For Immediate Release: July 26, 2019
Media contact: Katie Bailey, Communications Director
email@example.com | 919.821.6986
Downtown Raleigh Alliance Releases Q2-2019 Economic Development Report
RALEIGH, NC (July 25, 2019) – The Downtown Raleigh Alliance (DRA) has released its Q2-2019 Economic Development Report for Downtown Raleigh. April was the highest food and beverage sales month in downtown history with $23.7 million in sales. The Warehouse District food and beverage sales are up 63% in the first half of 2019 and were up 74% in Q2-2019 versus Q2-2018.
“Downtown Raleigh is now seeing record growth with the second quarter’s food and beverage sales and more than $2.1 billion in development projects delivered, under construction, or planned,” said DRA President and CEO Bill King. “With this upward growth, downtown Raleigh continues to evolve into a more vibrant and dynamic district for its residents, workers, and visitors alike.”
Additional highlights from the report include:
Downtown Raleigh has $474 million in construction projects currently underway with another $701 million proposed. And there is an additional $200 million in public projects.
Phase II of the Smoky Hollow project in Glenwood South has begun construction, which will bring approximately 225,000 square feet of office space and 283 housing units. Tower II at Bloc 83 also began construction and will bring 271,000 square feet of office space to the market. One Glenwood, a Class A office tower, delivered and is more than 96% leased. Overall office occupancy downtown is at 96.2%.
Construction continues on 1,019 residential units downtown. Since 2015, 2,415 units have been delivered and 1,525 units are planned for the future.
With 12 new street-level businesses having opened in downtown in the second quarter, more than 150 storefront businesses have now opened since the start of 2016. There are now more than 200 restaurants, cafes, and bars/clubs/lounges in downtown.
Boutique hotel Guest House at Moore Square opened with eight new rooms, and another boutique hotel project, Montfort Hall, will add another ten rooms. Counting other development, there are 330 hotel rooms currently under construction.
Read the full report here. Interviews are available upon request with King. To schedule an interview, please contact Katie Bailey for available dates and times.
Mission of the Downtown Raleigh Alliance: Advancing the vitality of Downtown Raleigh for everyone. The DRA facilitates this mission through five goals: 1) Building a culture of authentic engagement and inclusion with Downtown’s diverse community; 2) Fostering a thriving and diverse storefront economy; 3) Facilitating strategic partnerships to produce positive, balanced activations across Downtown; 4) Improving physical connectivity and accessibility within and around Downtown; 5) Positioning the DRA as reliable, responsive, representative, and mission-directed.