Mixed-Use Project in Warehouse District Embraces History; Brings Vibrancy to Growing Neighborhood
Federal Capital Partners® (FCP), with joint venture partner and developer Kane Realty Corporation (Kane), has completed the acquisition of the 2.5 acre Dillon Supply site in the Warehouse District of downtown Raleigh, NC. Construction will start in January 2016. Along with Union Station, the mixed-use project will transform a district benefiting from growing popularity and a retail resurgence but lacking the residential and office density needed for 24/7 vibrancy. Bounded by S. West Street, W. Martin Street, S. Harrington Street and W. Hargett Street, The Dillon redevelopment, when complete, will include a 210,000 square foot, 17-story Class A office tower, 40,000 square feet of retail and two six-story, apartment buildings comprising 261 units with an adjoining parking deck with over 950 spaces that will accommodate parking for both the new development and public parking to support the neighborhood needs and that of the nearby Union Station transit center.
“The Dillon development will be a catalyst for the continued evolution and growth of Raleigh’s dynamic warehouse district,” said FCP Vice President, Bryan Kane. “We are excited to be moving forward on another investment with Kane Realty, who continues to demonstrate a passion for Raleigh’s future and the expertise to deliver the right product.”
T.J. Barringer, Development Director at Kane Realty added, “The design of The Dillon reflects the extraordinary talents of the Duda Paine, J. Davis and Clearscape teams, and will result in a landmark building for all of Raleigh. This building will be highly attractive to creative class talent, who will find this the ideal location to work, live and play.”
The Dillon office and residential buildings, designed by renowned architects Duda Paine and J. Davis respectively, will feature innovative design incorporating the character and historic elements of the Dillon Supply warehouse building. The office tower will feature prominent visibility and unmatched tower signage opportunities and amenities, while providing state of the art, efficient work space in approximately 25,000 square foot column-free floor plates.
The Dillon luxury apartment community will offer 261 studio, one, two and three-bedroom Class A apartments within two mid-rise buildings with best in class amenities. Dillon residents will enjoy integrated, covered parking, interior finishes inspired by a modern warehouse aesthetic, innovative amenity spaces (including an elevated 8th floor patio with state-of-the-art fitness center) and unmatched views of Raleigh.
Whether working in the office tower or living in the residential building, The Dillon lifestyle will be defined by the ability to directly access the best of downtown Raleigh on foot, bike or City transit.
FCP and Kane extend their appreciation to Justin Good and Allan Lynch of HFF for their representation.
About Kane Realty
Kane Realty Corporation (KRC) is a full service real estate development and management company focused on office, retail, multi-family and mixed-use properties of the highest quality. Based in Raleigh, NC since 1978, KRC is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through meticulous attention to detail in every aspect of the property from design and construction management to leasing and property management, Kane’s mission is to build places that improve the quality of life of their businesses, their employees, residents and visitors. For more information, please visit www.kanerealtycorp.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com