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Capital City Urban Development is preparing to break ground on an underground parking facility designed around automated parking technology and emerging self-driving vehicle use cases. The developer anticipates that autonomous fleets such as Waymo will eventually need secure storage and charging locations in Raleigh, while emphasizing that the system is compatible with conventional vehicles from day one.
The planned structure will span 27,060 square feet and is fully below grade, organized over two parking levels with a total of 228 spaces. Vehicles will access the facility through loading bays on the ground level, where they will be positioned on a platform and transferred via elevator to their designated parking locations on the lower decks.
Under the operating model described, drivers will pull into a loading bay, exit the vehicle, and use a kiosk to initiate the automated parking process. When ready to depart, drivers will again use the kiosk system to retrieve their vehicles, which will be brought back to the surface on the elevator. Each parking space is planned to include electric vehicle charging capability, reflecting the project’s focus on both current EV demand and anticipated autonomous vehicle charging needs.
The development carries a total estimated cost of $52 million. The capital stack includes a $28 million loan provided by Clean Source Capital and a $13,500,000 C-PACE loan from Pace Loan Group. The remaining $10,500,000 in project costs is expected to be funded through private capital, giving the project a mix of senior debt, C-PACE financing, and equity.
The facility’s fully automated design and integrated charging infrastructure signal a focus on operational efficiency and technology-driven parking management. While detailed construction timelines, lease-up strategies, and end-user pricing were not disclosed, the combination of underground design, automation, and broad vehicle compatibility positions the project as a specialized parking solution aligned with evolving mobility trends.
The post Capital City Urban Development to Build $52M Automated Underground Parking Facility in Raleigh appeared first on CRE Market Beat.
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