RALEIGH, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, has officially opened Maeve, a 20-story, luxury mixed-use high-rise located in Raleigh's Warehouse District. The milestone marks the successful completion of a major opportunity zone development that now stands as one of the most significant additions to downtown Raleigh's urban landscape.
The grand opening event, held earlier today, featured a host of local dignitaries, including Raleigh Mayor Janet Cowell, Bill King of Downtown Raleigh Alliance, Kerry Painter of Raleigh Convention Center, as well as Capital Square Co-CEO Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building's residences and amenity spaces.
"What was once a shuttered building and a surface parking lot has become a magnificent 20-story landmark apartment tower with ground-floor retail, extending the downtown core south," said Louis Rogers, founder and co-chief executive officer of Capital Square. "By investing in Maeve, investors from North Carolina and beyond are able to participate in Raleigh's growth engine. And the icing on the cake for investors – taxes on the sale of Maeve will be forgiven after a ten-year holding period under the opportunity zone legislation."
Located at 319 West Lenoir St., Maeve includes 297 apartment homes and more than 10,000 square feet of street-level retail, available for leasing. The community offers studios and one- to three-bedroom units, with upscale features such as exposed concrete ceilings, stainless steel appliances, luxury vinyl and tile flooring, and modern cabinetry. A dramatic, double-height lobby connects to 30,000 square feet of amenities, including a resort-style pool, rooftop lounge, coworking spaces, and fitness center. A multilevel parking garage is also available for residents and guests.
Positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, Maeve is one of the few luxury apartment communities in the downtown submarket and is within walking distance of entertainment venues, restaurants, cultural landmarks, and major employers. Proximity to U.S. Route 70 allows for convenient travel to the Research Triangle and nationally renowned educational institutions, including Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University.
"Capital Square is proud to celebrate the grand opening of Maeve, where residents are now enjoying a refined living experience complete with premier amenities and sweeping views of downtown Raleigh and the Red Hat Amphitheater," said Whit Huffman, co-chief executive officer of Capital Square. "More importantly, this marks a significant step in the ongoing transformation of the Raleigh Warehouse District into a thriving, 24-hour neighborhood. That momentum will continue to build as hundreds of new residents make Maeve and this vibrant community their home."
Constructed from fall 2022 through spring 2025, Maeve supported an estimated annual average of 750 jobs across the Raleigh-Carymetropolitan statistical area, according to FTI Consulting.1 The project also generated an estimated $108.5 million in annual output, $76.3 million in gross domestic product and $52.6 million in labor income during its construction phase. In addition, $3.8 million in state and local tax revenues and $11.1 million in federal taxes were generated.2
Now fully operational, Maeve supports 78 permanent jobs, including leasing and maintenance personnel and anticipated commercial tenants. The building is expected to generate an annual economic impact of $23.4 million to GDP, $4 million in labor income, $600,000 in federal tax revenues and approximately $1.5 million in state and local tax revenues.
Capital Square partnered with JDAVIS Architects as building architect and W.M. Jordan Company as general contractor. The design team also included Architecture Firm as interior designer and EDSA as landscape designer. Greystar is the property manager and York Properties is serving as the leasing agent for the retail spaces.
Maeve was funded with a construction loan from First National Bank of Pennsylvania, equity from FrontRange Capital Partners, and proceeds from Capital Square's sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of a luxury multifamily development in the Scott's Addition neighborhood of Richmond, Virginia.
Overall, Capital Square's nine opportunity zone funds have initiated in excess of $870 million in gross asset value to date and have generated $197 million in annual gross domestic product during construction. The nine projects are expected to contribute an additional $81 million in annual GDP from ongoing operations.
According to economic impact studies completed by FTI Consulting, Capital Square's opportunity zone developments have generated significant economic and fiscal impacts, including the creation of approximately 2,000 construction jobs during development, as well as 345 permanent full-time jobs projected to be supported annually from ongoing operations. In turn, the developments have generated $41 million in annual total tax revenue during their construction phases and are projected to deliver $17 million in annual state and local tax revenues during their operational phases.