A Chicago-based apartment developer has acquired the site of the former Greyhound bus terminal in downtown Raleigh.
Banner Apartments, which opened The Lincoln Apartments just east of downtown in July, paid $4.8 million for the 1.72-acre Greyhound site, according to Wake County Property records. Banner also acquired two other adjacent properties totaling .27-acre for $1.385 million.
The company acquired all three parcels under the entity Metropolitan Apartments LLC. Banner plans to build a 250-unit apartment complex on the site, according to plans it has filed with the city.
The property is on the west side of the block bounded by N. Harrington, W. Lane, N. Dawson and W. Jones streets. It is directly north of the Quorum Center condominiums and across N. Harrington Street from the site where Grubb Properties recently built a 204-unit complex called Link Apartments Glenwood South.
Banner has been one of the most active apartment developers in the downtown area. Last week, it paid $1.1 million for a .21-acre site at the corner of Person and Martin streets directly east of Moore Square.
Tom Suminski, Banner’s director of development, declined to comment on the company’s plans for that site last week, other than to say, “We’re talking to lots of people about it, including the city.”
The city of Raleigh owns much of the rest of the block directly east of Moore Square, and has been marketing it to private developers.
Suminski said Banner has been happy with the performance of The Lincoln since the 224-unit complex opened.
“We’re obviously very happy to be in Raleigh,” he said.