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NCFC Mixed-Use Development Proposal Boosted by Feasibility Study

By Staff, 03/19/20, 4:47PM EDT


JLL study on behalf of City of Raleigh, Wake County expects $1.9 billion project would have 'positive impact'

Renderings of a $1.9 billion mixed-use development in downtown Raleigh proposed by North Carolina Football Club owner Steve Malik and other local partners. | Graphic courtesy North Carolina FC

RALEIGH, N.C. – A feasibility study conducted by JLL – the second-largest commercial real estate services firm in the world – on behalf of the City of Raleigh and Wake County has found the $1.9 billion mixed-use development in downtown Raleigh proposed by North Carolina Football Club owner Steve Malik and other local partners would “have a positive impact on the placemaking goals articulated in the Destination Strategic Plan.”

The study was the latest step following last June’s proposal to create Downtown South, a mixed-used development that would include 1.6 million square feet of office space, 1,200 hotel rooms, 1,750 residential units, 125,000 square feet of retail and service space, green space and public areas as well as a stadium with a potential 12,000-seat capacity which would become home to the USL Championship’s North Carolina FC and National Women’s Soccer League’s North Carolina Courage.

Since the initial announcement, the purchase of 88 of the entire Downtown South project’s 130 acres has been completed, as announced by Malik, John Kane of Kane Realty and Billie Redmond of Trademark Properties this past December.

JLL concluded “the activity at the stadium and the activity induced within the entire development will have a broad-based impact on the County’s hospitality industry and will drive a wide-spectrum of use. The venue’s placemaking ability will serve both visitors and residents of Wake County and will help extend the destination’s brand and mix of activities available to visitors.”

Club leadership was pleased with the findings of the study, with Malik tweeting, “Great outcome from @WakeGov and @RaleighGov commissioned feasibility study for the Raleigh stadium.

Should the venue receive approval, the club’s hope is to open for play in the 2023 season, as announced by Malik in June 2019. It would add to the growing number of downtown venues in the Championship, including Louisville City FC’s soon-to-be opened Lynn Family Stadium, venues currently under construction or renovation by the Charlotte Independence and Colorado Springs Switchbacks FC, and a new $37 million, 10,000-seat stadium that will become home to OKC Energy FC in the next decade following the approval of Oklahoma City’s MAPS 4 project by an overwhelming 70 percent of voters last December.

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