A group of investors have bought two old buildings in Raleigh’s warehouse district near The Dillon high rise and Union Station, both of which are under construction.
The property could be used for a hotel, along with retail and public use, investor Gary I. Fields, an attorney in New York, said Friday.
The group paid $4.7 million for three parcels, which includes two old buildings and a vacant lot. The LGBT Center of Raleigh and nightclub Circa 1888 are tenants in the buildings.
Fields, who led the investors, said there was no rush to demolish the buildings. He anticipates such a project would take six months to a year from the time when the new owners apply with the city.
The group will consider requesting permission to build higher than the current five-story limit, he said.
“It’s an extraordinary area,” Fields said. “We’d want to do something special there fitting with the character of the area yet looking at adding to the pride of that area of Raleigh. We’re excited about it.”
The buildings are next to each other on less than an acre bordered by South Harrington and Davie streets and the railroad tracks. The parcels are at 324 S. Harrington St. and 406-412 and 414 W. Davie St. The lot is at 333 S. West St.