Charlotte developer Beacon Partners is having a big summer in the Triangle.
On the heels of its nearly $42 million acquisition of the home of the North Carolina Education Lottery in Raleigh, the company has announced a pair of new plans in the city – a multifamily ground-up development and an industrial deal south of downtown.
Beacon has closed on 912 Hodges St. and 309 Chapanoke Road, totaling 19.7 acres altogether.
“We’re excited about the recent acquisition and development announcements in Raleigh and have conviction about the strong infill locations of each of the projects,” said Walker Gorham, director of Investments for Beacon Partners. “We’ve begun comprehensive redevelopment programming across the portfolio and are eager to deliver some significant functional enhancements for our tenants at each property.”
912 Hodges Street
Beacon bought the land that now makes up 912 Hodges St. in April for $4.3 million across a collection of transactions. The company has plans to rezone the 13.3-acre parcel to allow for a large project calling for hundreds of multifamily units plus the potential for commercial space.
If approved, the change would allow up to 345 residential units and 390,000 square feet of space, including the multifamily plus retail and commercial uses up to five stories tall.
Gorham said the company currently envisions an all multifamily project, though it is still early in the process and plans may be subject to change. Beacon also hopes to be able to connect the development to the Crabtree Creek Greenway.
Representatives for the developer held a neighborhood meeting about the potential filing late last month.
According to filings with the city, the plan would split the parcel into two pods – ‘A’ and ‘B’ – with the first totaling 9 acres and the second totaling 4.3 acres.
The company has plans to rezone a 13.3-acre parcel at 912 Hodges St.
The property is the site of the Raleigh Center Ice facility, formerly the training center for the Carolina Hurricanes. The land sits in a rapidly growing area of town.
"That's a submarket we've been following closely," Gorham said. "There's a tremendous amount of development activity on Atlantic Avenue and Whitaker Mill Road, and we feel that the east side of Five Points is going to continue to see increased development activity up the Atlantic corridor.
Nearby to the north, the Spectrum Companies have plans for a major mixed-use development that recently received the city’s approval for a rezoning request to allow up to 20 stories of development. To the south, Grubb Ventures has begun work on its Iron Works project, and SLI Capital recently announced funding for its massive East End Market development.
309 Chapanoke Road
In the second deal, Beacon paid a little over $5 million in April for 309 Chapanoke Road.
The parcel is situated on 6.4 acres south of downtown Raleigh and features a 95,000-square-foot warehouse building plus 2 acres of outdoor storage.
Beacon is currently working to renovate the building to make way for a new tenant, which has yet to be named. The building currently features six tenants, and the improvements will change the building to a one or two tenant structure.
Larry L. Lakins II and Andrew Young of Colliers are marketing the space.
Beacon is also working on a huge industrial development in Garner near Amazon's new distribution facility. The Beacon Commerce Park calls for over 670,000 square feet of industrial space across two phases.