of showing our tremendous success, as well as opportunities for improvement and further growth. Given the extraordinary amount of exciting upcoming projects about to start in downtown, we also added a new chapter on future investments in downtown, as well as the Downtown 2025 Experience Plan, to help illustrate downtown’s rise in the coming years. This report is a major, multi-month effort led by Bill King, Manager of Planning and Development; designed by Stacey Simeone, Graphic Designer; and aided by other project team members Lacie Lindstaedt, Director of Communications, and Roxanne Coffey, Office Manager. Lastly, at DRA, we strive to be an excellent resource for our community and our real estate and economic development partners. Please contact me at daviddiaz@downtownraleigh.org if you have any questions or comments about how DRA can help you invest or expand your footprint in downtown.

DAVID A. DIAZ | Downtown Raleigh Alliance, President and CEO

Seaboard/Person Street District

Glenwood South District

Capital District

Moore Square District

Warehouse District Fayetteville Street District

1-mile Radius from the Center of Downtown

Greater Downtown

DRA Municipal Services District

DOWNTOWN DEMOGRAPHICS POPULATION DENSITY:

AGE:

•5 ,063 per square mile in downtown¹ • 2,977 per square mile in City of Raleigh as of 2013² • 1,197 per square mile for Wake County²

• Average age of Raleigh resident: 30.1² • 40.5% of residents between the age of 25 and 44 in CBD⁹‚² • Median age is 29.1 for residents within 1 mile of downtown¹‚²

#2 Most Educated Cities 2014 #7 America’s Smartest Cities

- WalletHub, September 2014 - Forbes, November 2014

POPULATION AND HOUSING:

OFFICE/EMPLOYMENT/EDUCATION:

• • • • • •

• Commercial office space: 5 million+ square feet • Class A occupancy: 90.8%⁴ • Class A lease rate: $26.53 (Average of JLL, Cushman Wakefield, Avison Young, DTZ Americas) • Overall office occupancy: 90.39%⁴ • Employees in downtown: 50,000+⁸ • Enrollment of higher education institutions (within 3 miles of downtown): 40,078 (Based on information supplied by universities)

owntown population has increased 53% since 2000² D Raleigh has grown by 46% since 1990⁶ Greater downtown population: estimated 7,800¹‚² Population within one mile of downtown: 14,964¹‚² Vacancy rate for multi-family: 2.73%⁷ Average rent: $1,265⁷

RETAIL/RESTAURANTS IN DOWNTOWN: • • • •

Stores: 80² Restaurants: 129² Storefront vacancy rate: 8.8%³ Over 35% growth in retail in last four years³

CULTURE/ENTERTAINMENT/HOTELS: • • • •

1,127 hotel rooms³ Hotel occupancy rate: 67.6% up 11.2% from 2013⁵ Visitors to downtown: 3.4 million¹⁰ Number of art galleries and entertainment venues in downtown: 39

TRANSPORTATION, ENVIRONMENT AND SUSTAINABILITY: • • • • • •

Number of parking spaces: 35,000⁶ On-street metered spaces: 1,200⁶ Parks in or near downtown: 6* Acres of public park space within 1 mile: 105* Miles of greenway in Raleigh: 110⁶ Bike racks in downtown: 135⁶

*D oes not include planned space such as 308-acre Dorothea Dix property being purchased by City of Raleigh

¹ESRI Projections ²US Census ³DRA ⁴Triangle Business Journal ⁵STR Global ⁶City of Raleigh ⁷Integra Realty ⁸Bureau of Labor Statistics ⁹STDBonline ¹⁰Greater Raleigh Convention and Visitors Bureau

ARTS + CULTURE

ÂŠ Tierney Farrell

INTRODUCTION TO DOWNTOWN By every measure, downtown Raleigh is exploding with growth. Since 2005, downtown has seen over $2.5 billion in development completed, which has added new residences, convention space, offices, retailers, entertainment venues, hotels, and restaurants. •D owntown’s population has increased 53% since 2000 and is poised for an increase of nearly 40% with the new supply of apartments and condos being completed. •4 8% of downtown’s hotel rooms have been built since 2008 with strong demand for even more rooms, as the convention center, major events, and festivals continue to draw thousands of visitors to downtown. Hotel occupancy is up over 11% since 2013. • I n addition to the convention center and the Duke Energy Performing Arts Center, new events and festivals, such as the IBMA World of Bluegrass, museums, and attractions, bring over 3.5 million visitors to downtown each year.

•D owntown’s retail base has grown by over 35% in the past four years, helping create one of the largest concentrations of local, independent retailers in the region. •D owntown has become a foodie destination with some of the best restaurants in the Triangle and is home to the 2014 James Beard Award winner for the southeast region, Ashley Christensen, who owns four restaurants in downtown with more to open in 2015. • I n 2014, downtown added 37 new storefront businesses, ranging from running shoes, leather goods, clothing, and craft beer bottle shops to every day services for medical care, exercise gyms, and haircuts.

Google Fiber and AT&T U-Verse with Gigapower will add ultra-high speed Internet to downtown and the Triangle and give our rising technology sector a competitive advantage. © Tierney Farrell

•F ood and beverage tax revenue is up 10.42% for downtown establishments compared to 2013, with Moore Square District alone increasing by over 15%. •O ver the past five years, downtown has established itself as a magnet for technology companies with the addition of Red Hat, Ipreo, and Citrix, in addition to numerous other innovative firms, bringing nearly 2,000 jobs with an average salary of $75,000 to downtown. •F irst Friday draws over 15,000 people into downtown every month for a celebration of art, music, and culture. •D owntown generates 7.3% of the property tax base for Raleigh, despite being only .05% of the city’s developable land and 30% of the CBD is tax-exempt. •P ublic investment in downtown has yielded a more than 2 to 1 return on investment with over $2.5 billion in completed and under-construction projects.

Downtown Raleigh has over $730,000,000 in current and planned new investments, including over 2,000 residential units and 700,000 square feet of Class A office space.

INTRODUCTION TO DOWNTOWN

While the recent past has been good for downtown Raleigh, the present and future are poised to be even better, helping make downtown into a world-class center of vibrancy and activity.

Raleigh ranked #1 for Best Places for Business and Careers 2014 - Forbes, July 2014

•$ 385 million in current and recently completed construction in downtown, adding over 2 million square feet of new space. •A t the end of 2014, downtown Raleigh had over 1,800 residential units under construction with hundreds more planned for the near future resulting in an increase of over 60% more residential units for downtown. These new apartments and condos will add density to downtown, making this a center of activity for the Triangle. • I ncreasingly, companies are looking to locate in vibrant centers with access to talent, amenities and larger business networks. In response to more and more employers entering downtown, office space construction is also rising as downtown adds at least 700,000 square feet in new or renovated office space over the next two years with nearly 350,000 square feet in office space opening in 2015 on Fayetteville Street alone and two more Class A office towers beginning construction in 2015.

•O ver $100 million in major public investments begin construction in 2015 and 2016 with the new Union Station breaking ground, followed by renovations of both the Moore Square Transit Center and Moore Square itself, which will improve park space and transit in downtown. Additionally, construction will begin on the Blount and Person Street corridor projects, as well as the redesign of the Market and Exchange Plazas. •3 00+ acres of parks and greenspace will be enhanced in greater downtown when the Dorothea Dix Park becomes the City of Raleigh’s property, along with the city’s future Devereux Meadows project near Glenwood South and renovations of downtown’s historic squares and nearby Chavis Park. •M ore than $275 million in planned new building construction to begin in 2015 and 2016 with additional projects expected to be announced in the near future.

ON THE MAP | DOWNTOWN DISTRICTS

440

PERSON ST

CAPITAL BLVD

GLENWOOD AVE

440

401

SEABOARD/PERSON STREET DISTRICT

WILLIAM PEACE UNIVERSITY

RDU AIRPORT PEACE ST

BOUNDARY ST

PELL ST

EUCLID ST

JOHNSON ST

POLK ST

Glenwood South District

TUCKER ST

Capital District OAKWOOD AVE

LANE ST

BLOUNT ST

MCDOWELL ST

JONES ST

SALISBURY ST

NORTH ST

DAWSON ST

NORTH ST

JONES ST

CAMPBELL SCHOOL OF LAW

EDENTON ST 440

HILLSBOROUGH ST

440

NEW BERN AVE STATE CAPITOL BUILDING

MOORE SQUARE BUS TERMINAL

PERSON ST

HARGETT ST

Moore Square District

MOORE SQUARE

Warehouse District DAVIE ST

CABARRUS ST

WEST ST

R-LINE

CHAVIS WAY

BLOODWORTH ST

MARTIN ST

EAST ST

HARRINGTON ST

FUTURE SITE OF UNION STATION

NASH SQUARE

Fayetteville Street District

FAYETTEVILLE ST

WEST ST

HARGETT ST

MORGAN ST

RALEIGH CONVENTION CENTER

LENOIR ST

Parking Deck

Charging Station

Railroad Tracks STE R

L SA

440

T YS UR

ISB

LVD

WILMINGTON ST

SAUNDERS ST

SOUTH ST DUKE ENERGY CENTER FOR PERFORMING ARTS

SHAW UNIVERSITY

MARTIN LUTHER KING JR BLVD

INTRODUCTION TO DOWNTOWN

CAPITAL © Carolyn Scott

FAYETTEVILLE STREET © Carolyn Scott

MOORE SQUARE

GLENWOOD SOUTH

WAREHOUSE

SEABOARD/PERSON STREET

DOWNTOWN DISTRICTS Warehouse District Characterized by its red brick warehouses, the Warehouse District has transformed into a vibrant mix of art museums, restaurants, destination retail, technology firms, and will soon add transit-oriented development to the mix with the addition of Union Station breaking ground this year. Residents, visitors, and employees find plenty of entertainment as the Warehouse District is home to great restaurants, galleries and entertainment venues. In recent years, the district has also seen the addition of new destination retail, where retailers make their products and sell them on site. • Over 200,000 square feet of office space for technology companies opening or planned • Home to Citrix and HQ Raleigh • Over 10 restaurants, 11 stores, six art galleries with more coming each year

Capital District The Capital District is the power center of North Carolina and home to some of the state’s biggest tourist attractions. With the State Capitol, Legislative Building, Governor’s Mansion, and 3.5 million square feet of government office space, many of the most important decisions in the state are made in this district. The NC History Museum and NC Museum of Natural Sciences drew a combined 1.3 million visitors to the Capital District last year—more than any other attractions in the state. With new apartments and townhomes opening on the northern edge of the district and a renewed interest in redeveloping the state government campus by Governor Pat McCrory, this district will transform into a more vibrant district for downtown. • 276 new residential units under construction • 1.5 million visitors annually • Approximately 9,000 employees

#3 Best Up and Coming Cities for Art and Culture

- Women’s Health,

September 2014

Glenwood South District One of downtown’s signature streets holds an eclectic mix of restaurants, art galleries, stores, nightlife, and residences. New restaurants blend in with established favorites, while the exploding population of young workers find plenty to do in the active bar scene, which just added the massive new Carolina Ale House. With over 600 units under construction and more on the way, Glenwood South will build on its existing residential base to become one of downtown’s most distinctive neighborhoods. • 684 new residential units opening in 2015 and 2016 • Over 20 bars and clubs • 32 dining establishments • 21 retailers offering many types of goods

Fayetteville Street District Home to the civic spine of the city and state with the iconic Fayetteville Street, this district has something for everyone with skyscrapers of Class A office space and condos mixed with award winning restaurants, a major performing arts center, large outdoor event space and amphitheater, independent retailers, galleries, the convention center, and exciting nightlife. This district has also added unique boutiques and a wide array of restaurants over the past few years. • 40 dining establishments • 12 stores and boutiques • Home to the four tallest buildings in Raleigh and six of the top 10 overall

Moore Square District Major public investment stimulating large private development will spur drastic change for Moore Square. The park will undergo a $12.5 million renovation beginning in early 2016, while the nearby Moore Square Transit Center will begin a $7 million renovation in 2015. Residential development such as SkyHouse Raleigh and The Lincoln will help make this district one of the densest neighborhoods in Raleigh. The district is already a destination for retail and the arts as it’s home to the unique Historic City Market, which has independent retail stores and restaurants, and Artspace, featuring 25 artist studios. • Over 500 apartment units opening in 2015 • Over 15% increase from 2013 in food and beverage tax revenue • 600,000+ attend Marbles Kids Museum and Wells Fargo IMAX Theatre each year

Seaboard/Person Street District Containing the commercial centers of Seaboard Station and Person Street Plaza, the district has a neighborhood feel with locally-owned businesses. This area is home to historic anchor institutions like William Peace University, as well as contemporary landmarks like the AIA Center for Architecture and the new Holy Trinity Anglican Church. Nearby residential development like Blount Street Commons, Elan City Center Apartments, and Peace Street Townes will bring more residents to this area and increase the demand for retail and services, along with better connectivity to the rest of downtown. • Both Seaboard Station (92,000 square feet) and 111 Seaboard (15,248 square feet) are 100% occupied • Over 15 retail stores and services • Over 10 dining establishments INTRODUCTION TO DOWNTOWN

POPULATION GROWTH | PERCENTAGE INCREASE SINCE 2000

POPULATION | CURRENT SHARE BY DISTRICT

Downtown Raleigh’s population has grown by 53% since 2000 with the addition of over 1,000 new residential units in buildings like Park Devereux, PNC Plaza, The Hudson Condominiums, The Dawson, Hue Apartments, Palladium Plaza, West at North, 222 Glenwood, 712 Tucker, and St. Mary’s Square.

Capital and Glenwood South districts could potentially see a larger share in the growth of residents in the coming years, relative to other districts, in part due to current construction at The Gramercy, The Link, Devon Four25, Elan City Center, Blount Street Commons, and Peace Street Townes.

Glenwood South

DOWNTOWN RALEIGH Warehouse

Capital

15%

17%

CITY OF RALEIGH

Seaboard/ Person Street

Fayetteville Street

23%

19%

STATE OF NC

Moore Square 22%

10%

20%

30%

40%

50%

[ SOURCE: U.S. Census, 2000, 2010. Portions of Census Block groups 501, 503, 504, 509, 510 ]

[ SOURCE: HR&A Advisors ]

DENSITY | PEOPLE PER SQUARE MILE

AGE | YOUNG PROFESSIONALS

Downtown Raleigh is 70% more dense than the City of Raleigh and 369% denser than Wake County.

40.5% of downtown residents are between the ages of 25-44 compared to 30% for the City of Raleigh and 26% nationally.

United States of America Raleigh-Cary Metropolitan Statistical Area Central Business District CBD

City of Raleigh

Wake County

5,063/SM

2,977/SM

1,079/SM

[ SOURCE: U.S. Census, 2000, 2010. Portions of Census Block groups 501, 503, 504, 509, 510 ]

Under 19

25 - 34

45 - 54

20 - 24

35 - 44

55 - 64

[ SOURCE: American Community Survey, 2007-11 ]

65+

POPULATION | GROWTH EXPECTED TO CONTINUE IN YEARS TO COME

Downtown Raleigh’s current population is an estimated 5,975, though, inclusion of some nearby blocks, often considered part of downtown, bring that estimated population total to just over 7,800. Within one mile of downtown’s center point, the current population is an estimated 14,964.

Downtown’s population is projected to be near 9,000 residents by 2019, over 11,000 including some adjacent neighborhoods, and over 18,000 residents will reside within one mile of downtown’s center. There is opportunity for even more growth if the present rate of development continues.

20,000

CBD

18,000

Within 1 mile

16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2000

2010

2014

2019 (Projected)

[ SOURCE: U.S. Census, 2000, 2010. Portions of Census Block groups 501, 503, 504, 509, 510, DRA Projections based on new development ]

INCOME | AVERAGE HOUSEHOLD INCOME FOR DOWNTOWN RESIDENTS BETWEEN 25-34 Nearly 54% of greater downtown residents are between the ages of 25-54 and that demographic is expected to see growth in their average household income. The annual rate of growth in median household income between 2014-2019 will be 4.1% for the greater downtown area compared to 2.98% for the state and 2.74% nationally.

$90,000 $85,000 $80,000 $75,000 $70,000

12.8% growth in average household income for

$65,000

residents between the ages of 25-54 from 2014-2019.

$60,000 2014

2019 (Projected)

[ SOURCES: U.S. Census, ESRI Business Analyst ]

INTRODUCTION TO DOWNTOWN

2009: CITY PLAZA OPENED

PAST DOWNTOWN

A premier outdoor event location that now hosts thousands of visitors for festivals, concerts, movies, a farmers market, and other events

REVITALIZATION

2010: RED HAT AMPHITHEATER OPENED

2003: LIVABLE STREETS PLAN

Provides a unique outdoor venue for the region

Five transformative projects planned for five years

2011: CAM RALEIGH OPENED Contemporary Art Museum opened anchoring the Warehouse District

2004: TWO PROGRESS PLAZA OPENED

2013: JUSTICE CENTER AND SECU TOWER OPENED • Justice Center: $153 million investment and LEED Silver certified • SECU: $45 million investment and LEED Gold certified

2014: CITRIX MOVES DOWNTOWN Citrix moved into the Warehouse District occupying a 171,000 square foot modern office building in a restored warehouse and joined other tech companies to help make downtown a destination for innovation and cutting edge firms Downtown kicks off plan for future with public events drawing over 1,000 people to create a 10 year vision for downtown’s future Massive boom in residential construction: 11 residential buildings under construction in downtown at one time with 1,840 residential units being built

2008: $630 MILLION IN COMPLETED PROJECTS • Raleigh’s tallest building at 538 feet, RBC Plaza (now PNC Plaza) completed • 426 luxury condo units completed at 222 Glenwood, West at North, and RBC Plaza (now PNC Plaza)

• I preo relocated, bringing over 250 jobs to downtown • Red Hat moved into Red Hat Tower after a $30 million renovation, bringing over 900 jobs

Provides over 500,000 square feet of exhibition and meeting space, along with 390 rooms in the heart of downtown.

2008: RALEIGH CONVENTION CENTER AND MARRIOTT CITY CENTER OPENED

The Nature Research Center Green Square completed and currently draws 1.2 million visitors annually

Currently draws over 600,000 visitors to downtown every year

2007: MARBLES KIDS MUSEUM OPENED

The Hudson, The Paramount, and The Dawson gave new residential options

2012: THE NATURE RESEARCH CENTER GREEN SQUARE OPENED

2013: TECH COMPANIES MOVED DOWNTOWN

Two Progress Plaza (now Red Hat Tower), the $100 million project added over 350,000 square feet of office space

2005: $60 MILLION IN RESIDENTIAL UNITS COMPLETED

1. Fayetteville Street reopened to vehicular traffic 2. Built new Raleigh Convention Center 3. Pedestrian environment improvements 4. Upgraded business climate through regulatory reform 5. Expanded downtown management and marketing

RESIDENTS WILL FLOCK TO DOWNTOWN AS NEW DEVELOPMENTS OPEN

REVITALIZATION

•O ver 1,800 units will be completed in 2015 and early 2016 with more planned for the future • SkyHouse Raleigh opens in Spring 2015 with 323 units and 23 floors of panoramic views of Raleigh • The L, Elan City Center, The Lincoln, Link Apartments, The Gramercy, The Ten at South Person, Peace Street Townes, Blount Street Commons, 220 The Saint, and Edison Apartments all add substantial population to downtown and help make it the densest urban core in the Triangle

UNION STATION BREAKS GROUND • $79.8 million multi-modal station in the Warehouse District, which will enhance downtown’s transit accessibility, connectivity to the rest of the region, and stimulate transit-oriented development begins construction in summer 2015 MORE OFFICE TOWERS WILL OPEN • Charter Square: 243,000 square foot, Class A office tower opens on Fayetteville Street, providing more high quality office space to downtown’s tight market • 227 Fayetteville: renovation is completed of a 101,439 square foot office tower on Fayetteville Street, providing easy access to government centers, restaurants, retail, and nightlife • More office towers, such as The Edison and the north tower of Charter Square will break ground

HOTEL ROOMS WILL BE ADDED TO MEET GROWING DEMAND Buoyed by a rising occupancy rate, more business travelers visiting downtown, and a strong interest in expanding Raleigh’s successful convention center, more hotels are coming to downtown • Residence Inn by Marriott opens in 2016 with 145 rooms near the convention center • Other hotel projects are also currently in the works, which look to break ground in 2015-2016

DOWNTOWN EXPERIENCE PLAN WILL BE IMPLEMENTED The Downtown Experience Plan will bring more greenspace, walkability, transit, bicycle infrastructure, retail, connectivity, housing options, and new development to downtown Raleigh

WEST STATION ENTRY

FUTURE DOWNTOWN

MORE GROUND-LEVEL SPACE WILL BE ADDED

Space will help accommodate the growing retail demand. Given downtown’s retail base has grown by over 35% in the past four years and storefront vacancy continues to hover in the single digits, more ground-level space will bring new stores and life to downtown’s streets •N ew residential and office towers add both customers and groundfloor space to lease to new stores seeking to build off downtown’s growing retail base • 90,000 estimated square footage in new ground-floor space

MORE GREEN SPACE WILL BE ADDED INCLUDING DOROTHEA DIX PARK: •D evereux Meadows provides much needed green space near Glenwood South and the north side of downtown • The 308-acre Dorothea Dix Park gives downtown and Raleigh a signature, urban green space for a wide variety of recreational uses • Exchange and Market Plazas will complete a $2 million restoration and allow for smallscale community gatherings and some space for rest and reflection amidst Fayetteville Street’s towers

INTRODUCTION TO DOWNTOWN

ÂŠ Carolyn Scott

DEVELOPMENT + INVESTMENT Downtown Raleigh is exploding with new construction and development. Over the past decade, downtown has seen approximately $2.5 billion in investment, which has resulted in more residents, workers, and visitors, along with more retail, restaurants, bars, and services.

Downtown will see major growth in 2015 with several new projects nearing completion as the year began with $357 million in ongoing construction and over 15 new buildings opening this year. Furthermore, more than $350 million in new construction will begin in 2015 and 2016, continuing downtown’s revitalization and development boom. Every district will see significant private and public investment. •2 88 new hotel rooms within walking distance of the Raleigh Convention Center

• 1,840 new residential units • More than $140 million in public investment

Downtown Raleigh currently has over 2 million square feet of space under construction. TAX REVENUE | RALEIGH’S SHARE OF THE TAX YIELD OF EACH PARCEL ON A PER ACRE BASIS The additional tax revenue generated by dense downtown development can provide needed funds for new or additional government services from police and fire protection to affordable housing or new infrastructure such as sidewalks, bike lanes, green space, and a bike share system for Raleigh. This additional tax revenue is generated on far less land than development outside the CBD.

Tax Billed (per acre) $0

$200,000+ City Limits (Tax Exempt) Raleigh Municipal Boundary

[SOURCE: Wake County Revenue Department By Ray Aull, City of Raleigh Planning ]

DEVELOPMENT + INVESTMENT | per acre basis as of 10/29/2013.

ÂŠ Citrix Systems, Inc

CITRIX EMPLOYEES work in a former warehouse turned into an innovative office space after a $45 million overhaul of the

building completed in 2014. The environmentally-friendly building boasts a private cafeteria, a rooftop garden, game areas, and many co-working spaces to facilitate collaboration.

Downtown Raleigh is home to the most valuable land and development in the city and continues to increase in worth. In 2014, major building sales included One Bank of America Plaza and Citrix, which saw their value per square foot increase dramatically.

PRICE BY SQUARE FOOT | VAST INCREASE THROUGH THE YEARS

TAX YIELD | HIGH RISE BUILDINGS PAY SIGNIFICANTLY MORE PROPERTY TAX

This graphic illustrates that the Wells Fargo building pays $959,785 more per acre than a big box store in Raleigh.

CITRIX

BANK OF AMERICA BUILDING

$380

$227

$130

$18 2014

2012

[ SOURCES: Triangle Business Journal, News and Observer ]

2014

2005

BIG BOX STORE

WELLS FARGO BUILDING

[ SOURCE: DRA analysis of Wake County Property Records, 2014 ]

TAX YIELD | DOWNTOWN DENSITY GENERATES GREATER TAX YIELD PER ACRE With over 15 multi-story buildings under construction and several more major projects planned, new developments will continue to add more value and tax revenue from downtown investments. Additionally, denser development in downtown results in more efficient use of land and much higher value per acre than low-rise commercial development. For example, a downtown office tower pays an average of $844,570.71 in property taxes per acre, per

year, while a big box retailer in Raleigh pays an average of $7,520 per acre annually. Downtown multi-family apartment buildings also yield more efficient tax revenue per acre, as they average $136,718 per acre in property taxes to the city and county governments versus just over $8,000 per acre for large apartment complexes throughout the rest of the city.

$2,837

Single family home

Big Box Store (Raleigh)

$7,520.71

Apartment complexes outside MSD

$8,370.19

$57,175.90

Crabtree Valley Mall Downtown multifamily apartment building

$136,718.72

$844,570.71

Downtown Office Tower

Property Tax Yield (per acre) [ SOURCE: DRA analysis of Wake County Property Records, 2014 ]

DISTRICT-LEVEL INVESTMENT | PROJECTS UNDER CONSTRUCTION, RECENTLY COMPLETED IN LATE 2014/EARLY 2015, AND PUBLICLY ANNOUNCED TO BEGIN CONSTRUCTION IN 2015/2016

DISTRICT

PRIVATE INVESTMENT

PUBLIC SECTOR

TOTAL

CAPITAL

$43,000,000

$40,000,000

$83,000,000

FAYETTEVILLE STREET

$116,500,000

$2,000,000

$118,500,000

GLENWOOD SOUTH

$135,500,000

$2,000,000

$138,500,000

MOORE SQUARE

$274,400,000

$20,000,000

$294,400,000

WAREHOUSE

$25,000,000*

$79,000,000

$104,000,000

TOTAL

$594,400,000

$143,000,000

$738,400,000

Note: Investment numbers are estimated costs and will likely change during the course of construction * Cost for HQ Raleigh expansion is not finalized so this figure will increase

DEVELOPMENT + INVESTMENT

MCCLATCHY INTERACTIVE

CAROLINA ALE HOUSE © Carolyn Scott © Tierney Farrell

DEVON FOUR25

HIBERNIAN PUB

CITRIX

2015 IMPRINT AWARD WINNERS

Carolina Ale House This 37,000 square foot building provides a prominent anchor establishment for Glenwood Avenue. The restaurant’s patio space can accommodate 200 diners and includes radiant heated floors, a retractable roof system, and custom-made, motorized vertical windows, which are the only windows of their kind in the United States.¹ At a cost of nearly $8 million, this new building also has additional restaurant and retail space for future concepts.

Devon Four25 This eight-story, mixed-use building includes 261 apartment units and 11,000 square feet of ground floor retail and office space in the vibrant Glenwood South neighborhood. Construction of this $35 million building included a significant amount of concrete framing, as opposed to wood framing often used for similar projects, which reduces sound leakage from the outside and between floors, as well as providing a sturdy frame for a durable building to last for years to come.

With a mix of renovations, rebuilding, and new construction, these award winners total over $90 million in downtown investment. Hibernian Pub Rising from the ashes of a fire that destroyed the previous location, the Hibernian Pub came back even better than before after the $1.8 million rebuilding. This Glenwood Avenue institution now has 8,000 square feet with two levels and an outdoor deck, which provides even more space for the community to gather for dinner after work or a big event like St. Patrick’s Day.

McClatchy Interactive The online division for McClatchy Company, owners of The News and Observer, is now headquartered in this $2.6 million project, which renovated 23,903 square feet of the Martin Building and included a 7,325 square foot addition. This project preserved the architecture of the 1951 Art-Moderne-inspired building, while making it look sleek and modern for the tech company. ¹ TBJ

Citrix Opening in September 2014, this 171,000 square foot $45 million overhaul of an old warehouse brought new life to downtown’s already burgeoning Warehouse District and serves as the Raleigh home to tech company, Citrix. The design of this massive rehabilitation retains the character of the former warehouse, while adding new and innovative workplace elements that reflect the cutting-edge tenant. The environmentally-friendly building includes conference areas made out of retrofitted transatlantic shipping containers, a rooftop garden, indoor racquetball court, and a 55foot living wall.

DEVELOPMENT + INVESTMENT

WHAT’S NEW | CURRENT AND PLANNED INVESTMENT BY DISTRICT

Capital

Warehouse

Fayetteville Street

Glenwood South

Moore Square

11%

14%

16%

19%

40%

WHAT’S NEW | DEVELOPMENT PROJECTS IN DOWNTOWN

PROJECT NAME

INVESTMENT

STATUS

DESCRIPTION

MOORE SQUARE DISTRICT BLOUNT + PERSON ST CORRIDOR IMPROVEMENTS

$750,000

Planned

Infrastructure

EDISON APARTMENTS

$55,000,000

Under Construction

239 apartments

EDISON OFFICE

$120,000,000

Planned

315,000 SF

THE LINCOLN

$35,000,000

Under Construction

224 apartments

MOORE SQUARE RENOVATION

$12,500,000

Planned

Renovation

MOORE SQUARE TRANSIT CENTER

$7,000,000

Planned

Infrastructure

SKYHOUSE RALEIGH

$60,000,000

Completed

323 apartments

STONE’S WAREHOUSE RENOVATION

Not Announced

Planned

Mixed Use

THE TEN AT SOUTH PERSON

$2,400,000

Under Construction

10 townhomes

PROJECT NAME

INVESTMENT

STATUS

DESCRIPTION

WAREHOUSE DISTRICT CITRIX

$45,000,000

Completed

171,000 SF

HQ RALEIGH EXPANSION

Not Announced

Planned

30,000 SF

UNION STATION

$79,800,000

Planned

26,000 SF

PROJECT NAME

INVESTMENT

STATUS

DESCRIPTION

CAPITAL DISTRICT BLOUNT STREET COMMONS

$8,000,000

Under Construction

46 townhomes

ELAN CITY CENTER

$30,000,000

Under Construction

213 apartments

PEACE STREET TOWNES

$5,000,000

Under Construction

17 townhomes

PEACE ST/CAPITAL BLVD BRIDGE REALIGNMENT

$40,000,000

Planned

Infrastructure

PROJECT NAME

INVESTMENT

STATUS

DESCRIPTION

FAYETTEVILLE STREET DISTRICT 200 S. SALISBURY (DEATH AND TAXES)

$3,000,000

Completed

10,903 SF

227 FAYETTEVILLE ST.

$8,000,000

Under Construction

101,439 SF

BOYLAN-PEARCE BUILDING

$5,500,000

Under Construction

31,820 SF

CHARTER SQUARE

$63,000,000

Under Construction

243,000 SF

CHARTER SQUARE II

Not Announced

Planned

23 stories

EXCHANGE & MARKET PLAZAS RENOVATION

Not Announced

Planned

Infrastructure

HILTON GARDEN INN

Not Announced

Planned

143 hotel rooms

THE L

$17,000,000

Under Construction

83 apartments

RESIDENCE INN BY MARRIOTT

$20,000,000

Planned

145 hotel rooms

STATUS

DESCRIPTION

PROJECT NAME

INVESTMENT GLENWOOD SOUTH DISTRICT

220 THE SAINT

$7,000,000

Under Construction

17 townhomes

CAROLINA ALE HOUSE

$7,500,000

Completed

37,000 SF

DEVON FOUR25

$35,000,000

Completed

261 apartments

THE GRAMERCY

$30,000,000

Under Construction

203 apartments

LINK APARTMENTS

$30,000,000

Under Construction

203 apartments

PEACE STREET STREETSCAPE

$2,000,000

Planned

Infrastructure

RALEIGH BEER GARDEN

$2,000,000

Under Construction

8,670 SF

WEST AND WEST II APARTMENTS

Not Announced

Planned

330 apartments

DEVELOPMENT + INVESTMENT

ÂŠ Hunter Laughlin

FUTURE PLANNING + INVESTMENT With several thousand new residents and office workers coming to downtown over the next few years, the future is bright for downtown Raleigh. Today, downtown Raleigh looks very different with greater density and vibrancy than a decade ago. Downtown’s revitalization came together through a mixture of strategic public investments, pioneering developers, a vibrant arts and cultural scene, along with residents and business owners seeking to build a community in an urban core. The future of downtown looks to build off that base and create a true, vibrant center with its best years ahead.

DOWNTOWN 2025 EXPERIENCE PLAN The City of Raleigh and the Downtown Raleigh Alliance partnered to create a 10-year plan for downtown Raleigh, which builds off the successes downtown experienced in recent years. The 2003 Livable Streets Plan brought new life to downtown with the reopening of Fayetteville Street and construction of a new convention center. Much like that plan, the Downtown 2025 Experience Plan provides a new map for guiding growth and development in downtown and addresses both opportunities and challenges facing downtown over the next decade. In many ways, downtown’s future is not just predicated on large investments or projects, but also requires looking at the fabric of downtown and filling the gaps or creating

new connections to elevate downtown to a new level. Several of the next big project ideas are already planned, such as Raleigh Union Station, the Devereux Meadows park, the extension of West Street and renovation of Moore Square and the adjacent transit center. This plan seeks to connect them with broader themes and ideas for downtown’s future, which improve park and common spaces, provide more transportation options, maintain authenticity and character, create a robust retail environment, improve affordable housing options, and establish stronger partnerships for downtown’s future. The plan embeds these actions within four broad themes, Breathe, Move, Stay, and Link with each theme given a physical form through catalytic projects to help transform Raleigh’s urban core.

RETAIL STRATEGY | ROBUST RETAIL LANDSCAPE

Improving the retail environment is one of the most important goals for the downtown community and the Downtown Experience Plan highlights this need by building off of DRA’s existing retail efforts (outlined in the Retail chapter on page 51). Initiatives will: •T arget specific locations for retail incentive area with streetscape improvements and improved wayfinding, public art, and parklets SOURCE: City of Raleigh

•E xpand on existing downtown Raleigh retail strategy to target local, authentic retailers • Identify a toolkit for retail recruitment, such as a retailspecific grant or incentive, to assist new retailers • Explore partnerships to recruit a grocery store, movie theatre or other neighborhood services • Encourage pop-up shops, food trucks, and mobile vendors to activate more isolated parts of retail corridors FUTURE PLANNING + INVESTMENT

Halifax Park

A GREENER RALEIGH PARKS + GREENWAYS

William Peace University

Devereux Meadows Caswell Square

Oakwood Park

Burke Square Chavis-Oakwood Greenway Connector

Dix- Devereux Greenway Connector

Nash Square

Moore Square

Halifax Mall

Amphitheater

City Plaza

Chavis Park

Shaw University

Dix property KE CIRCUIT

CONNECTIVITY DOWNTOWN BIKE CIRCUIT

Pedestrian-oriented street

Civic / symbolic spine

Safe intersection for all modes

Major vehicular street

Primary green street or greenway

Key bicycle connection

to Mordecai to Cameron Village to Oakwood to NC State

to New Bern Ave

to East Raleigh to Boylan Heights, Dix property and Rocky Branch Trail

to Southeast Raleigh and South Park

BREATHE | IMPROVE, EXPAND, AND CONNECT DOWNTOWN’S GREEN SPACE The goal of “Breathe” is to transform downtown Raleigh into a center for innovative urban parks and appealing green spaces, as well as improve existing parks and expand park access to underserved areas of downtown. Actions: • Renovation of existing parks such as historic Moore and Nash Squares • Build new parks and greenspaces in downtown such as Devereux Meadows • Extend the greenway system to better connect downtown’s greenspace to the rest of the city • Create a funding and governance structure for the acquisition, creation, and maintenance of downtown parks

MOVE | TURN DOWNTOWN RALEIGH INTO A MODEL FOR WALKABILITY, TRANSIT, AND BIKING The goal of “Move” is to enhance street character and uses along key streets to make walking, biking, and transit the preferred ways to get in and around downtown, while still accommodating automobile traffic. Actions: • Create a complete pedestrian network • Provide on and off-street bicycle facilities and infrastructure to link downtown’s districts and major cycling routes into the rest of the city • Enhance transit service through service improvements, such as route consolidation, increased frequency, an improved R-LINE and upgraded passenger amenities • Accommodate automobile use through a multi-modal grid of complete streets, as well as on- and off-street parking facilities in areas of high demand

SOURCES: City of Raleigh, Sasaki Associates

FUTURE PLANNING + INVESTMENT

STAY | REALIZE DOWNTOWN’S POTENTIAL AS A DYNAMIC REGIONAL CENTER The goal of “Stay” is to provide a balance to downtown, where all are welcomed through strategic growth and redevelopment to transform the city into a regional center for tourism, entertainment, and culture. Actions: • Maintain downtown character and authenticity through historic preservation and adaptive reuse, public art, and highquality new construction • Ensure downtown remains clean and hospitable • Encourage the development of vacant and underbuilt sites to fill the entire downtown with active uses • Create a robust retail environment in downtown to include a combination of local and destination retail • Ensure downtown has a diversity of housing opportunities at different price points • Partner with non-profits and Wake County to address homelessness and work to secure facilities for the homeless population

LINK | BRING TOGETHER INSTITUTIONAL, PUBLIC, AND PRIVATE PARTNERSHIPS

LINK NETWORK & PARTNER

The goal of “Link” is to bring together institutions, the private sector, and public partners to accelerate the implementation of the downtown vision.

University Partners

Actions: • Partner with public agencies, downtown universities, local non-profits, and the private sector on key initiatives and projects •W ork with the state government on projects related to the Capital District, Shaw University and William Peace University for their campuses and properties, DRA on retail recruitment, and private property owners of key buildings or land to help unlock downtown’s potential

SOURCES: City of Raleigh, Sasaki Associates

DT Raleigh

Non-profits & Civic Organizations

Public-Private Partnerships

Cross-jurisdictional Collaborations

CATALYTIC PROJECT AREAS Five areas of downtown have been identified to serve as examples of how the themes and actions translate into physical form. These areas are titled: Gateway Center, Glenwood Green, North End, Moore Square, and Nash Square-Union Station.

GATEWAY CENTER On downtownâ&#x20AC;&#x2122;s southern edge, the opportunity exists to extend downtown several city blocks, facilitated by large parcels, consolidated ownership, and city-owned property.

GLENWOOD GREEN This project focuses on creating a new urban park at Devereux Meadows, an improved block pattern created by the Peace Street Bridge replacement, and a greenway connecting Glenwood South with areas to the north and south.

SOURCES: City of Raleigh, Sasaki Associates

FUTURE PLANNING + INVESTMENT

NORTH END This project focuses on improving connectivity through renovations of Peace Street and streetscape improvements to Blount and Person streets with better bicycle and pedestrian access providing connections between urban neighborhoods like Oakwood and Glenwood South. HALIFAX PARK

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MOORE SQUARE More than any other catalytic project area, this one focuses on large public investment in the park and transit center renovation, along with redevelopment of key, publicly owned parcels near the square to help revitalize this historic district.

ÂŠ Carolyn Scott

SOURCES: City of Raleigh, Sasaki Associates

NASH SQUARE-RALEIGH UNION STATION A renovation of Nash Square, improved streetscaping, and programming for the Hargett and Martin street corridors toward more pedestrian and retail-oriented uses, and connecting Raleigh Union Station to the rest of downtown are all a part of this project area’s vision.

RALEIGH UNION STATION

This $79.8 million project will transform downtown’s Warehouse District and the city, as a whole, by providing a top-notch transit facility to move thousands of riders and visitors each day. Not only will this project dramatically improve Raleigh’s transit facilities and help the connectivity of downtown to the rest of the city and region, but also could stimulate transit-oriented development in the Warehouse District. The first phase of the project, the passenger rail facility, will be housed in a renovated Dillon Supply Warehouse building located at 510 W. Martin St with construction beginning mid-2015 and completion scheduled for 2017.

SOURCES: City of Raleigh, Sasaki Associates

FUTURE PLANNING + INVESTMENT

LIVING One of the major trends transforming downtown Raleigh is the boom in new residential construction. At the beginning of 2015, downtown had 1,840 units under construction or preparing to open with more planned in the near future. Over the next year, all these units will open and add an estimated 3,000 new residents to downtown in one square mile.

Several districts will see dramatic increases in their population and density, including Moore Square and Glenwood South, which will bring even higher demand for retail, services, and dining. Meanwhile, the previously quiet Capital District will see a major infusion of new

residents, helping connect the rest of downtown with nearby neighborhoods and shopping districts on the north side, such as Seaboard Station, Person Street Plaza and Oakwood.

Raleigh will see a more than 50% increase in the number of housing units in downtown in 2015 and 2016.

2.73% 796 new units within two blocks of Moore Square

684 new units within three blocks of Glenwood Avenue

Average rent: $1,399/month for Class A multi-family in downtown, $1,265 for all apartments within one mile of downtown¹

Vacancy rate for multifamily apartment Class A buildings¹

Median rent per square foot: $1.63 per sf²

6% vacancy rate for multifamily apartments within one mile of downtown area overall¹

With a diverse array of dining, nightlife, and local retail options as well as a myriad of events and festivals, downtown Raleigh residents live in the center of cultural activity in the region.

¹Integra Realty Resources ²Kwelia

LIVING

RESIDENTIAL | UNITS UNDER CONSTRUCTION BY DISTRICT

"Living downtown, I save thirty minutes to an hour 5%

a day with no commute so I gain time for work, for 15%

43%

running, or anything else I want to do. But I mainly live downtown because it’s more fun. My wife and

37%

I walk to bars, restaurants, street festivals, and live shows that we just wouldn’t go to if we didn’t live nearby."

Moore Square

Fayetteville Street

Capital

Glenwood South

[ SOURCE: DRA ]

-David Meeker, Downtown Resident

DOWNTOWN BUILDING BOOM | HOUSING CONSTRUCTION IN CBDs (under/about to begin construction and recent completion) Downtowns across the southern U.S. are seeing major booms in housing construction in their CBDs with downtown Raleigh keeping pace.

2800

Number of Units

2100

1400

700

0 Raleigh

Austin

Nashville

Richmond

Memphis

Atlanta

Greenville, SC

[ SOURCES: City of Austin, Nashville Downtown Partnership, Venture Richmond, Downtown Memphis Commission, Central Atlanta Progress, Upstate Business Journal, City of Greenville, SC. ]

RESIDENTIAL | PROJECTS UNDER CONSTRUCTION/OPENING

PROJECT

NUMBER OF UNITS

INVESTMENT

TYPE

DISTRICT

EXPECTED TO OPEN

220 THE SAINT

$7 million

Townhomes

Glenwood South

2016

BLOUNT STREET COMMONS

$8 million

Townhomes

Capital

2015

THE EDISON APARTMENTS

239

$55 million

Apartments

Moore Square

2016

ELAN CITY CENTER

213

$30 million

Apartments

Capital

2015

DEVON FOUR25

261

$35 million

Apartments

Glenwood South

2015

THE GRAMERCY

203

$30 million

Apartments

Glenwood South

2015

THE L

$17 million

Apartments

Fayetteville Street

2016

THE LINCOLN

224

$35 million

Apartments

Moore Square

2015

LINK APARTMENTS

203

$30 million

Apartments

Glenwood South

2015

PEACE STREET TOWNES

$5 million

Townhomes

Capital

2015

SKYHOUSE RALEIGH

323

$60 million

Apartments

Moore Square

2015

THE TEN AT SOUTH PERSON

$2.4 million

Townhomes

Moore Square

2015

* Note: one unit being constructed at Boylan-Pearce Building, Fayetteville St. [ SOURCE: DRA ]

LIVING

APARTMENTS Downtown Raleigh’s multi-family apartment market is booming with low vacancy rates driving the demand. For multi-family apartment buildings within downtown, the vacancy rate is a mere 2.73%, while the vacancy rate for all apartment buildings within one mile of downtown is 6.0% and the vacancy rate for Class A apartments within one mile of downtown is 7.3%. (These numbers do not include brand new buildings currently in their lease-up phase.)

DEMAND | MULTI-FAMILY APARTMENT VACANCY

7.5%

3.75%

0% Downtown Class A MSD

Greater Downtown Class A

Greater Downtown B/C

Greater Downtown Class A/B/C

Triangle Average

*Note: “Greater Downtown” refers to apartments within one mile of downtown.

Need for affordable options: The vacancy rate for Class B/C apartments within one mile of downtown is 2.8%, indicating a strong demand for affordable options in and near downtown. Affordable housing, though, increasingly will become an issue as downtown’s new housing supply is mostly priced on the higher end of the multi-family market in the Triangle and median rent per square foot is expected to increase. Furthermore, with little existing supply in downtown built before 2000 and a rapidly increasing population in the city and region, most of the current apartments that may decline in value due to new supply will not likely be in the CBD.

Source: Intregra Realty Resources, Colliers (for regional average)

PRICE | AVERAGE RENT FOR DOWNTOWN MULTI-FAMILY APARTMENTS Average rent for downtown is $1,399, while the average rent for apartments within one mile of downtown is $1,265, including all classes of multi-family apartments.

$1,500

$1,425

$1,350

$1,275

$1,200 Downtown MSD Class A

Greater Downtown Class A/B/C

Greater Downtown Class A

*Note: “Greater Downtown” refers to apartments within one mile of downtown. [ SOURCES: Integra Reality Resources ]

COMPARISON | MEDIAN RENT PER SQUARE FOOT (CBD ONLY) Downtown Raleigh has a lower median apartment rent per square foot than several peer CBDs. Downtowns like Austin and Nashville, along with more established CBDs in the north, have median rents well above $2.00 per square foot.

$4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00

l Ra [ SOURCES: Kwelia ]

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LIVING

ÂŠ Carolyn Scott

OFFICE + EMPLOYMENT Downtown Raleigh is attracting new companies, tech incubators, Class A office projects, ultra-fast Internet service, and is home to an increasingly talented workforce.

In 2014 tech company Citrix moved over 600 employees into its new 171,000 square foot building in the Warehouse District. Citrix joins Red Hat, Ipreo, and other tech firms in transforming downtown into a hub of technology and innovation. In addition to large tech employers, incubators HQ Raleigh and American Underground house over 100 startups and will accommodate even more when HQ Raleigh expands by an additional 30,000 square feet. Downtown and the Triangle’s tech and innovation base should continue to grow with the introduction of Google Fiber, along with AT&T’s U-Verse with Gigapower. These new ultra-fast Internet services will provide a competitive advantage to the Triangle and allow downtown firms to transfer huge amounts of data and research and connect even faster with clients and servers.

The next two years will also see the delivery of over 700,000 square feet of Class A office space in response to historically low vacancy levels in the downtown office market over the past few years. Charter Square, the renovation of 227 Fayetteville, and the planned Edison Office tower and Charter Square II will add significant supply to downtown’s Class A office market. New tech companies and new office space are also in response to downtown’s educated and talented workforce. Raleigh is home to over 40,000 college students with five colleges and universities in or near downtown and in a metro area where 36% of graduates hold a degree in Science, Technology, Engineering or Mathematics (STEM).¹

FLOW CHART | TALENTED WORKFORCE LEADS TO STRONG NEED FOR OFFICE SPACE IN RALEIGH

New Companies Starting and Relocating to Raleigh

Increasing Demand for New Office Space

Educated and Talented Workforce

Over 600 Citrix employees moved into their brand new state of the art facility in 2014. The building boasts a private cafeteria, outdoor games, and gorgeous views of downtown’s skyline.

¹ Brookings Institute, Burning Glass

OFFICE + EMPLOYMENT

OFFICE MARKET Downtown Raleigh’s office market is booming as new supply is built to respond to very low vacancy rates and strong interest in companies moving into downtown over the past few years.

9.2% 9.2% vacancy rate at the beginning of 2015

4% lower vacancy rate than the Triangle region

[ Average based on five market reports, Cushman Wakefield, JLL, Avison Young, Triangle Business Journal, DTZ Americas ]

$71 million in current office construction with over $150 million planned to begin construction in 2015.

Downtown Raleigh boasts over 5 million square feet of privately-owned office space in the 110-block MSD in addition to over 5.7 million square feet of government office space.

SOURCE: Avison Young

Charter Square

HQ Raleigh expansion

• 243,000 square feet • $63 million •S peculative Class A office space with ground floor retail • Open Spring 2015

•3 0,000 square feet of new incubator and startup space • Renovation and expansion of an existing, adjacent building in Warehouse District • Expected delivery in 2016

UPCOMING OFFICE PROJECTS | OVER 700,000 SQUARE FEET OF NEW CLASS A OFFICE SPACE BEING DELIVERED IN 2015 AND 2016

The Edison Office

227 Fayetteville

• 315,000 square feet • $120 million • 290 foot tower •C onstruction begins in 2015

• 1 01,439 square feet of Class A office space • Renovation of office building in heart of Fayetteville Street • Delivers to market in 2015

"Our downtown is a very different place and a very different office market than it was 10-15 years ago with the breadth of amenity choices and, seemingly, there is always something going on; it’s vibrant!" - Ed Fritsch, President, Highwoods Properties

VACANCY | RATES FOR SUB-MARKETS IN THE TRIANGLE REGION Within the region, downtown Raleigh has some of the lowest office vacancy rates.

20%

15%

10%

Sources: Avison Young, Triangle Business Journal, 4th Quarter 2014.

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OFFICE + EMPLOYMENT

ÂŠ Carolyn Scott

DEMAND | CLASS A AND OVERALL AVERAGE OFFICE RENT PER SQUARE FOOT Downtown Raleigh has a competitively priced CBD with high enough rates to encourage new office development, but lower rates than several peer downtowns on the east coast and in the southern U.S.

Overall Rate

Class A Rate Only

Washington, DC Houston, TX Austin, TX Philadelphia, PA Raleigh, NC Charlotte, NC Nashville, TN Orlando, FL Richmond, VA Columbia, SC Atlanta, GA $0.00

$10.00

[ SOURCES: Colliers 4th Quarter Office data, JLL ]

$20.00

$30.00

$40.00

$50.00

$60.00

COMPARISON | CLASS A RENTAL RATES IN TRIANGLE SUB-MARKETS Low vacancy rates and increasing demand have pushed Class A rental rates higher in downtown Raleigh relative to other sub-markets in the Triangle.

$25.00

$20.00

$15.00

$10.00

$5.00

ion En

tire

Re g

ill el H ap Ch

uth So

We st

I-4

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o/R TP

ry Ca

h Ra

leig

s Six

Fo rk

Gle Cre nwoo ed mo d/ or

ap ita Blv l d -1/ C US

me Vil ron lag e

Do wn t Ra own leig h

$0.00

[ SOURCE: Avison Young ]

VACANCY | CBD RATES LOW AMONG COMPARABLE CITIES Among peer CBDs, downtown Raleigh has some of the lowest total and Class A vacancy rates, showing how strong demand is for office space in downtown. Total Vacancy Rates

Class A Space Only

20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Raleigh, NC

Atlanta, GA

Columbia, SC

Orlando, FL

Nashville, Richmond, TN VA

Austin, TX

Charlotte, NC

Houston, Philadelphia, Washington, TX PA DC

[ SOURCES: Colliers 4th Quarter Office data, JLL ]

OFFICE + EMPLOYMENT

EMPLOYMENT Downtown is home to an estimated 54,600 employees across all sectors and is projected to add 15,000 employees including 11,500 office and service employees between 2010 (most recent census) and 2030, according

to estimates from HR&A and CAMPO. With potential new investments that make downtown even more attractive, such as mass transit, downtown’s employment growth could exceed these projections.

Top Five Best Markets for Office Investment (Raleigh)

- National

Real Estate Investor, January 2015

2010-2030 | PROJECTED EMPLOYMENT GROWTH¹ 69,100

DOWNTOWN WORKERS | LARGEST EMPLOYERS COMPANY

7,800

STATE OF NORTH CAROLINA

6,700

DUKE ENERGY WAKE COUNTY GOVERNMENT

54,600

CITY OF RALEIGH RED HAT, INC. CITRIX EMPIRE EATS/EMPIRE PROPERTIES

Downtown Raleigh 2010

2010-2020 Growth

2020-2030 Growth

EMPLOYMENT HUB | SCIENCE, TECHNOLOGY, ENGINEERING + MATH (STEM) HIGH IN REGION²

#1 #3 #4 #5

in STEM Employment Growth best region for STEM professionals in the nation in percentage of all workers in STEM jobs in job openings per capita for STEM graduates

¹HR&A, CAMPO ²WalletHub, Jan. 2015

SHAW UNIVERSITY

#8 market in

High Tech Job Growth CBRE, August 2014

EMPLOYMENT | RALEIGH-CARY METROPOLITAN AREA

89%

49%

33%

higher share of employees in Computer and Mathematical occupations compared to the national economy

higher share of employees in Life, Physical, and Social Science occupations compared to the national economy

higher share of employees in Architecture and Engineering occupations compared to the national economy

[ SOURCE: U.S. Bureau of Labor Statistics “May 2013 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates” ]

EMPLOYMENT | DOWNTOWN EMPLOYMENT BY SECTOR Downtown Raleigh still has a strong government sector anchoring its workforce, though, growth in private firms, particularly tech companies, is changing that dynamic and making downtown’s workforce more diverse by sector. Government Other Services Accommodation and Food Services Arts and Entertainment Health Care Education Professional Scientific and Tech Services Administrative, Support and Waste Management Finance and Insurance Information Retail Trade Manufacturing Construction Utilities 0% [ SOURCE: ESRI Business Analyst, U.S. Census, Dun & Bradstreet ]

10%

20%

30%

40%

50%

60% OFFICE + EMPLOYMENT

INCUBATORS + INNOVATION Downtown Raleigh’s technology and innovation scene has grown tremendously over the past few years and will continue to do so by attracting large companies and incubating smaller tech firms. •C itrix, Red Hat, and Ipreo added nearly 2,000 tech employees to downtown in the past two years •H Q Raleigh and American Underground are home to a combined 100+ startups •N umber of startups at HQ Raleigh has grown over 133% since 2012 •U ltra-fast internet service with Google Fiber and AT&T U-verse with Gigapower providing competitive advantage •N ew tech jobs average approximately $75,000 a year in salary, bringing jobs and more business for downtown restaurants and retail

#5 Digital City in America

Downtown is not only home to large firms, but also has a vibrant startup culture housed in incubators like HQ Raleigh and American Underground, along with downtown’s historic and unique lofts and warehouses. HQ Raleigh and American Underground are home to over 100 startup companies and provide access to shared resources, collaboration and provide the type of flexible leases needed for new startups. Renowned startup American Underground expanded its footprint to downtown Raleigh in early 2014 with a 5,300 square foot location on Fayetteville Street, anchored by Bandwidth Labs. The hub was named as one of nine “Google for Entrepreneurs” tech hubs. HQ Raleigh plans to expand by 30,000 square feet in 2016.

- Center for Digital Government,

November 2014

#4 city for finding a

Great Tech Job TechRepublic, July 2014

"HQ Raleigh has seen incredible momentum since moving to the Warehouse District. It has been so exciting to see all of these original companies come together to support each other and succeed in downtown Raleigh, and we are looking forward expanding our space to welcome even more innovation and creativity."

- Liz Tracy, HQ Raleigh Director of

Community Engagement

OFFICE + EMPLOYMENT |

#2 Fastest Growth in U.S. Patents Received

- U.S. Patent and Trademark

Office, June 2014

STARTUP SPOTLIGHT WedPics •P hoto and video sharing app for wedding couples and guests • Located in downtown Raleigh’s Warehouse District • Staff of 16 and expanding • 400,000+ couples have subscribed • Reached 2.5 million users • Sells 20,000 prints per week • 15% of the U.S. market, 33% of U.K. and 25% of Australian markets, presence in 188 countries • Raised $4.25 million Series B funding in 2014 [ SOURCE: TechCrunch, December 2014 ]

"Downtown Raleigh boasts a great landscape that's really conducive to startup culture - it's fast paced, highly concentrated, and has plenty of amazing drink and food spots to help ease the never quiet brain of us entrepreneurs. In addition it's really blossomed into a hot bed of startups from the tech space to medical to the culinary space and most all of these companies operate within a block or two of one another, and along side of two giant co-working spaces that sort of bookend the downtown area. Growing and scaling a company here costs a fraction of what it would take, in say San Francisco, and the appeal to this area continues to increase. And while we have larger tech companies around us like Red Hat and Citrix, downtown Raleigh feels like a true startup hub."

-Jason Miller, WedPics, Founder & President

TALENT One of the major reasons for downtown’s rising profile as a tech hub and new office development is its strong talent and employment base. Raleigh’s universities and colleges, along with other major research universities and higher education institutions in the region, help drive more jobs and companies to downtown.

HIGHER EDUCATION INSTITUTIONS (within three miles of downtown)

TOTAL ENROLLMENT (as of Fall 2014)

NORTH CAROLINA STATE UNIVERSITY

33,989

MEREDITH COLLEGE

1,885

SHAW UNIVERSITY

1,638

WILLIAM PEACE UNIVERSITY

1,076

SAINT AUGUSTINE’S COLLEGE

1,064

CAMPBELL UNIVERSITY SCHOOL OF LAW

426

TOTAL

Approximately 100,000 students attend universities in the Triangle, providing cutting edge research and a well-trained workforce. In addition to the strong academic institutions near downtown, the region boasts several other prestigious universities: •U niversity of North Carolina at Chapel Hill: #5 Top Public University in the nation • Duke University: #9 Overall Top University in the nation • N.C. Central: #11 Top Historically Black Colleges and Universities

40,078

EDUCATION | ATTAINMENT FOR POPULATION 25 YEARS+ Downtown has a higher share of residents with bachelor and graduate degrees than the state and national proportions. 43% of downtown Raleigh residents 25 years and older have a bachelor’s degree or higher, compared to 28.47% of North Carolinians and 29.68% of Americans.

[ SOURCE: U.S. News and World Report ]

STEM | NUMBER OF GRADUATES AS A SHARE OF POPULATION (AGES 20-34)

40% 35%

100%

30%

80%

25%

60%

20%

40%

15%

20%

10%

0% Downtown Raleigh Less than 9th Grade

North Carolina 9-12th Grade/No Diploma

Some College/No Degree Graduate/Professional Degree [ SOURCE: ESRI Business Analyst, U.S. Census ]

Associate’s Degree

United States High School Diploma Bachelor’s Degree

5% 0% Raleigh

U.S.

[ SOURCE: Brookings Institute, Burning Glass ]

OFFICE + EMPLOYMENT

ÂŠ Carolyn Scott

RETAIL

NÜVONIVO

ARROW HAIRCUTS

FATHER AND SON

Downtown has seen tremendous growth in its retail base over the past four years with an increase of over 35% in new retail businesses since 2010, which is the largest growth in any storefront use for downtown. In that time, downtown has added 32 new stores still open today, nearly all of which are independent, locally-owned retailers.

NORA AND NICKY’S

"Downtown Raleigh has this great energy right now. You can feel that it’s on the brink of some really amazing things, from development to the creative community that surrounds it. I’ve met the most supportive people here that are excited about the growth, and are willing to collaborate and join forces in order to build a stronger community. This support keeps me inspired and speaks to why I chose downtown for Ramble Supply Co."

Over the past four years, downtown has added locallymade clothes like Raleigh Denim, High Cotton, and Lumina Clothing, designer consignment clothing at Nora and Nicky’s, leather goods from Lisa Stewart Designs, children’s clothing from Nüvonivo, music at Sorry State Records, furniture at Furbish Studios and TRIG Modern, jewelry and accessories at Dogwood Collective and Moon and Lola, flip flops at Feelgoodz, new styles at Social Status, and everything funky and local at Deco Raleigh. Downtown also has added specialty in-production-style retail like Videri Chocolate Factory and Oak City Roasters, which make their products on site, in addition to having showrooms for local customers. All these stores add to mainstays like Holly

– Jessie Connor, Ramble Supply Co.

Aiken’s Stitch, vintage store Father and Son, and legendary music store Harry’s Guitar Shop. In 2014, downtown added even more great stores, including Runologie, Ramble Supply Co., Edge of Urge, State of Beer, ABV Cocktail Supply, Honor Raleigh, Stag’s Head, and Ivivva. Additionally, downtown saw more service-based retail with Arrow Haircuts, MedFirst Medical Center, Element Beauty Bar, and SunTrust Bank among others. These new retail locations bring running shoes, yoga apparel, apothecary home goods, fashionable clothes and accessories, craft beer, cocktail supplies, haircuts, banking and medical services to downtown’s customers.

The Downtown Raleigh Alliance created the Shop Downtown Raleigh program to promote downtown as a retail destination. Participating merchants receive flags and decals to make their storefronts more noticeable.

RETAIL

"From a business standpoint, downtown Raleigh has a growing number of businesses, residents, and runners, but no running specialty store, so we saw a great opportunity there. We also enjoy being downtown on a daily basis; walking down the street for coffee at Muertos, grabbing lunch at Happy and Hale, or getting our dark chocolate fix at Videri, amongst other great places to eat, drink, and shop. It’s just more fun to be downtown day to day than it is to be in the traditional retail areas."

#4 in Metro Areas for

–Laura Berry, Runologie

2011-2014 | PERCENTAGE OF NET GAIN IN BUSINESSES BY STOREFRONT CLASSIFICATION 35%

35.2%

30%

Economic Growth

25%

(Raleigh) CityLab, September 2014

10%

20%

19.3% 15%

14.3% 8.8%

5% 0% Retail

[ SOURCE: DRA]

Dining

Bars/ Nightclubs

Personal Services

FUTURE RETAIL DEMAND | GROWING NEED FOR MORE STORES As downtown continues to grow, demand for more retail will attract even more retailers. According to recent analysis by HR&A Advisors, once downtown’s current development pipeline is built out, downtown residents, office workers, and visitors could provide $165 million in total future potential retail sales. An estimated $42 million

of that spending potential could be captured by downtown and support thousands of square feet of new retail. These projections demonstrate the priority to continue bringing new stores downtown and broaden the retail base to reduce sales leakage and meet the growing demand to provide more stores and services in the CBD.

Total future potential retail spending by downtown residents, visitors, office workers

Future Spending Estimated to be captured by Downtown

RETAIL

$165 million

$42 million

GROCERY

$49 million

$20 million

[ SOURCE: HR&A Advisors ]

DRA RETAIL DEVELOPMENT INITIATIVES | IMPROVING DOWNTOWN’S RETAIL ENVIRONMENT As part of its role as the primary retail recruiter for the downtown services district, the Downtown Raleigh Alliance (DRA) has a number of initiatives to maintain and improve our retail base.

Downtown Raleigh App: DRA is working with a team of software developers and community leaders to develop an app, which will have parking information, along with store locations and advertising opportunities. This app will make downtown easier to navigate for shoppers and allow merchants to advertise deals and specials.

Downtown Raleigh Gift Card: DRA launched a gift card program to keep shopping dollars local and support downtown merchants. The card can be used at over 100 participating retailers and restaurants in downtown.

Shop Downtown Raleigh: This program helps promote downtown as a shopping destination through coordinated promotions and events. Downtown retailers also participate on a committee to strategize on new efforts and address common challenges. © Carolyn Scott

Recruiting retail prospects: DRA works to identify and connect with retail prospects and brokers to bring them to the downtown market. Our assistance includes helping identify locations, connecting with brokers and landlords, and providing resources for business planning, market data, tours, and guidance. DRA recruits a wide range of prospects from small boutiques to national retailers and grocery stores.

Pop-Up Retail: DRA is working with the Urban Design Center and other interested parties to provide pop-up tenants for vacant storefronts in order to test new retail concepts and activate empty stores.

Sharpening marketing materials and data/analytical capabilities: DRA provides client-specific recruitment materials, including data and analysis on specific markets or locations. DRA has added a more data-driven approach, including sales leakage and market share information, and comparative statistics, all of which are targeted at specific types of retailers missing from the current market.

Storefront Inventory: DRA conducted a comprehensive survey of all downtown storefronts to identify trends in vacancies, business mix, openings, and closings. This analysis improves the targeting and recruitment of stores. RETAIL

ÂŠ Carolyn Scott

DINING + NIGHTLIFE Downtown Raleigh has become a major food destination regionally and nationally with over 120 dining establishments providing a broad range of cuisines and experiences.

JAMES BEARD AWARD | ASHLEY CHRISTENSEN

In 2014, one of downtown’s most prominent chefs and restaurateurs received the highest culinary award in the country with the James Beard Award for Best Chef in the Southeast going to Ashley Christensen, who owns five establishments downtown with Poole’s Diner, Beasley’s Chicken + Honey, Chuck’s, Joule Coffee & Table, and Fox Liquor Bar. Later this year, Christensen will add to her downtown empire with the opening of Death and Taxes and Bridge Club in a restored, historic building.

DRA’s Downtown Raleigh Restaurant Week attracted over 16,000 diners to downtown, increased online reservations by 61% and generated nearly $300,000 in restaurant revenue .

RYE BAR

LUCETTEGRACE

This past year saw the addition of more local, authentic concepts like bakeries Lucettegrace, Boulted Bread, and Night Kitchen and Bakehouse; healthy fast-casual

HAPPY AND HALE

MOMENTUM | DOWNTOWN GAINS NEW DINING HOT SPOTS

TASTY 8’S

from Happy and Hale; coffee shop, Café De Los Muertos; gourmet hot dogs from Tasty 8’s, and southern cuisine from Rye Bar and Southern Kitchen.

The Glenwood South District gained a new anchor restaurant when Carolina Ale House opened their new location on Glenwood Avenue in early 2015. The 37,000 square foot establishment has enough seating for up to 200 diners to enjoy.

DINING + NIGHTLIFE

68 establishments feature outdoor dining connecting people with the street environment.

THE PIT

MORNING TIMES

ZINDA

BEASLEY’S

Another acclaimed restaurant group, Empire Eats, brings thousands of visitors to downtown with a wide range of cuisines including Lebanese at Sitti, Italian at Gravy, North Carolina BBQ at The Pit, and neighborhood gathering spots at The Raleigh Times and Morning Times. Additionally, Eschelon Experiences has contributed to the revitalization of downtown through several of its restaurants, including Zinda and The Oxford on Fayetteville Street.

MOMENTUM | FOOD AND BEVERAGE TAX REVENUE: 2013 VS. 2014

GROWTH | PERCENT GAIN IN TAX REVENUE BY DISTRICT: 2013 VS. 2014

Downtown’s success as a dining and nightlife destination is evident in the rising food and beverage tax revenue generated downtown, which was up 10.46% in 2014 over the previous year.

Moore Square District experienced the largest year to year gain in food and beverage tax revenue with a 15.45% increase in 2014, showing new vibrancy in this rapidly growing downtown district.

18%

$1.8

Dollars (in millions)

16% $1.7

14% 12%

$1.6

10% $1.5

8% 6%

$1.4

4% $1.3

2% 0%

$1.2 2013 [ SOURCE: Wake County Tax Assessor ]

2014

Glenwood South

Fayetteville Street

[ SOURCE: Wake County Tax Assessor ]

Moore Square

Warehouse

NIGHTLIFE Downtown Raleigh’s nightlife has been thriving for years and has become well known in the area. It is home to craft beer breweries, such as Crank Arm, Trophy, Natty Greene’s, and Clouds; classy cocktail lounges; dive bars; and has some of the best beer bars in the country like Busy Bee Café and The Raleigh Times, according to DRAFT Magazine. In recent months, downtown nightlife experiences have

expanded by adding two new “barcades” which combine bars with video game arcades to provide a fun experience for millennials seeking a nostalgia trip. The Raleigh Mix is a nightlife promotion produced by DRA in the summer that brings over 20,000 patrons to downtown’s bars and clubs and saw a 55% increase in participating merchants this past year.

The New York Times, Washington Post, Wall Street Journal, Garden and Gun, Huffington Post, and Southern Living have brought national attention to downtown’s restaurant and nightlife scene. Hospitality District Residents and merchants came together in Glenwood South to form a hospitality district that includes a noise ordinance, which promotes communication and

cooperation between business owners and residents. This ordinance will help nightlife co-exist with residents and keep this district a growing and vibrant part of downtown. DINING + NIGHTLIFE

ÂŠ Tierney Farrell

TOURISM

Downtown Raleigh is home to some of the state’s largest attractions and events. Each year, downtown hosts millions of visitors at a diverse array of museums, festivals, music venues, and art galleries. From bluegrass to electronica, historic attractions to contemporary art, downtown Raleigh has something for every kind of visitor.

TOP DOWNTOWN EVENTS Downtown Raleigh hosted over 600,000 people at over 180 outdoor festivals and events held in 2014, ranging from holiday celebrations to music festivals to art and design events. Some of downtown’s largest events include: IBMA World of Bluegrass, Capital City Bikefest, “The ‘Works” 4th of July Celebration, First Friday (monthly), WRAL Christmas Parade, First Night Raleigh, Hopscotch, Artsplosure, SPARKcon, and the African American Festival.

Downtown Raleigh hosted over 3.4 million visitors at its top 15 downtown attractions in 2014.

TOP DOWNTOWN ATTRACTIONS

VISITORS

NC MUSEUM OF NATURAL SCIENCES

973,738

MARBLES KIDS MUSEUM/WELLS FARGO IMAX® THEATRE

644,013

RALEIGH CONVENTION CENTER

493,701

DUKE ENERGY CENTER FOR THE PERFORMING ARTS

390,819

NC MUSEUM OF HISTORY

335,861

NC STATE CAPITOL

111,356

Festivals

RED HAT AMPHITHEATER

111,295

in downtown in 2014

ARTSPACE

92,908

180 outdoor

Events and

The Raleigh Convention Center (RCC) hosts thousands of tourists at 150+ conventions each year. In 2014, RCC saw a 47% increase in visitors over 2013. The 500,000 square foot state-of-the-art building is LEED certified with a 500 kilowatt solar energy system.

SOURCES: Greater Raleigh Convention and Visitors Bureau, Red Hat Amphitheater

TOURISM

Raleigh Convention Center The Raleigh Convention Center had a banner year with a 47% increase in visitors in 2014 versus 2013. Nearly 500,000 people attended conventions and events at the facility. Built in 2008, the convention center has: • • • • •

500,000 total square feet 150,000 square foot exhibit hall 32,620 square foot ballroom 32,600 square feet of meeting rooms 500 kilowatt solar energy system, comprised of 2,080 panels, producing more than 725,000 kilowatt hours of electricity

IBMA World of Bluegrass The International Bluegrass Music Association (IBMA) held their annual convention in downtown Raleigh for the second year in a row. The convention and accompanying music festival brought 180,000 people to downtown, a 29% increase over the previous year’s attendance. The Greater Raleigh Convention and Visitors Bureau estimates the event created: • $10.8 million in direct visitor spending, up 16% from 2013 • Boosted area hotel rooms reserved by 15% to 23,000 • Brought an estimated 88,000 attendees from outside Wake County, up 5% from previous year

Largest event in Raleigh’s history: 180,000 attendees for IBMA World of Bluegrass festival with 29% increase over 2013 Hotels Downtown Raleigh hotels improved in every metric in 2014, demonstrating a growing visitor base and increasing demand for hotels in Raleigh’s CBD. Furthermore, downtown’s hotel market growth outperformed Wake County as a whole, according to STR Global. • • • •

Downtown has 1,127 hotel rooms Hotel room occupancy: 67.6%, up 11.2% over 2013 Average daily room rate was $136.33, up 7% compared to 2013 Revenue per room saw a 19% increase to $92.14 per room

2014 GROWTH | HOTEL MARKET PERFORMANCE

11.2% increase in

Hotel Room Occupancy over 2013

Downtown Raleigh

Wake County

20%

15%

10%

0% Hotel Room Occupancy Growth

Average Daily Room Rate Growth

Revenue Per Room Growth

Note: Applies to four hotels: Marriott, Sheraton, Holiday Inn, and Hampton Inn, which comprise 95% (1,072 rooms) in downtown market. SOURCE: STR Global, News and Observer

TOURISM

ÂŠ Tierney Farrell

ARTS + CULTURE Downtown Raleigh is a center of arts and culture for the city and region with over 40 art galleries and arts organizations, entertainment venues and performance groups based in downtown. The arts and culture community has been a driving force in downtown’s revitalization, bringing thousands of people to downtown and providing a diverse and unique dynamic to downtown Raleigh.

The arts and cultural sector is an important economic driver for downtown and the city, as the arts generate $143.5 million in economic activity in Raleigh, which supports 5,699 full-time jobs and creates $109.3 million in household income for residents in the region.¹ Downtown is home to a wide range of institutions,

venues, and organizations from the Contemporary Art Museum and Mahler Fine Art Gallery to events such as Artsplosure and SPARKcon to performance venues like The Lincoln Theatre and Duke Energy Center for the Performing Arts. All of these bring energy and vitality to downtown and Raleigh.

The arts generate $143.5 million in economic activity, supporting 5,699 full-time jobs and creating $109.3 million in household income for local residents.¹ MUSIC In recent years, downtown Raleigh has emerged as a destination for live music with festivals, large outdoor shows, concert halls and theaters, along with intimate clubs all over downtown. The area is home to a range of venues from the Duke Energy Center for the Performing Arts, which contains four different theaters and auditoriums to the outdoor venue Red Hat Amphitheater, which hosts thousands of visitors each year to concerts from nationally-renowned acts. Downtown also has a strong stable of smaller music venues, including The Lincoln Theatre, The Pour House Music Hall, Kings, Southland Ballroom, Slim’s Downtown, Deep South The Bar, Tir na nOg, C. Grace, and others. Any night of the week, music fans can find everything from hip hop to heavy metal to experimental electronica, jazz, and rock and roll. Downtown Raleigh also hosts some of the premiere music festivals in the region. In addition to the massively successful and well-attended IBMA World of Bluegrass festival, Hopscotch Music Festival brings thousands of music fans downtown every year for three days to see over 140 bands, including

experimental and underground artists, at venues across downtown. Additionally, 40% of performers at Hopscotch are from the state of North Carolina. Hopscotch Music Festival was named one of Rolling Stone magazine’s “Must-See Music Festivals in 2014.” Other festivals include the Oak City 7 and Pickin’ in the Plaza, both of which are located on City Plaza, and alternate every Thursday in the summer. Many other festivals, such as Artsplosure and SPARKcon, take place downtown and provide exposure for the Triangle’s strong and diverse local music scene. Downtown Raleigh is also home to an emerging music scene of its own. Local band American Aquarium hosted its new record release shows over two sold-out nights at The Lincoln Theatre and created a map on social media of the band’s favorite restaurants and bars in downtown. The new record was streamed online at Wall Street Journal and received critical praise.

Local circus arts company Cirque de Vol performs in the Lichtin Plaza area in front of the Duke Energy Center for the Performing Arts.

¹ Arts and Economic Prosperity IV: The Economic Impact of Nonprofit Arts and Culture Organizations and Their Audiences in the City of Raleigh, North Carolina, 2013

ARTS + CULTURE

band. Every night, every show, we start off by saying "We're American Aquarium from Raleigh, North Carolina.” I've lived downtown for seven years now and have really enjoyed becoming a part of such a diverse community. Whether it’s the food, the bar scene, or the museums, there is always something to do." - BJ Barham, American Aquarium

"Raleigh is one of the first things our fans think about when they think about the

RED HAT AMPHITHEATER Opened in 2010 and located in the heart of downtown, Red Hat Amphitheater stands out among outdoor venues in the region due to its stunning skyline views and location among all the restaurants and nightlife in downtown Raleigh. The venue hosted over 111,000

visitors last year at 33 events between April and October, which included nationally known touring acts like Beck, John Legend, Widespread Panic, Ray LaMontagne, and Counting Crows, among many others.

DUKE ENERGY CENTER FOR THE PERFORMING ARTS Anchoring the southern end of Fayetteville Street, the Duke Energy Center for the Performing Arts hosted 600 events in 2014 with nearly 400,000 attendees. Combining the historic Raleigh Memorial Auditorium with three modern venues, the center hosted everything from bluegrass and pop music to Broadway and ballet. This facility includes: • Meymandi Concert Hall: 81,000 square feet, 1,750 seats • Raleigh Memorial Auditorium: 88,000 square feet, 2,251 seats • Fletcher Opera Theater: 36,000 square feet, 600 seats • Kennedy Theater: Experimental Theater, 170 seats In 2015, the performing arts center will receive $10 million in upgrades and renovations such as new lighting, rebuilt concessions area, safety systems, and new paint throughout the building, as part of an ongoing $17.7 million renovation plan, which began last year. North Carolina Theatre Based at the Duke Energy Center for the Performing Arts, the Theatre seeks to build community and interest in the arts through high-quality theatre productions with both local and national talent.

North Carolina Symphony Founded in 1932, the North Carolina Symphony is a full time, professional orchestra with a reputation for innovative programming and collaborative projects. Based at Meymandi Concert Hall at the Duke Energy Center for the Performing Arts, the NC Symphony performs 175 shows a year throughout the state and provides an extensive educational program to children all over North Carolina. Carolina Ballet Carolina Ballet has staged over 80 world premiere ballets, toured internationally, and performs frequently at the Duke Energy Center for the Performing Arts. The company performs a broad array of ballet from newly commissioned works to traditional classics. North Carolina Opera Dedicated to presenting high-level operatic performances to the Triangle, North Carolina Opera brings international level artists to downtown Raleigh through a wide-ranging repertoire from Mozart to Philip Glass.

ARTS + CULTURE

A SAMPLING OF THE ARTS CAM Raleigh (Contemporary Art Museum) Opened in a spectacular space in 2011 and located in a renovated warehouse in the Warehouse District, CAM Raleigh exhibits works in emerging and new areas of art with the goal of stimulating creative thinking in the community. CAM Raleigh shows works in a wide variety of mediums that both educate and challenge visitors.

SPARKcon Started as a grassroots initiative, SPARKcon is a three-day interdisciplinary festival of art, design, music, film, fashion, poetry, food, theatre, and ideas, which is meant to support emerging artists and creative movements. The annual celebration has showcased the cultural richness of downtown since 2006.

#3 Best Up and Coming Cities for Art and Culture - Womenâ&#x20AC;&#x2122;s Health, September 2014

First Friday Gallery Walk A staple of downtown for more than two decades now, over 15,000 people come downtown on the first Friday of each month to sample downtownâ&#x20AC;&#x2122;s art galleries, museums, stores and alternative art studios, many of which stay open late for attendees.

Artsplosure Since its first festival in 1980, Artsplosure has presented numerous festivals and outdoor programs featuring thousands of established or emerging visual, performing, and interdisciplinary artists with the goals of bringing recognition and exposure to a wide range of artists and continuing to elevate the arts community of Raleigh.

Raleigh Arts Plan In 2014, the City of Raleigh began a process for creating a 10-year community plan to strengthen the arts and culture in the city. The purpose of the plan is to articulate a shared vision and goals for improving the cultural life of the community, including increasing support and participation in the arts, as well as nurturing creativity and opportunities to live creatively in Raleigh. The plan is currently in development after an extensive public engagement process and will be prepared for review by the public and adoption by Raleigh City Council later this year.

ARTS + CULTURE

ÂŠ Stuart Jones

CONNECTIVITY + SUSTAINABILITY Downtown Raleigh is becoming a center for connectivity and sustainability in the Triangle. Downtown is the most walkable part of the Triangle and includes a transportation network with over 30 bus routes and train service with a new multi-modal station breaking ground this year. New buildings in downtown are receiving LEED certification, which makes them more environmentally friendly and energy efficient, while Raleigh is becoming a leader in solar panel usage. More parks and greenspace in downtown are being planned or renovated. Plus, downtown is home to a growing local food and urban farm movement, which helps make downtown a more sustainable and healthier community.

RIDERSHIP | BUS TRIPS BY BLOCK Downtown is the hub for Raleigh’s transportation system. Moore Square Transit Center accounts for approximately 28% of all weekday boardings/alightings in the GoRaleigh (formerly CAT) system. Each pillar in this graphic shows the total weekday trips by person passing by each individual block of downtown to give a sense of downtown's transit accessibility.¹

Moore Square Capital Fayetteville Street Warehouse Glenwood South

Urban farm startup Raleigh City Farm planted rows of arugula in the spring as part of downtown’s emerging local food movement. This community-supported farm grows food and encourages new urban farms and farm entrepreneurs.

¹Capital Area Transit Short Range Transit Plan 2012, Graphic by Ian Hamilton

CONNECTIVITY + SUSTAINABILITY

TRANSPORTATION HUB Downtown Raleigh is a transportation hub for the region, moving thousands of residents, visitors, and employees every year. Public transit, street infrastructure, bike lanes, extensive sidewalks, charging stations, and thousands of parking spots allow for residents and visitors to access downtown in numerous ways. Downtown Raleigh is poised to continue to improve its accessibility and mobility

with new investments in a multi-modal station, corridor improvements, additional bike lanes, conversion of oneway streets, and the potential for increased mass transit in the future through the Wake County Transit Plan. With the existing infrastructure and new investments, downtown Raleigh will become a gateway for transportation at a local, regional, and national level.

Over 250,000 riders took advantage of the R-LINE in 2014, downtown’s FREE circulator featuring hybrid buses.¹ •O ver 30 bus routes connecting to other parts of the city, county, and region • The R-LINE: downtown’s free circulator service, which features hybrid buses that connect all of downtown’s districts, had over 250,000 riders in 2014¹

•A mtrak passenger train service to other cities in the state, region, and U.S. • 35,000 parking spaces to handle large crowds, residents, workers, and visitors

Biking Downtown Raleigh’s bike infrastructure has increased considerably over the past few years with more bike lanes, racks and corrals being constructed. Downtown now has 135 bike racks with capacity for 460 bikes. New bike lanes are being constructed throughout downtown, as part of projects like the Blount and Person Street corridor improvements. Other improvements include the Art to Heart corridor, which connects downtown to the North Carolina Museum of Art and current consideration of a Bike Share program, which would feature stations throughout downtown and has been deemed feasible by a recent study.²

Parking Downtown has more than 35,000 parking spaces spread across decks, surface lots and streets with a 60% average occupancy rate during weekdays in downtown’s parking garages. Downtown Raleigh’s monthly parking rate is 36% below the U.S. national average, according to a 2012 report. Nightlife in downtown benefits from 8,200 free parking spaces in city-owned decks in addition to 1,200 spaces on the street, which are free after 5pm and on weekends. Coming later in 2015, a downtown app will help direct drivers to available decks and improve efficiency in finding parking downtown.

¹City of Raleigh ²Colliers International, Central Business District Parking Rate Survey 2012

WALK SCORE | DOWNTOWN RALEIGH HIGHEST IN TRIANGLE REGION

DOWNTOWN DURHAM

DOWNTOWN RALEIGH

DOWNTOWN CHAPEL HILL

AVERAGE OF CITIES IN TRIANGLE

Walkability Downtown Raleigh is the most walkable area in the Triangle, where residents, employees, and visitors can easily access transit, restaurants, nightlife, services, retail, and destinations all while on foot. The city is continuing improvements in ADA compliant curb ramps and pedestrian signals throughout downtown. Downtown Raleigh’s average walk score is more than 55 points higher than the Triangle average. The region’s three largest downtowns are highly walkable and provide access to offices, stores, restaurants, nightlife, and transit all on foot.

Driving Downtown is located at the intersection of 10 major citywide arterial streets, which makes downtown accessible from every direction. I-40 runs south of downtown, while major streets quickly carry traffic out of the central business district. The state is moving forward on a massive reshaping of downtown’s northern gateway with replacements of bridges and interchanges along Capital Boulevard at Peace Street and Wade Avenue, which should ease rush-hour traffic and improve automobile flow through the area.

Flying Downtown Raleigh is served by Raleigh-Durham International airport (RDU) with 400 flights daily on eight major airlines to nearly 40 non-stop destinations. Located just 20 minutes from downtown, the airport offers nonstop service to London, San Francisco, Los Angeles, Miami, Atlanta, Chicago, New York, and Washington, along with many other cities.

SOURCE: walkscore.com. Average of each community and downtowns (or corresponding zip codes), based on Walk Score’s criteria of walkability and access.

CONNECTIVITY + SUSTAINABILITY

WEST STATION ENTRY

FUTURE TRANSPORTATION INVESTMENTS + INITIATIVES Downtownâ&#x20AC;&#x2122;s connectivity and transportation infrastructure will continue to improve through major investments over the next few years:

Raleigh Union Station Construction is set to begin in 2015 on Raleigh Union Station, which is a $79.8 million multi-modal station that will host bus and train service and possible additional mass transit and high speed rail in the future.

Wake County Transit Plan Citizens and leaders in Wake County are discussing possible enhancements to mass transit, as the county expects to welcome substantial population growth over the next two decades. The Wake County Transit Choices Report, authored by Jarret Walker & Associates and Kimley-Horn & Associates, provided some context and assessment of Wake Countyâ&#x20AC;&#x2122;s current infrastructure and potential needs. Over the past few months, consultants have developed corridor analysis, governance framework, financing models, investment strategies, and tradeoffs for various transit alternatives, which will be unveiled and discussed publicly in spring 2015 with the goal of a recommendation for transit coming later in the year. Blount Street/Person Street Corridor Plan These heavily trafficked corridors will receive new bicycle lanes, reconfigured on-street parking, altered intersections and traffic flow, and other streetscape improvements to make these streets more attractive to all users.

Peace Street/Wade Avenue Bridge Replacements on Capital Boulevard NC Department of Transportation will replace bridges on Capital Boulevard at Peace Street and Wade Avenue, as well as reconfigure those interchanges. This project is estimated to cost between $40-$74 million and start with property acquisition in 2015 and construction in 2016.

Bike Share The City of Raleigh is exploring the feasibility of bringing a bike share system to Raleigh, which would include stations throughout downtown for short-term bicycle use, as well as connecting downtown with other parts of the city. The city is currently examining various funding and implementation options to determine the best plan for Raleigh.

Conversion of One-Way Streets Several streets in downtown are being converted from one-way to two-way traffic, which reduces confusion for drivers, increases safety for pedestrians, and improves visibility and access for storefront businesses. Lenoir and South streets are currently being converted with city leaders considering future conversion of Jones and Lane streets.

Downtown App DRA, the City of Raleigh, and other partners are currently working on a downtown app, which could provide parking maps and help improve parking accessibility in downtown to make downtown an even more attractive destination.

CONNECTIVITY + SUSTAINABILITY

SUSTAINABILITY Downtown Raleigh is becoming a leader in sustainability. In addition to walkability and transit, downtown boasts a substantial amount of greenspace, numerous energy efficiency initiatives, and a growing urban food system movement.

Parks and Greenspace: Downtown Raleigh has a strong system of parks and greenspace, which is being enhanced with renovations and new parks in the near future. The downtown area’s park space includes historic squares, an expansive mall, recreation fields, and a greenway. •O ver 100 acres of public park space within one mile of downtown • 10 parks within one mile of downtown • 110 miles of greenway in Raleigh

The future of downtown’s greenspace is bright with projects already underway and more planned in the Downtown Experience Plan: •M oore Square Renovation: A $12.5 million renovation of one of Raleigh’s original, historic squares, which will provide a world-class public space for downtown. Construction begins in 2016.

•M arket and Exchange Plazas Renovation: $2 million renovation of two plazas connecting Fayetteville and Wilmington streets to provide small areas of rest in the bustle of downtown’s core with construction expected to begin in 2015. •D evereux Meadows: A future park planned for a flood basin on the northern end of downtown, which will provide much-needed greenspace near the growing Glenwood South District. •C havis Park Renovation: Located just east of downtown, this 28 acre park, featuring a carousel, swimming pool, nature trail, and athletic field, will receive a $12.5 million renovation. •D orothea Dix Park: The City of Raleigh and state of North Carolina have reached a preliminary agreement for the city to purchase 308 acres of the former Dorothea Dix psychiatric hospital campus on the southern end of downtown, which would provide the city and downtown with a destination park.

ON THE MAP | GREEN AND CIVIC SPACE NETWORK

HALIFAX COMMUNITY CENTER & PARK

FRED FLETCHER PARK

FUTURE DEVEREUX MEADOWS

MORDECAI HISTORIC PARK

RALEIGH CITY FARM

HALIFAX MALL

OAKWOOD CEMETERY

NC MUSEUM OF NATURAL SCIENCES NC MUSEUM OF HISTORY PULLEN PARK

MARBLES KIDS MUSEUM

NASH SQUARE

CITY CEMETERY

MOORE SQUARE

CAM

DIX SPORTS FIELDS

RED HAT AMPHITHEATER

LENOIR ST PARK

CITY PLAZA

DUKE ENERGY CENTER FOR THE PERFORMING ARTS

Green Space

Plaza

Greenway or On-street Bicycle Link

SOURCES: Sasaki Associates, City of Raleigh

Campus

CHAVIS PARK

Museum or other Civic Building

Creek

CONNECTIVITY + SUSTAINABILITY

ENERGY + FOOD SYSTEMS Energy •L EED Certification: Numerous new buildings in downtown are being constructed to LEED standards, such as the Citrix building which received LEED Gold certification and Charter Square, which will be LEED Platinum. These buildings will be more environmentally friendly and energy efficient. •S olar: Raleigh is becoming a leader in solar panel installation and was recently ranked one of the top 20 solar cities in the country based on capacity and installation.¹ • Charging Stations: Downtown Raleigh is a leader in electric vehicle infrastructure with 11 public charging stations located throughout downtown, which offset CO2 emissions and reduces gasoline use.

Urban Food System Downtown Raleigh is home to an emerging local food and urban farm movement. Food security and access to fresh food is an important aspect of building a true live-workplay community in downtown and helps residents remain healthy and connected to the land. In addition to public health benefits, local food systems and urban farms and gardens have economic impacts, which make downtown neighborhoods more attractive places to live. Downtown is home to several educational gardens at locations like Marbles Kids Museum and Moore Square Magnet Middle School. Additionally, three farmers markets take place in downtown with several more nearby, providing access to fresh produce for downtown residents and workers. Numerous other efforts are underway by groups like Community Food Lab and many others to improve the local food system by providing fresh food to underprivileged populations, mapping edibles, and teaching residents about farms and gardens.

Raleigh City Farm The Raleigh City Farm is an urban farm startup in downtown Raleigh and an anchor of downtown’s emerging local food movement. This community-supported farm grows food and encourages new urban farms and farm entrepreneurs, as part of improving access to fresh food and small-scale urban agriculture for downtown residents. Produce from this farm is purchased and used by local restaurants in downtown, as well as sold directly to neighbors and residents through a Community Supported Agriculture (CSA) farmshare, a farmers market, and farm stand. Raleigh City Farm also helps rural farms access the downtown market by helping sell their products, thus, improving urban-rural food connections and access to even more fresh food. The farm has contributed to the revitalization of the nearby Person Street Plaza and surrounding neighborhood, which was named by USA Today as one of the “10 Best Up and Coming Neighborhoods around the U.S.”

Raleigh Food Corridor This initiative attempts to build off the local food cluster emerging in a two-mile stretch along the east side of downtown. The goal is to engage the community and create a dialogue about building a dense food system in downtown, which can bring food security, economic development, and public health benefits to the downtown community.

Raleigh Downtown Farmers Market Each Wednesday from May-September, DRA brings the Raleigh Downtown Farmers Market to City Plaza in the heart of downtown, featuring over 30 vendors selling fresh produce and locally made goods. On average, over 3,000 people attend the Market every week to take a break from work and enjoy the festive atmosphere and support local farms and businesses.

¹ Environment North Carolina, “Shining Cities: At the Forefront of America’s Solar Energy Revolution”, April 2014.

CONNECTIVITY + SUSTAINABILITY

ÂŠ Tierney Farrell

DRA IMPACT The Downtown Raleigh Alliance (DRA) has established a strong track record for positioning downtown as an economic engine for the city. As stated in the DRA mission, we provide services on a day-to-day basis that have both a short-term and long-term impact on downtown’s revitalization. The services include: Safety, Hospitality, and Clean Ambassadors; Strategic Branding and Community Communications; Special Events Production; Retail Attraction and Merchant Promotions; Strategic Partnerships and Stakeholder Engagement; and Strategic Planning.

Downtown Raleigh’s Clean & Safe Program A clean and safe downtown attracts more investors, enhances the image of the entire city and plays a major role in revitalization. DRA utilizes 36% of its overall budget to fund the Clean and Safe Ambassador Program. The Ambassador Clean Team contributes by picking up litter, removing graffiti, and performing special maintenance projects. In 2014, DRA purchased two clean machines and added Sunday cleaning services.

The Ambassador Safety Team creates positive experiences for downtown Raleigh visitors and residents. The team serves as the additional eyes and ears for the City of Raleigh police in downtown by patrolling streets and sidewalks seven days a week. They also act as safety escorts and provide directions to visitors. The ambassadors also address quality of life issues, such as deterring aggressive panhandling, and providing parking deck security.

According to the Downtown Raleigh Stakeholder Perception Survey, over 77% of stakeholders find downtown clean and over 84% of stakeholders find downtown safe.

25,140 pounds of trash removed by the new Clean Machines alone in just four months in 2014

equals the weight of

2 adult male elephants

Safety Ambassadors spent

7,000+ hours

patrolling nine parking decks and four surface lots in 2014

In 2014, the DRA Board of Directors approved an increase in funding towards the clean program to purchase new clean machines and add ambassadors to provide Sunday cleaning services for the first time in the program’s history. These changes demonstrate the Clean Team’s dedication to keeping up with our growing downtown.

DRA IMPACT

RALEIGH WINTERFEST

DOWNTOWN RALEIGH MOVIE SERIES

RALEIGH MIX

MEET DOWNTOWN

RALEIGH DOWNTOWN FARMERS MARKET

2014 IMPACT An Attractive Downtown • 69,520 pounds of trash removed by the Ambassador Clean Team and the clean machines combined • 170% increase in trash pickup with new clean machines • 140% increase in number of blocks cleaned

A Friendly Downtown • 7,000+ hours patrolling nine parking decks and four surface lots • 5,400+ hospitality assists • 1,639 safety escorts provided

A Vibrant Downtown • 5 major merchant programs to promote downtown merchants (First Friday Raleigh Art Gallery Walk, Downtown Raleigh Gift Card, Downtown Raleigh Restaurant Week, Shop Downtown Raleigh, and Raleigh Mix) • 80% of downtown merchants participate in at least one of the five programs • 1,686 gift cards sold to downtown supporters

An Engaging Downtown • 8,600,000 pageviews on DRA websites • 67,784 social media followers • 16,000 subscribers for DRA e-newsletters

2014-2015 COMBINED BUDGETED EXPENSES

7% SB

A Memorable Downtown • 150,000+ visitors attended DRA Outdoor Events (Raleigh Winterfest, Downtown Raleigh Movie Series and Raleigh Downtown Farmers Market) • 18,000+ ice skaters visited the downtown Ice Rink • $200,000+ in vendor sales on local agriculture and artisan food products at the Raleigh Downtown Farmers Market

A Prosperous Downtown • 36 street-level businesses opened • 95% of new businesses are locally owned and independent • 35% increase in soft goods and specialty gift retailers since 2010

A Connected Downtown • 431 dues-paying members • 1,850+ attendees at networking events • 12 grand-opening ribbon cutting ceremonies

A Collaborative Downtown • 4 downtown districts benefited from DRA community organizing initiatives • 6 downtown events and programs sponsored by DRA • 14 downtown events and programs benefited from tailored promotions from DRA

2014-2015 COMBINED BUDGETED REVENUES

6% SP

5% MD

36% SH

9% RA

19% CS

50% PA

10% SE

32% AO

26% FS

Safety, Hospitality + Clean (SH)

Property Assessment (PA)

Advocacy + Operations (AO)

Fee for Service (FS)

Special Events Production (SE)

Corporate Sponsorships (CS)

Retail Attraction + Merchant Programs (RA)

Member Dues (MD)

Strategic Branding + Community Communications (SB) Strategic Partnerships + Stakeholder Engagement (SP) DRA IMPACT

DRA BOARD ACKNOWLEDGEMENTS

OFFICERS + EXECUTIVE COMMITTEE

BOARD OF DIRECTORS

Rebecca Quinn-Wolf Chair PNC

Mary-Ann Baldwin (Ex-Officio) City of Raleigh

Chad T. Lefteris Rex Healthcare

Pam Blondin Deco Raleigh

J. Rich Leonard Campbell University School of Law

Clymer Cease, Jr. Clark Nexsen

D. O’Hara Macken Ipreo

Ashley Christensen AC Restaurants

David Meeker Downtown Raleigh Resident, West at North Condominiums

Jason Smith Treasurer/Chair-Elect 18 Seaboard Restaurant Thomas S. Hill III Immediate Past Chair Highwoods Properties Sharon Moe Secretary North State Bank

Marty Clayton Duke Energy Leon Cox Sheraton Raleigh Hotel

Joseph “Bo” Dempster, Jr. Legal Counsel Poyner Spruill

Sally Edwards Marbles Kids Museum/IMAX Theatre

Jill Wells Heath At-Large Mulkey Engineers & Consultants

Gaddis Faulcon Shaw University

Jon Wilson At-Large Kimley-Horn and Associates, Inc.

Sue Glennon Hampton Inn & Suites Hotel at Glenwood South

David A. Diaz (Ex-Officio) President + CEO Downtown Raleigh Alliance

Ruffin Hall (Ex-Officio) City of Raleigh Jim Hartmann Wake County Kathy Higgins Blue Cross and Blue Shield of NC

Sarah Powers Visual Art Exchange Gregg Sandreuter Hamilton Merritt Harvey Schmitt (Ex-Officio) Greater Raleigh Chamber of Commerce Nate Spilker Citrix Josh Stein (Ex-Officio) NC General Assembly Andrew Stewart Empire Properties Anthony Tata (Ex-Officio) NC Department of Transportation Caroline F. Welch WTVD-TV/ABC 11

Andy Holland Wells Fargo Bank

DRA STAFF Jean Carroll Special Events Coordinator

Bill King Planning + Development Manager

Stacey Simeone Graphic Designer

Roxanne Coffey Office Manager

Carla Laird Marketing + Communications Manager

Stephanie Wilser Bookkeeper

David A. Diaz President + CEO

Lacie Lindstaedt Director of Communications + Membership

Kimberley Jones Assistant to the President

Ashley Melville Merchant Benefits Manager

American Aquarium American Underground Americans for the Arts Artsplosure Avison Young Campbell University School of Law Capital Area Metropolitan Planning Organization Capital Area Transit Authority Carolina Ballet CBRE Chris Mears, State of North Carolina Cirque de Vol Citrix Systems, Inc. City of Raleigh: Planning & Development; Urban Design Center; Parks and Recreation; Public Works; Office of Sustainability; Office of Transportation and Planning Colliers International David Langley, City of Raleigh David Meeker Downtown Living Advocates Downtown Raleigh Alliance DTZ Americas Dun and Bradstreet Erin White, Community Food Lab ESRI Grant Meacci, City of Raleigh Greater Raleigh Chamber of Commerce Greater Raleigh Convention and Visitors Bureau Hibernian HQ Raleigh Ian Hamilton Integra Realty Resources Ipreo JDavis Architects JLL Julie Brackenbury, Greater Raleigh Convention and Visitors Bureau Kelly Maness, Greater Raleigh Chamber of Commerce Kwelia Kyle Vangel, HR&A Advisors Loren Gold, Greater Raleigh Convention and Visitors Bureau M. Scott Smith, Integra Realty Resources Marcus Kinrade, Wake County Revenue Director McClatchy Interactive News & Observer North Carolina Opera North Carolina Theatre Raleigh City Farm Raleigh Convention Center Raleigh-Durham Airport Authority Sasaki Associates Shaw University STR Global State of North Carolina Office of State Human Resources Taylor Traversari, Red Hat Amphitheater Tech Crunch Triangle Business Journal Tricia Hasch, City of Raleigh U.S. Bureau of Labor Statistics U.S. Census Bureau Wake County: GIS, Revenue Department Walk Score WalletHub Graphic Design: Stacey Simeone For errata visit: www.YouRHere.com

DRA MISSION

The Downtown Raleigh Alliance is an award-winning nonprofit organization whose mission is to continue the revitalization of Raleigh’s downtown by enhancing its quality of life and contributing to its economic success. On a day-to-day basis, DRA provides six core services that have a short-term and long-term impact on downtown: 1. SAFETY, HOSPITALITY + CLEAN AMBASSADORS 2. STRATEGIC BRANDING + COMMUNITY COMMUNICATIONS 3. SPECIAL EVENTS PRODUCTION 4. RETAIL ATTRACTION + MERCHANT PROMOTIONS 5. STRATEGIC PARTNERSHIPS + STAKEHOLDER ENGAGEMENT 6. STRATEGIC PLANNING

ARTS + CULTURE

COVER PHOTO BY TRAVIS JACK, FLYBOY PHOTOGRAPHY

PRODUCED BY:

120 S Wilmington Street, Suite 103 • Raleigh, NC 27601 • www.YouRHere.com • info@downtownraleigh.org • 919.832.1231