Last week, Raleigh’s Planning Commission unanimously approved a controversial rezoning request that would allow the West at Peace development—a proposed 30-story mixed-use tower near Smoky Hollow—to move forward.
The development, backed by Raleigh Development Company, aims to bring over 900 residential units, retail space, restaurants, and an urban plaza to a 2.6-acre site located at the intersection of Peace and West Streets, across from the downtown Publix.
The site, currently zoned for up to 12 stories, would be divided into two zones: Zone 1, the northern section, capped at 25 stories; and Zone 2, permitted up to 30 stories. The proposal also includes a $1.2 million contribution to the city’s affordable housing fund, which would be triggered upon the sale of the 500th unit. Due to the inflated costs of building affordable housing by the City of Raleigh nearly $300,000 each, therefore only about 3-6 affordable housing would come of the $1.2 million investment…