Dukes Properties has announced plans to transform an old Pepsi-Cola bottling facility into a mixed-use development. The former Orange Crush Bottling Co. building, built in 1920, will be renovated to include studio apartments on the top two floors and retail spaces on the ground floor.
According to a report from the Raleigh Business Journal, Dukes is investing approximately $2.5 million to $3 million in this project after purchasing the building for $185,000 last year. Rental rates are expected to be competitive with market prices and renovations are estimated to take 18 months.
This is not Dukes’ first venture into repurposing downtown buildings for residential use; they have previously converted two other properties – Studio 13 at 118 S. Pearl St., and Grace Street Flats at 201-215 S.Grace St.- into apartment complexes.
The century-old Raleigh structure now has a new purpose as Dukes Properties prepares it for redevelopment as a mixed-use space featuring apartments and retail units. Located at 216 S.Washington St., this former Pepsi-Cola bottling plant will undergo extensive renovations including converting its top two floors into studio apartments ranging from500-550 square feet while also offering just under1,400 square feet of retail space on its bottom floor.
Accordingly reported by Connect CRE , Duke’s investment in this project amounts between$2 .5million-$3million following their acquisition ofthe property last yearfor$185000.The rental rates are expectedto reflect current market trendsand completionofthe renovationis slated within18months.Duke’s previous successful projectsincludeStudio13at118S.PearlSt.andGraceStreetFlatsat201-215S.GraceSt.which were both transformedintoapartmentcomplexesin downtownRaleigh.
