16-Story Office Tower Planned at Raleigh Lenovo Center
The 550,000-square-foot project offers new commercial space for local firms starting in early 2027.
Updated on Oct. 23, 2026 in Remote Work
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Developers have filed plans for a 16-story, 550,000-square-foot office tower at the Lenovo Center in Raleigh. The project, which includes significant new parking capacity, is part of an ongoing 80-acre development district surrounding the arena.
Why it matters
This filing represents the next phase of a large-scale commercial district transformation near the Lenovo Center, signaling a long-term shift toward dense office development in the area following recent rezoning approvals.
The proposed office tower design calls for 550,000 square feet of space across 16 stories, supported by an internal 158-space parking deck and a 672-space standalone garage. This structure is a primary feature of the 80-acre development district surrounding the $300 million arena renovation.
The players
Pacific Elm Properties
A real estate development firm focused on large-scale commercial and mixed-use projects.
Tom Dundon
The private investor who secured development rights for 80 acres surrounding the Lenovo Center.
Lenovo Center
A major Raleigh sports and entertainment venue undergoing a $300 million renovation.
Raleigh City Council
The municipal legislative body responsible for land-use policy and zoning approvals in Raleigh.
The details
Pacific Elm Properties is developing the project on the northwestern side of the Lenovo Center. The plan requires the integration of extensive parking infrastructure, including both internal and standalone decks, to accommodate the increased density. This phase follows the city's approval of district-wide rezoning in April 2025 and is part of a multi-decade project timeline.
Timeline
2023: Tom Dundon obtained rights to develop 80 acres around the arena.
September 2024: Lenovo began its arena naming rights agreement.
April 2025: Raleigh City Council approved rezoning for the district.
October 2026: Developers filed official plans for the office tower.
Early 2027: Construction on the project is expected to start.
Market Landscape
This proposal is the first major commercial development following the April 2025 Raleigh City Council rezoning approval for the district. The project follows the pattern of large-scale arena-adjacent redevelopment intended to anchor professional and retail activity.
Business operators should monitor the project's construction start date in early 2027 as a signal for potential infrastructure and traffic shifts near the arena. Commercial stakeholders should evaluate how this influx of 550,000 square feet of office space might influence local lease rates and competition.
The takeaway
The project marks a significant acceleration of the Lenovo Center district's commercial evolution. Operators should track upcoming City Council filings to identify potential sub-contracting opportunities or timeline adjustments as the project progresses toward the 2027 start date.
What happens next
Construction is expected to begin in early 2027, with the broader development project anticipated to span at least a decade.
Further reading
For broader trends regarding how office development is shifting in local business hubs, see Remote Work.
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