News
Olde Raleigh Village
In 2021, the Foundry retail team won a pitch for the leasing and management of a 95,000-square-foot neighborhood shopping center nestled in Raleigh, North Carolina. The opportunity, spearheaded by since-retired Susan McGuire, married the unique suite of Foundry’s services in Raleigh, bringing in not only its brokerage and property management capabilities but also its creative and consumer marketing team. Now, three years later, the asset is stepping into a new era and undergoing a renovation led by Foundry Raleigh’s project management team, officially tapping into Raleigh’s full playbook of services.
Olde Raleigh Village, an Invesco property, is a Harris Teeter-anchored, staple shopping center in the up-and-coming Blue Ridge Corridor.
With retailers ranging from locally owned restaurants to national brands, the center has seen steady growth and patronage since its inception. The diverse array of offerings caters to the varied tastes and preferences of the community, fostering a vibrant atmosphere that resonates with residents and visitors alike.
In 2022, the property saw its first refresh when Foundry Commercial’s creative team rebranded the center. Drawing inspiration from the center’s legacy and neighborhood feel, the team infused the brand with vibrancy and vitality, capturing the essence of its nostalgic charm. The property is now undergoing a full renovation to keep that charm while bringing the center into a new age. From a full center repaint to outdoor rooms, three murals, and new landscaping, Olde Raleigh Village is set to emerge as a dynamic destination for all who visit.
At the head of this refresh is Brett Johnson, Project Manager for Foundry Commercial. Brett has overseen the transformation, working hand-in-hand with contractors and navigating the complexities of construction with precision. Despite the hustle and bustle of the center, Brett’s careful planning and work have kept disruptions to a minimum. His commitment to quality has set a high standard, making a significant impact on the community.
Rooted in History, Blooming in Harmony mural designed by local artist, Gabe Eng-Goetz
“Learning more about Olde Raleigh Village and its 40-year history within the community, I knew this project was going to not only be fun and creative but also come with mixed emotions from the people in the neighborhood. We had to make sure to respect the culture and community that was built by Olde Raleigh Village and keep logistics organized and communication clear. Detailed scheduling and working around store hours was crucial to providing a win-win situation for the tenants, the general contractor, and the owner. I was honored to be a part of this project and look forward to delivering a product that everyone in the community will be proud of and enjoy,” Johnson said.
Ross Diachenko and Julie Augustyn, Senior Vice Presidents, have played a pivotal role in guiding the evolution of Olde Raleigh Village. Through strategic employment of renderings in marketing materials such as flyers and eblasts, the brokerage team, along with Senior Marketing Associate Katrina Schroepfer, consistently positions the center at the forefront of the retail community. As new renovations take shape, their mission has expanded beyond merely filling vacancies to curating a vibrant tenant mix that truly connects with the community. With a sharp focus on market trends and consumer preferences, the team is diligently enhancing the merchandising plan to ensure a rich variety and upscale offerings for patrons.
“For the past few years, Olde Raleigh Village has maintained full occupancy, leaving limited room to enact our vision of enhancing the tenant mix. With multiple marquee spaces within the center coming available at the end of the year, we are very excited for the opportunity to execute on our plan of attracting best in class retailers and restaurants, ushering in a new era of tenants for this legacy asset,” Diachenko said.
Along with brokerage, Foundry’s property management team has been at the helm of the Olde Raleigh Village ship. If brokerage is the captain looking at the map of where the center is heading next, then property management serves as the sails keeping the ship afloat. Margie Bowles, Senior Real Estate Manager, and Aly Becker, Assistant Real Estate Manager, have showcased their abilities in managing Olde Raleigh Village with a seamless blend of organization and proactive strategies. Their skill set has kept the team organized throughout the renovations and connected the dots on vendor relations, tenant communication, and budget management, maintaining a high standard of quality through every interaction.
Bowles has also been a key player in growing the relationship with Invesco. Leading the biweekly touch points and keeping communication open between the teams has been a significant contributor to the project’s success. “Olde Raleigh Village has been a fun asset to manage for a few reasons. The Invesco Asset Management Team is extremely approachable, open and astute when ideas, obstacles or relative questions about the asset are presented. Their processes are incredibly refined which makes lease execution, reporting, and budgeting seamless for the deliverables. They are very supportive to each of us within our respective line of service that interfaces with them,” she remarked.
A unique facet of Olde Raleigh Village’s lineup is its use of Foundry’s Consumer Marketing program. After the center’s rebranding in 2022, Foundry’s Consumer Marketing team was enlisted to carry out the new look through social media management, center marketing, and community event coordination. The new social pages have seen immense growth over the past three years, resulting in high engagement and reach. To help propel these pages, Blair Davenport, Senior Consumer Marketing Associate, launched a variety of social campaigns and free community events to bring people to the center and further establish it as a neighborhood hub. From Puppy Yoga to Easter Photobooths and partnering with local hospital, UNC REX, for holiday food donations, the center has become a recognized location for families and nearby residents to enjoy.
Brett Johnson, Margie Bowles, and Blair Davenport
At Foundry, the integration of a complete suite of services within a single project is not just a convenience; it’s a strategic advantage. Olde Raleigh Village showcases how this approach enhances the overall experience and sets Foundry apart in the competitive landscape. By seamlessly blending the project’s future aspirations with a respectful nod to its past, Foundry has created a space that resonates deeply with residents and visitors alike. This dedication to going above and beyond truly sets Foundry apart, making Olde Raleigh Village not just one project, but a testament to the transformative power of service all the way around.
At Foundry, the integration of a complete suite of services within a single project is not just a convenience; it’s a strategic advantage.