While many prominent new properties are being built across the Triangle, several of the region’s most notable planned developments still lack firm timelines for beginning construction.
Why it matters: Due to various factors — high interest rates, remote work, increased competition from other developers and the reluctance of banks to issue loans — many of the region’s largest projects are indefinitely on hold.
Below are some of the notable projects that have been delayed.
- This isn’t a comprehensive list. Some projects, such as Peebles’ proposal to redevelop the old four-acre Durham police HQ into a mixed-use campus featuring affordable housing and office space, are early in their planning phases and lack a firm timeline.
Downtown South
The prolific Raleigh developer Kane Realty’s ambitious Downtown South project still does not have a start date.
- If and when it does break ground, the project is expected to transform the southern gateway into downtown Raleigh, adding several high-rise towers filled with office space and apartments as well as a live music venue, restaurants and, maybe one day, a soccer stadium.
- However, Kane Realty, which has not yet responded to a request for comment, said it cannot begin construction on the large development until it secures financing.
Apple’s Research Triangle Park office
Perhaps the state’s most prized economic win since the pandemic, Apple’s planned Research Triangle Park was officially delayed last year, after company officials told the state they would need more time to meet its construction and hiring goals…