Harmony Housing Affordable Development and Loden Properties to Re-Develop Moore Square Site in Raleigh

The City of Raleigh is advancing plans to redevelop Moore Square, targeting a construction start in September 2025. Led by Harmony Housing Affordable Development and Loden Properties, the project involves transforming properties to the east and south of the square, including City Market, into affordable housing, hotels, a grocery store, retail, and coworking spaces.

Phase one will focus on building 160 affordable housing units on 16 parcels east of Moore Square. This $56.8 million development will be a five-over-two podium structure, funded through low-income housing tax credits and city-county gap financing. The city has approved a ground lease with Harmony Housing for $10 annually, allowing the option to purchase the land after 18 months.

Subsequent phases include constructing a hotel, a grocery store, retail, dining spaces, and a new building for Raleigh Rescue Mission. The south site will feature a boutique hotel and coworking spaces. The affordable housing is slated for completion in late 2027, with the hotel opening in fall 2028, and the remaining east site developments by 2029. Additionally, the project addresses revitalization efforts amid rising crime and homelessness, aiming to enhance downtown Raleigh’s vibrancy and functionality.

To read the full article, visit Triangle Business Journal.