The North Carolina Railroad Company (NCRR), a state-owned freight railroad with more than 150 years of history, sought to reposition its Downtown Raleigh Depot property near the new Raleigh Union Station Bus Facility (RUS Bus). With a focus on promoting economic development and monetizing this underutilized asset, NCRR engaged Redgate to provide strategic real estate advisory services. Redgate began by conducting a highest-and-best-use study, working with local architects and contractors to understand the site’s physical characteristics, zoning potential, and market opportunity. Redgate developed massing studies and cost estimates to explore redevelopment options and led a successful rezoning process to unlock flexibility. Redgate then designed and executed an RFP process to identify qualified developers for a long-term ground lease. As a result, NCRR selected a capable development partner, secured favorable legal agreements, and positioned the site for a dynamic, transit-oriented development. The project will generate sustainable revenue through ground lease payments while contributing to downtown Raleigh’s growth and vibrancy.
