Some parking lots in downtown Raleigh may appear like plain previous asphalt, however for traders, they’re golden opportunities.
For native actual property funding agency CityPlat and Maryland-based Modalia Capital, that chance is a 0.2-acre vacant lot on 504 Hillsborough St., simply previous the bridge intersecting with Glenwood Avenue.
The two funding companions paid $700,000 for the land, which is presently zoned for constructing as much as 12 tales.
“We intend to go vertical at some point in time, whether that’s a hotel or a condo, or a small multifamily [apartment tower] … something that will complement the area,” mentioned Pat Moore, principal at CityPlat. “In a couple of years that area is going to be drastically different.”
Just a block away, the Raleigh Crossing 20-story office high-rise at 301 Hillsborough St., is slated to be accomplished by the tip of this yr. On one other close by block, a second 10-story tower is in progress subsequent to the present One Glenwood workplace tower.
Moore mentioned the choice for the future improvement on the positioning at 504 Hillsborough St., can be decided by the actual property demand within the subsequent couple of years. CityPlat is constant to eye downtown parcels and stays optimistic about business actual property rebounding from the pandemic.
“We’ll see what happens when we get there,” he mentioned.
Plans can be introduced quickly, nonetheless, for a venue that can be constructed on the property that has been beneath dialogue with CityPlat, Modalia Capital and unidentified stakeholder. Moore mentioned particulars for the venue haven’t been made public but.
The two traders lately spent $1.5 million for one other parking lot in a major spot at 701 Glenwood Ave., intersecting with Peace Street within the coronary heart of the leisure district of Glenwood South. The lot presently homes the Peace Street Inspections auto restore store, however the owners plan to eventually redevelop the site, in line with the Triangle Business Journal.
More downtown lot opportunities
The downtown parking lot rush has been underway for a while, and different builders have plans for them in Raleigh.
Highwoods Properties, one of many principal actual property corporations in Raleigh, filed a rezoning request final fall to construct as much as 40 tales on a vacant lot within the Warehouse District at 321 West Hargett St. It paid $2.25 million for the land in April, in line with county information.
Virginia developer Capital Square is searching for to rezone a 1.32-acre lot with a church and a small decrepit constructing to construct as much as 20 tales for a mixed-use improvement at 320 West South St., within the southern a part of downtown Raleigh, The News & Observer reported previously.
Capital Square purchased the property in April for $4.2 million, county information present.
The homeowners of a downtown parking lot at 220 East Morgan St., on the nook of East Morgan and South Person streets, filed a rezoning request with the town to construct a 20-story high-rise. The request doesn’t specify what improvement it should construct.