Texas-based Trademark Property Company released plans for redevelopment of a tract along Glenwood Avenue across the street from Crabtree Valley Mall. An apartment complex will give away for 175 apartments that will accompany the 100,000 square feet of retail, restaurant, and commercial space below it.
The development, Carolina Row, is part of the developer’s and Crabtree Valley area’s initiative to improve its reputation as a center for luxury shopping. Hotels, two major roadways, and many commercial activity already surround the proposed development.
The new shopping center is targeting national luxury retailers to occupy its parcels.
A long awaited pedestrian bridge will connect the lifestyle center with the mall, easing traffic and improving the pedestrian shopping experience. Shoppers will also have access to the extensive Raleigh Greenway system.
Walkable areas, grid street patterns, and a central public square for recreation will allow for a quasi-downtown environment for shoppers and residents alike. Given the limited amount of space for development, the amount of shops and residential spaces will not yet rival North Hills or Cameron Village; however, the proposal is a vital step for long-term economic development around the Crabtree Valley area.
“Raleigh is a great market from a macroeconomic standpoint,” he said. “Crabtree Valley is a very, very successful mall and retail place, and there are still a number of retailers that would like to be in that area,” said Trademark Co’s Terry Montesi during his interview with News and Observer.
Sure Raleigh has the consumer base to support the addition of new high end retail stores; however, the lack of diversity of retail tenants may drive many potential consumers away.
On the other hand, given the large inventory of retail centers here in this rapidly developing city, residents will continue to have variety of areas to shop at.
Trademark Property plans to complete the 100 million project by 2016. With Smart Lunch coming into place next year, students may have the ripe opportunity to do some luxury shopping during their lunch.
For more information, read the News and Observer article here.