RALEIGH, N.C. (WTVD) -- We are getting a first look at a game-changer in downtown Raleigh.
It's called "Downtown South," an entertainment district on 55 acres at downtown Raleigh's southern edge, at S. Saunders Street and Interstate 40.Images released from the Visit Downtown South website show renderings for a development that includes a 20,000-seat, open-air soccer stadium surrounded by street-level retail, office space, and housing.
"This is going to be something that's going to be very unique to our city," developer John Kane said. "It's going to change the gateway into the city at South Saunders. It's going to really be a game-changer, I think, for our city, and it's going to be a game-changer for that part of our city. The Southeast Raleigh sector has not had the love that it needs, and we're going to try and give it that love."
The website said a private investment of $1.9 billion is making the development possible. However, the group is asking Wake County for $13 million per year in interlocal funds--commonly known as hotel/motel taxes.
At a news conference Tuesday, officials said the plan proposes 1,200 hotel rooms, 1.6 million square feet of office space and 125,000 square feet of retail and service space.
Kane said the hotel rooms will also serve downtown Raleigh and the convention center.
Billie Redmond, the founder of Trademark Properties, said the project would create $4.1 billion worth of economic activity in 15 years, including $473 million in average annual economic activity.
Redmond also said the project would add $5.4 million in average annual state income tax revenue and $1.6 million in average annual state sales tax revenue.
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