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🔥 $33.8M Makeover Revives a Raleigh Icon
Published 6 days ago • 4 min read
Happy Friday, Triangle!
Here’s what caught my eye around the Triangle this week:
Raleigh’s circular hotel is officially protected as a historic landmark and headed for a $33.8 million makeover that brings back its top-floor restaurant.
WakeMed is closing in on its $50 million goal to build a whole-health campus in Garner, reshaping how our community approaches mental wellness.
And Realtor.com’s 2026 forecast is pointing to a housing market that finally feels steadier, with Raleigh buyers potentially getting a little more breathing room next year.
I pulled together 15 of the best holiday events around the Triangle so you can plan December without digging for info. Tap to see the full list on IG:
Driving the news: Raleigh’s City Council has officially granted historic landmark status to the city’s iconic circular hotel (the former Holiday Inn on Hillsborough Street) cementing its future as a preserved piece of downtown architecture.
Details:
The building, originally opened in 1969, was once the tallest in Raleigh.
Developer Tidal Real Estate Partners, which bought the property in 2021, initially planned to demolish it and build a tower with a Kimpton Hotel and apartments.
After years of delays and changing market conditions, Tidal pivoted to a makeover instead of a teardown.
The landmark status also brings a perk: a 50% annual property tax deferral for Tidal, so long as the building’s historic features are maintained.
Now, the hotel is being transformed into a Hotel Indigo, a boutique brand by IHG known for reflecting local culture. Renovation costs are estimated at $33.8 million.
Why it matters: This is a clear win for Raleigh’s identity. Instead of losing a building that’s been part of the skyline for more than 50 years, the city keeps a recognizable landmark, one that sparks strong opinions but never fades into the background.
It’s a smart preservation move that supports the downtown character and the hospitality economy.
What’s next: Renovation work is underway, including a $240,000 kitchen overhaul on the 20th floor, where a restaurant once offered sweeping views of the city. That space is being revived as part of the boutique hotel’s transformation.
Hotel Indigo is expected to open in 2026, with plans to reintroduce the top-floor dining experience Raleigh locals remember.
Driving the news: WakeMed Foundation has raised $34.5 million (nearly 70% of its $50 million goal) to build a mental health and well-being hospital in Garner.
Details: The facility will be part of a 56-acre Whole-Health Campus with 150 mental health beds and a 45-bed acute-care hospital.
Funding breakdown:
Individual donors: $15.8M
Family foundations: $11.7M
Foundations: $5M
Corporate gifts: $1.9M
Why it matters: This is a community-driven response to a growing mental health gap. WakeMed sees the need firsthand: more than 1 in 8 emergency patients arrive in mental health or substance-use crisis, and roughly 1,200 people each month come to the ED seeking urgent support.
With no opposition in the Certificate of Need process, the silence spoke volumes: this hospital is overdue. It reflects a shared commitment to care over competition, bringing essential services and new jobs to the Garner community.
The big picture: Mental and physical health have long been treated separately. WakeMed’s Whole-Health Campus will change that by combining services in one place, helping reduce stigma and improve outcomes for patients who often need both kinds of care at once.
Between the lines: Most hospital expansions face stiff competition. But when WakeMed applied to build this mental health hospital, there was no pushback at all.
Why? It’s expensive (and not profitable). That’s why private donations are playing such a large role.
The bottom line: Garner is about to become home to one of North Carolina’s most forward-thinking health campuses. One built not just to treat illness, but to support whole-person wellness.
Driving the news:Realtor.com’s 2026 Housing Forecast signals a shift toward a more balanced U.S. housing market, with stable mortgage rates, growing inventory, and modest affordability gains expected nationwide (even as Raleigh may be in for some unique local changes).
Details:
Mortgage rates are projected to average 6.3%, unchanged from today.
Active listings are forecast to rise 8.9%, narrowing the inventory gap to just 12% below pre-2020 levels.
Existing-home sales are expected to climb 1.7% to 4.13 million units.
Affordability improves as monthly payments dip to 29.3% of median income.
Rent prices are projected to fall 1.0% as vacancies increase.
Why it matters: For buyers and sellers across the Triangle, this could mean better timing, more housing options, and greater mobility in 2026.
And with Raleigh specifically forecasted to see a slight dip in home prices (-3.7%), local buyers who’ve been priced out in recent years may find more entry points next year.
The bottom line: After years of high prices, tight supply, and interest rate swings, 2026 isn’t about a housing boom, it’s about a market that finally settles.
As Danielle Hale, Realtor.com’s chief economist, puts it:
“After a challenging period for buyers, sellers and renters, 2026 should offer a welcome, if modest, step toward a healthier housing market. [...] It’s not a dramatic reset, but it’s a meaningful shift that moves the market back toward balance.”
2026 won’t be a reset, but in Raleigh and beyond, it’s shaping up to be a return to balance. For anyone looking to move, this might be the year that makes it possible.
I’m a Raleigh-based agent who’s passionate about real estate, local life, and making homeownership feel easy (and fun!). Subscribe and join 2,000+ readers who get the inside scoop every week!
