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RALEIGH, N.C. (WNCN) – The first tenants started moving into the Dillon Thursday, a highly anticipated development aimed at revitalizing Raleigh’s warehouse district.
It’s a $150 million project including apartments, office and retail space on South West Street.
“It’s going to become a new major hub for this area,” said Wesley Jones, with Kane Residential. “Some of the people that are actually moving in today have seen their home go from studs to a finished product along the way.”
The project is being constructed in the space formerly occupied by the Dillon Supply Company. The residences are about 22 percent pre-leased, according to Kane Realty and FCP.
It’ll be home to Urban Outfitters, Weaver Street Market and a variety of other stores and restaurants. Hill anticipates the retailers to be open to customers this fall.
“It’s gonna be great. And, being in the Warehouse District, It’s the first of its kind here,” said construction manager Sean Hill. “With the retail tenants that we have signed up to date, and the amount of retail we have in this space, it’s really going to bring a lot of people to this area.”
The development is within walking distance of Union Station, the city’s new transportation hub, where train service is expected to begin later this year.
Apartments at the Dillon range from just over $1,000 per month for a studio apartment up to $3,700 per month for a three-bedroom.
A recent report by the Downtown Raleigh Alliance shows in 2020, the number of housing units downtown is expected to be about triple what it was in 2000.
The growth downtown also comes at a time when the city and Wake County are grappling with a crisis when it comes to affordable housing.
Wake County estimates about 56,000 working families making less than $39,000 annually can’t find affordable housing. That could increase to 150,000 households in the next 20 years, the county projects.
County commissioners voted last month to give priority one status to: renters earning at or below 40 percent of the area median income, homeless people and families and non-homeless people and families with special needs.
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