**American Asset Corporation Receives Approval for Major Mixed-Use Redevelopment in Raleigh**
American Asset Corporation has secured approval from the Raleigh City Council to move forward with a major redevelopment project that will transform a significant portion of underutilized office space into a vibrant mixed-use destination. The approved plan includes the addition of residential units, a new hotel, and retail space.
The project involves the conversion of approximately 1.5 million square feet of existing office space, which the company believes exceeds current market demand. In its place, American Asset plans to build up to 360 residential units, a 250-room hotel, 186,720 square feet of non-residential space, and up to 50,000 square feet designated for retail and/or industrial uses.
As part of the rezoning approval, an amendment was made to increase the hotel room entitlement by 186 rooms. A key stipulation of the approval is that no new office space will be permitted as part of the redevelopment effort.
American Asset Corporation is also the owner of the nearby Brier Creek Commons, an 800,000-square-foot open-air shopping center. Brier Creek Commons is a popular retail and entertainment destination featuring tenants such as BJ’s Wholesale Club, Dick’s Sporting Goods, HomeGoods, Michaels, Ross Dress for Less, TJ Maxx, and Target.
This redevelopment initiative underscores American Asset’s strategic shift away from traditional office assets in favor of more diversified, amenity-rich mixed-use environments that better meet the evolving preferences of tenants and consumers.
