Key Takeaways Key Takeaways

AI-generated summary reviewed by our newsroom.

Read our AI Policy.

Developer reduces tower height from 36 to 20 stories near Nash Square Park.

Alchemy cancels rental plans, shifts focus to 82 for-sale luxury condominiums.

Interest rate pressure and market shifts drive project redesign and scope cut.

A New York-based developer is scaling back plans for a previously proposed 36-story, mixed-use tower next to Nash Square Park in downtown Raleigh.

The site was rezoned to allow up to 40 stories , the highest allowed in the city’s code. Alchemy Properties says it will now build only 20 stories at 217 W. Martin St. in the city’s Warehouse District.

Responding to market headwinds, the company is also scrapping 400 planned rental apartments. Instead, it now

See Full Page