HKJ Gears Up For Phase 1 - “Iron Works”

Jan 27, 2020

Grubb Ventures is ready to start work on its latest adaptive reuse project in Raleigh. And it's partnering with a national firm on the development.

Grubb is linking up with Altanta-based Jamestown for the Iron Works project, which will transform former steel warehouses off Atlantic Avenue into a mixed-used destination with half-a-million square feet of office space, retail and hundreds of residential units.

Plans for the Iron Works call for a multi-phase development to convert a property formerly owned by Peden Steel into 500,000 square feet of creative office space, more than 90,000 square feet of retail and 220 residential units. The site is at the corner of E. Whitaker Mill Road and Atlantic Avenue across from Dock 1053, another of Grubb's adaptive reuse projects.

Jamestown is a real estate investment and management firm with projects around the country. It is known for its role in popular adaptive reuse projects such as Chelsea Market in New York and Ponce City Market in Atlanta.

Work on the first phase of Iron Works is expected to begin this year with the construction of a 7-story, multifamily building and the renovation of the decades-old warehouses, which will ultimately house creative office and retail space.

The first phase of the project is valued at $150 million, according to Grubb Ventures.

"We are thrilled to be partnering with Jamestown to pioneer the new Iron Works district in Raleigh,” says Gordon Grubb, president of Grubb Ventures. “Our partnership with Jamestown, a national leader in adaptive reuse projects, is going to allow us to set a standard for creative class space in Raleigh unseen so far and create an iconic destination for residents and visitors alike.”

Grubb Ventures bought the site, which includes three warehouses, from the Peden family for $10 million in early 2017, betting it could duplicate the success of Dock 1053 – a former grocery warehouse across Atlantic Avenue that Grubb reimagined as a site for creative office space and restaurants. Dock 1053 also houses Lynwood Brewing Concern.

“While these types of iconic adaptive reuse projects are hard to come by, they are part of Jamestown’s DNA,” says Michael Phillips, president of Jamestown. “Raleigh Iron Works preserves a piece of the city’s industrial past while creating a dynamic environment for creators, thinkers, and innovators to thrive.”

Work on the Iron Works is expected to continue through 2023.

Caleb Harshberger

Staff Writer

Triangle Business Journal