Land For Sale

Highlights

  • ± 0.82 acres
  • Neighborhood Mixed Use-4 (NX-4-UL-CU); Property was rezoned in April 2020 (Case #Z45-2019); Permitted uses include residential developments with a maximum height of four stories or 62’. Additional uses include office and retail developments.
  • Neighborhood Mixed Use; Permitted uses include multifamily residential, retail and commercial services. Development heights range between three and five stories.
  • Property has access to municipal water and sewer services. As part of Phase I, all electrical & telephone lines were moved underground, all environmental tests and remediation were completed, City of Raleigh stormwater piping replaced and shared green open space to be completed.
  • Phase II received site plan approval to develop 55 units in January 2019 (Case# SR-48-18), but was later rezoned in April 2020 to increase the development height from three stories to four. A recent preliminary site plan has been completed showing 67 units with 67 parking spaces. However, the number of units can be increased with the simultaneous increase of additional parking. Site plan and construction drawing approval for anything over 55 units will be needed prior to development.
  • The current owner of the Property has applied to the North Carolina Brownfields program and received a Letter of Eligibility for the program. The North Carolina Brownfields program provides substantial benefits to developers of Brownfields properties. Those benefits include liability protection and substantial property tax relief for the first five years after project completion. During the first year after completion, property taxes are reduced by ninety (90) per cent, with the benefit continuing for four more years at declining percentages.

Location Description

The property is located in downtown Raleigh’s Warehouse District, an area experiencing drastic growth with the recent completion of the Raleigh Union Station, The Dillon, and Morgan Street Food Hall. Currently, an additional 81,000 sq. ft. of retail space is under construction in the Warehouse District, including additional restaurants and retail shops.

Sizes and Measurements

Total Space Available

0.82 ac

Pricing Information

SALE PRICE

Contact Broker for Pricing

Photos

South Street(Ian Dunne-NY) exterior.jpg