CORRECTION APPENDED: The original story said the proposed highrise would include office, retail and residential space. There is no office space currently planned for the proposed building.
Downtown Raleigh could see another addition to its skyline if developers move forward with a large-scale project that has been in the works since 2006.
Gregg Sandreuter, the developer for the Edison Project, said that he and his partners are envisioning a 20- to 22-story mixed-use highrise for the northeast corner of Martin and Blount streets.
While site plans have not been submitted, Sandreuter told the city Budget and Economic Development Committee Tuesday that the project will include retail and about 320 residential rental units.
The highrise is the second building proposed for the site and would complement the first phase of the project, which is slated for the south side of the block.
The phase 1 building, pared down from the original proposal six years ago, will include 239 residential units and 18,000 square feet of restaurant and retail space. The site plan for the first project has been submitted and is scheduled for Planning Commission review in May.
“The residential project is the first step to redeveloping the entire block,” Sandreuter told the Record. “It’s an exciting project that will bring many new residents to downtown.”
Both projects are scaled back from the original Edison Project that was envisioned in 2006, which featured four towers.
Councilor Randy Stagner asked if Sandreuter would consider a grocery store, an amenity often requested by downtowners.
Sandreuter said he has had conversations with representatives with Harris Teeter, who said urban locations just aren’t economically viable. He added that he still would like to see a small urban grocer move in and has considered leasing the space rent free if one would consider it.
An image in the site plan for Phase 1 of the Edison project, showing part of the building next to the Blount Street parking deck.
In October, city councilors approved leasing 300 parking spaces to accommodate the first phase of the project. Tuesday, committee unanimously approved leasing 396 parking spaces in the Blount Street parking deck to Edison Land LLC under similar terms.
Edison Land will lease-to-own the spaces at $27,000 each during the next 20 years for a total of about $10.9 million. The city will recoup the cost of building the deck.
The lease agreement will go to the City Council for final approval next week.
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