A long-vacant 118,000 SF former Kmart at 4500 Western Blvd. has a new future after Raleigh City Council approved rezoning that allows up to 20 stories of mixed-use development on the 12-acre site near I-440.
Key facts:
- Location: Western Blvd & I-440, just west of N.C. State
- Purchase price: $14M (CityPlat, Raleigh-based developer)
- Zoning change: From 5 stories → up to 20 stories
- Potential uses: Apartments + commercial mixed-use
- Timeline: Groundbreaking expected in ~3–5 years (market dependent)
Near-term strategy:
• CityPlat has invested ~$7M upgrading the existing structure
• Building subdivided into 10,000–40,000 SF retail suites
• Early tenants include indoor recreation, fitness, and food uses
• Full retail opening expected by year-end
Why this matters:
This project reflects a broader trend of obsolete big-box retail being repositioned into higher-density, mixed-use assets—especially near universities, major roadways, and established neighborhoods.
Zoning flexibility, patient capital, and interim income are doing the heavy lifting here.
https://www.newsobserver.com/news/business/real-estate-news/article314418786.html
