According to Raleigh’s Planning Director, Mitchell Silver, “[Downtown Development] is great for our economy. I think people have to understand that as we start to see our downtown develop, it helps the entire city. It helps the region. Having investment in downtown helps keep taxes low.“
WRAL reported Tuesday that downtown development now accounts for twenty-five percent of all of Raleigh’s development, whereas five years ago that figure was closer to 5 percent. Twenty-five percent! Take that North Raleigh! Silver excepts that all the property downtown will be claimed within five years. Development has become such a concern for his office that over-saturation is now a concern.
How many downtown condos can go up at once? I expect we’ll find out soon enough.
Silver credits the opening of Fayetteville St for the increase in growth.
It is estimated that over $870 in investments by 23 different businesses have been completed, planned or are in-progress from opening the pedestrian mall to vehicular traffic. This is not counting the publicly funded convention center that will be completed later next year. The city has poured money into providing the city with a first class destination for organizational meetings, entertainment, and the arts.
I always feel a bit slighted when I have to attend conventions and professional trainings in places like Winston-Salem or Greensboro, or (shudder) Charlotte. This is the capital city, the city of the state, the axis upon which all of North Carolina should turn. Hopefully the city’s investments and insight will pay off, and we’ll be able to reap the benefits for years to come.
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