Raleigh to sell downtown property valued at $1.45M for $1 to create affordable housing
The City of Raleigh is selling over an acre of land, just east of downtown at the corner of East Lane Street and Idlewild Avenue, for $1 so it can be used for affordable housing.
Larry Jarvis, director of Raleigh Housing and Neighborhoods, said that whoever invests in the property must rent at least 51% of the units to tenants at 80% of the area median income or below.
“It’s a requirement,” Jarvis said.
The Lane-Idlewild site is valued at over $1.45 million and consists of three parcels, according to a request for interest from the city. The sale was first reported by the Triangle Business Journal.
The property is zoned for residential 10, according to city records, which means it can be used for single-family, multi-family and cottage courts. Ten units per acre can be built on the approximately 1.17 acre site.
In its request, the city recommends that the site provide affordability for 20 to 30 years as a guideline, but it does not require this for the investor.
Jarvis said potential buyers must respond by July 24. The city will submit a request for proposal to the chosen buyer on Aug. 28 and take the recommendation to the City Council.
“We’re hoping we will get some creative responses and that it meets our goal or creating affordable housing in an area that is rapidly changing,” Jarvis said.
This story was originally published June 26, 2020 at 3:39 PM.