RALEIGH, N.C.--(BUSINESS WIRE)--Jamestown, a national leader in adaptive reuse projects, and Raleigh-based developer Grubb Ventures, today announced a new joint venture (JV) partnership to create Raleigh Iron Works, a dynamic mixed-use destination at the crossroads of Raleigh’s Five Points, Person Street, and Mordecai neighborhoods. The first phase of this multi-phase adaptive reuse project connects to Raleigh’s historic roots by combining the new with the old to create nearly 500K SF of creative office space, 90K+ SF of retail, and 220 residential units.
“While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA,” said Michael Phillips, President of Jamestown. “Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive.”
The initial phase of the project, valued at more than $150M, includes the renovation of historic steel mills and warehouses that were once part of Peden Steel, and a newly constructed seven-story multifamily building. The historic buildings will be repurposed into thoughtfully designed creative office and retail spaces, featuring original architectural details and distinctive finishes. The new residential building pays homage to historic Raleigh while offering modern luxury living with top-of-line amenities and services. Construction will begin in 2020 and continue through 2023 with plans for additional development.
”We are thrilled to be partnering with Jamestown to pioneer the new Iron Works district in Raleigh,” said Gordon Grubb, President of Grubb Ventures. “Our partnership with Jamestown, a national leader in adaptive reuse projects, is going to allow us to set a standard for creative class space in Raleigh unseen so far and create an iconic destination for residents and visitors alike.”
Raleigh Iron Works will serve as a community destination with a carefully curated mix of food and beverage options, boutiques, health and wellness, event and outdoor spaces, featuring regular activations including public events and performances. Jamestown will leverage its leadership in the culinary space and relationship with the James Beard Foundation to bring dynamic food offerings to the property. Raleigh Iron Works is located just minutes away from Downtown Raleigh and is surrounded by twelve colleges and universities in a thriving tech and research sector.
The development will build upon Grubb Ventures’ successful repositioning of Dock 1053, a 185K SF mixed-use creative community that features local retail, warehouse, office, and manufacturing space located across the street from Raleigh Iron Works. Grubb’s residential and office expertise and local track record combined with Jamestown’s leadership in creating popular adaptive reuse projects including Chelsea Market in New York and Ponce City Market in Atlanta, will bring new life into the City of Oaks.
Jamestown, LP was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Over the last 35+ years, Jamestown has grown its portfolio of assets in key markets throughout the U.S. and expanded its investment footprint to South America and Europe. Jamestown's capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability, and risk management. Jamestown has headquarters in Atlanta, GA and Cologne, Germany, and offices in New York, NY, Boston, MA, San Francisco, CA, Los Angeles, CA, Amsterdam, Netherlands, and Bogota, Colombia. For more information, visit www.jamestownlp.com.
About Grubb Ventures
In 2002, Gordon Grubb founded Grubb Ventures to focus on infill development in the dynamic Research Triangle Region. With its overall mission to “rethink, rebuild and renew,” Grubb Ventures capitalizes on the potential for improved land uses and density closer to the city’s core, as opposed to the sprawling development in the suburbs. Using in-depth local knowledge and contacts, the company has acquired, developed, or repositioned, a substantial portfolio of properties around the Raleigh MSA, with a total value over $500 million. For more information, visit www.grubbventures.com.