Raleigh: One of America's Fastest Growing Downtowns
Raleigh: An In-Depth Look at One of America's Fastest Growing Downtowns
The arts and cultural sector generates $143 million in economic activity in Raleigh, supporting 5,699 full-time jobs and $109.3 million in household
income. Arts institutions include CAM Raleigh (Contemporary Art Museum…pictured above), Visual Art Exchange (VAE), Artspace, and The Mahler Fine Art Gallery to events such as Artsplosure and SPARKcon
14.
Covering a land area of 142.8 square miles, Raleigh is one of the fastest-growing cities in the United States. According to the United States Census Bureau, Raleigh is estimated to have added 47,174 residents between 2010 and 2015.
15.
Chartered in 1792, Raleigh is an early example of a planned city in the United States. It’s original grid pattern layout was designed to feature the North Carolina State Capitol in its center.
16.
Moore Square is one of two surviving four-acre public parks from Raleigh’s original 1792 plan.
17.
East Hargett Street, was once known as Raleigh’s “Black Main Street”, because it once contained the largest number of businesses owned by African-Americans in the city.
Located three blocks west of Raleigh’s convention center and once a major center of industry, the Warehouse District has become a bonefide arts and nightlife hub. Future plans for this district include the construction of a intermodal transportation center, making it a gateway to urban Raleigh.
19.
In 2014, Citrix Systems completed its renovation of the former Dillon Supply building in the Warehouse District, into a 550-employee division headquarters. By the end of 2016, the number of Citrix employees in the Warehouse District had increased to 900.
20.
Count Raleigh as one of several cities that would be negatively impacted if Amtrak disappears. Currently, construction continues on the Warehouse District’s Raleigh Union Station. Phase I is centered around the retrofit of an existing warehouse into a centralized Amtrak passenger rail station. Substantial completion of the station is anticipated by the winter of 2017 with a fully operational station by the first quarter of 2018. Funding for the $57.9 million project was made possible through the United States Department of Transportation’s Transportation Investment Generating Economic Recovery Grants (TIGER) program.
21.
Starting with projects delivered in 2015, downtown is in the midst of a $1.1 billion construction boom, based on development recently delivered, under construction or planned.
22.
More than 45,000 employees work in Downtown Raleigh. More than 1.1 million square feet of office space is under construction or planned for downtown, providing more space for the city’s rapidly growing technology and innovation sector.
23.
Downtown attracts 3.5 million visitors annually. There are currently 1,127 hotel rooms in Downtown Raleigh. More than 600 hotel rooms are either under construction or planned in response to 15% growth in hotel occupancy rates over the past two years.
24.
City leaders recently approved a bike share system consisting of 30 stations and 300 bicycles to provide more cycling options for residents, visitors, and students when traveling throughout downtown and the city. This system helps connect riders with destinations within downtown and other parts of the city, such as the North Carolina Museum of Art, while improving public health, complementing the city’s public transportation network, and serving as an economic development tool for attracting more talent and companies to Raleigh.
25.
Downtown Raleigh’s current population is an estimated 7,000 residents and has grown by 133% since 2000. Within one mile of downtown’s center point, the current population is an estimated 15,240. Downtown’s population is projected to be over 10,000 residents by 2020.
26.
Downtown Raleigh is among the leaders for the largest percentage of growth in housing units for 2015-2018 based on delivered, under construction and proposed units. The Median rent per square foot for multi-family in Downtown Raleigh is $1.81 per square foot. The average asking rent per month for Class A multi-family in downtown is $1,432.