Realty group plans to build two 20-story towers in downtown Raleigh :: WRAL.com

By Mark Bergin, WRAL senior multiplatform producer

Raleigh, N.C. — Dominion Realty Partners announced Friday they have closed on land to build a mixed-use tower in downtown Raleigh.

The land purchase at 700 South Salisbury Street marks Dominion Realty Partners’ fourth downtown Raleigh project.

The development known as Salisbury Square is due to feature two different 20-story residential towers with 600 multi-family units, a 660-space parking deck, 62 housing units and parcel for future hotel development.

“This project will be monumental not only for our company, but for the city of Raleigh,” said DRP Chairman and CEO Andy Andrews in a news release. “An incredible amount of hard work has gone into this project already and we are thankful to the North Carolina Association of Educators for working with us over the last two years, as we navigated the uncharted waters of a global pandemic.

“We are excited to not only continue to contribute to the quickly changing Raleigh landscape but to be doing so in a responsible and sustainable manner.”

DRP did not disclose how much the purchase cost.

However, the Wake County Government Department of Tax Administration’s website shows the total assessed value of the land is $20,330,657: The county lists the land to be worth $20,160,621 and the existing building is worth $170,036.

The North Carolina Association of Educators Inc. is listed as the previous owner of the land, which is just west of the Duke Energy Center for the Performing Arts.

Phase-one construction at the 4.9-acre site is expected to begin in May to build the first residential tower. The tenants will have first-class amenities, which include a sky deck terrace, a pool and an area offering unobstructed views of the city.

The units in the phase one tower are expected to be ready by spring 2024.

The phase-one tower is also set to become Dogwood State Bank’s headquarters.

“Dogwood was founded on the philosophy of providing first-class customer and employee experiences in all facets of our company,” Dogwood State Bank CEO Steve Jones said. “Being a part of the growth of downtown Raleigh while contributing to its vibrancy and progression highlights our continued focus on creating those experiences.”

Phase-two construction will add a second 20-story residential tower.

Dominion Realty Partners will partner with a New York Life Insurance Company subsidiary, New York Life Real Estate Investors, on the joint venture.

“We are excited to partner with Dominion Realty on the Salisbury Square project which will deliver first class multifamily residences offering some of the highest quality finishes and amenities to the City of Raleigh,” New York Life Real Estate Investors Managing Director Kevin Smith said.

J. Davis will serve as the project architect, Piedmont Land Design is providing civil engineering services, Uzun + Case is the structural engineer and Armada Hoffler will serve as the general contractor. Justin Good and Matthew Cooke represented the seller in the transaction. The Richmond office of Hunton Andrews Kurth led by Andy Tapscott and Johanna Orleski provided legal services for DRP.