$16M land buy sets stage for ambitious 40-acre development near North Hills
The commercial real estate rezoning and sale of a $16.25 million site in midtown Raleigh will facilitate a mixed-use development of nearly 40 acres.
Real estate development firm Dewitt Carolinas has completed a $16.25 million acquisition of a site in Raleigh’s thriving midtown area that will enable it to pursue its vision of an ambitious mixed use development involving nearly 40 acres.
The tract bordered by St. Albans Drive can accommodate a mix of office space, retail stores and restaurants, hotels and residences – both multi-family and for seniors, the company said in Tuesday’s announcement. A precise plan for the site hasn’t yet been developed.
The 18.8-acre site that Dewitt just acquired at 900 St. Albans Drive previously was owned by two local families who were represented by trustees in the sale, according to Holliday Fonoglio Fowler, which marketed the property.
Article courtesy of the News & Observer. Click here to read it, or view it in PDF format.
