Downtown Raleigh is about to get an eye-catching new neighbor across from Nash Square as sales open for One Nash Square, a planned 20-story condominium tower bringing 82 high-end units to the Warehouse District. Prices are expected to start around $800,000, and developer Alchemy Properties is targeting first move-ins in mid-2027, marking the firm’s first major project in the capital city.
Design, interiors and resident perks
One Nash Square is being designed by architect Morris Adjmi in collaboration with local firm ISG, with a look and feel aimed squarely at buyers who want luxury without the upkeep. According to the project’s sales site, the condos will feature high ceilings, oversized windows and open-plan kitchens meant to maximize light and views.
The One Nash Square website also touts a full slate of amenities, including an outdoor pool and deck, fitness center, resident lounge, outdoor dog run and pet spa, all pitched as part of a low-maintenance, lock-and-leave urban lifestyle.
Sales launch and pricing
The development will offer one- to four-bedroom residences, with sales handled by Urban Triangle Realty, The News & Observer reports. Plans also call for ground-floor retail and onsite parking to serve both residents and neighbors in the surrounding Warehouse District.
Why the developer pivoted
The project did not start out as a condo play. Developers initially floated a 36-story rental tower for the site but shifted to a 20-story for-sale building as market conditions changed. Higher borrowing costs and a softer rental market made the original plan less attractive, while demand for high-end condos in the Triangle has been trending up.
Analysts and Alchemy’s leadership point to the success of nearby luxury developments as a key factor in the pivot, with those projects helping to make the case for condominiums instead of rentals, according to Axios Raleigh.
Purchase, team and sales contact
Alchemy Properties South acquired the 217 W. Martin St. parcel, along with an adjacent lot at 303 S. Dawson St., in 2022 in partnership with New Valley Realty. The developer’s portfolio page lists the combined site and its planned 82-unit program.
The same materials name Blake Goodman as the One Nash Square sales contact and outline Alchemy’s intent to deliver a high-end product with curated finishes and retail space at street level.
Timeline and site history
Construction is expected to begin later in 2026, with first move-ins slated for mid-2027, according to The News & Observer. The site previously housed the Berkeley Café, which has since relocated, and plans call for about 5,500 square feet of ground-floor retail to help activate the block.
What it means for downtown Raleigh
One Nash Square is arriving in the middle of a broader luxury condo moment that is reshaping downtown skylines and price points across the Triangle. Market data show a recent jump in condo sales above $1 million regionwide, with developers saying many buyers are empty-nesters and transplants from more expensive cities, Axios Raleigh reports.
How to follow the project
Interested buyers and curious neighbors can sign up for updates on One Nash Square or contact the Alchemy sales team directly for availability and pricing information. The developer and its sales partners are already taking reservations and inquiries as they move through permitting and financing steps ahead of breaking ground.
