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Downtown South began as a stadium-anchored megaproject on Raleigh’s southern edge more than seven years ago.
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But after years of political fights, financing delays and shifting market conditions, it is only now inching forward — starting not with a stadium, but with “garden-style” apartments.
Kane Realty filed site plans on May 27 for 350 new units across eight buildings at 2400 S. Saunders St. that will reshape one of Raleigh’s busiest gateways.
Set on 11 acres of undeveloped forested land, it will be a mix of 3- and 4-stories, including 210 one-bedrooms, 133 two-bedrooms, seven three-bedrooms, surface parking (521 spaces), a clubhouse, pool and courtyards.
Triangle Business Journal first reported the filing.
“The project represents the initial phase of Kane Realty’s long-term vision,” Greg Kuruc, Kane’s managing director of development, said in a statement.
He added the property will meet housing demand while “supporting the ongoing growth of southern Downtown Raleigh and the Dix Park area.”
Kuruc declined to commit to a timeline.
Downtown South is a long-planned, 140-acre mixed-use district along South Saunders Street. First unveiled in 2019 by developer John Kane and soccer executive Steve Malik, the project was pitched as a $2.2 billion sports and entertainment hub anchored by a 20,000-seat stadium.
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Raleigh City Council approved the rezoning in 2020 after a contentious debate over gentrification, public subsidies and the stadium’s financing. But the project stalled as interest rates rose, office demand softened, and lenders grew more cautious.
Developers have since shifted to a phased approach, starting with housing and retail while stadium plans remain unfunded.
By 2023, Kane had secured permits for a seven-story residential building and a 3,500-seat music venue, but financing delays pushed back construction.
The latest filing is the first tangible step toward breaking ground on a project now expected to unfold over many years.
The first phase is expected to bring 1,000 housing units, 60,000 square feet of retail, 535,000 square feet of office space, and a 180-room hotel.
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