Raleigh Iron Works developer seeks to rezone another parcel along Capital Boulevard
One of the developers behind Raleigh Ironworks is requesting permission to build up to 20 stories along Capital Boulevard, just a mile down the road from its current project.
Raleigh-based Grubb Ventures filed a new rezoning application in March for 2499 Ratchford Drive, the Triangle Business Journal first reported.
The firm purchased the 3.5-acre lot, currently zoned for commercial mixed-use up to three stories near Interstate-440, for $5.9 million in January, according to Wake County deed records. It also owns the adjacent property at 2501 Ratchford, which it acquired for $9.5 million in October 2021. It’s already zoned for 20 stories.
Both sites, totaling roughly 10 acres, back out onto Crabtree Creek and Crabtree Creek Trail, along the Capital Boulevard corridor northeast of downtown Raleigh. They are currently occupied by car dealerships.
Grubb Ventures managing director Anne Stoddard wouldn’t disclose the firm’s long-term vision for the site.
“I’d rather not speculate,” she told The N&O in an email on Friday morning. “First, we don’t know yet how council will respond to our request. Second, we don’t know what the market conditions will be at that time.”
There are no immediate plans for development, she said. However, having side-by-side parcels both zoned for 20 stories “would provide greater flexibility in any eventual development.”
As for a timeline, she hopes to get the council’s approval sometime “this year.”
About a mile down the road, Grubb Ventures and its partner, Jamestown L.P., continue to work and sign new tenants at Raleigh Iron Works, a 19-acre “live-work-play” complex in the Capital Boulevard corridor northeast of downtown Raleigh. It’s projected to open fully sometime in 2023.
This story was originally published April 14, 2023 at 2:09 PM with the headline "Raleigh Iron Works developer seeks to rezone another parcel along Capital Boulevard."
