Revitalizing Raleigh: The Future of Triangle Town Center
Situated just off Capital Boulevard and Interstate 540, Triangle Town Center has long served as a major shopping destination in Raleigh, North Carolina. Since opening its doors on August 14, 2002, this expansive mall has drawn shoppers from across the region with its impressive lineup of retailers, including Belk, Dillard’s, Macy’s, and Saks Fifth Avenue—the latter being the first of its kind in the state. Though once a symbol of retail prosperity, Triangle Town Center has weathered a turbulent history marked by financial instability, ownership changes, and evolving consumer habits.
Beginnings and Growth
Developed by Jacobs/CBL Properties, Triangle Town Center was built with the ambition of becoming a centerpiece of Raleigh’s retail landscape. Its launch included anchor stores such as Hudson Belk, Sears, Dillard’s, and Hecht’s, with Saks Fifth Avenue joining the lineup two years later in 2004. The addition of a two-level Barnes & Noble gave the mall an intellectual and cultural edge, serving as more than just a bookstore—it became a meeting place and a community hub.
To accommodate the development, several nearby roads had to be reconfigured, underscoring the scale of the project and the expectations for its success. For several years, the mall thrived, becoming a destination not just for shopping, but also for dining and leisure.
Challenges and Controversy
Despite its promising start, the mall experienced a number of incidents that would mark a shift in its fortunes. A notable disturbance occurred in 2008 when a large altercation involving dozens of teenagers forced a mass evacuation. The event, later deemed gang-related, raised concerns about mall safety and security.
In 2018, a major water main break led to an unexpected closure. While the mall reopened a week later, some retailers like H&M and Zales never resumed operations. Their absence was made permanent by the arrival of the COVID-19 pandemic, which devastated many brick-and-mortar businesses across the country.
A Rollercoaster of Ownership and Financial Woes
Over the past decade, the mall has changed hands multiple times, often at dramatically fluctuating prices. In 2016, DRA Advisors and CBL acquired Triangle Town Center for $174 million, but heavy debt obligations soon caught up. By 2019, the mall was in foreclosure and sold to U.S. National Bank Association for $120.4 million. In 2021, Kohan Retail Investment Group purchased it for just over $33 million—a fraction of its previous value.
Then, in December 2024, a potential turning point arrived. Summit Properties USA, part of a UK-based investment group, acquired the 70-acre property. As part of a broader $700 million deal involving multiple retail centers nationwide, Summit expressed plans to modernize and reposition Triangle Town Center for a new era.
A Hopeful Future
Although some of the mall’s space remains underutilized, core tenants like Saks, Belk, and Dillard’s still operate. Local entrepreneurs, such as long-time vendor Devon Manzanares, remain cautiously optimistic about the mall’s next chapter. With Summit Properties committing to capital improvements and aiming to attract fresh, strategic tenants, there’s real potential for a turnaround.
In an age where traditional malls are either fading or transforming, Triangle Town Center stands at a crossroads. Whether it becomes a revitalized lifestyle center or follows the path of other struggling malls will depend on bold vision, smart redevelopment, and community support.
Matthew Christopher NC Raleigh Apr 11, 2025 Malls Retail Stores
Apr 11, 2025
SHARE
