A developer has acquired the Raleigh Baptist Student Center building at 2702 Hillsborough Street for $860,000, according to Wake County property records.
Raleigh-based Blue Sky Services bought the building from the Baptist State Convention of North Carolina.
Nikita Zhitov, a principle with Blue Sky, said the company plans to lease the 6,000-square-foot building for three to five years while it develops plans for the site. He said plans could include a mix of office and retail or apartments and retail.
The property, at the corner of Hillsborough and Garner streets, is just a few blocks east from where Blue Sky is now constructing a 49-bed student housing project at 105 Friendly Drive. That project is expected to open this summer.
Hillsborough Street has seen a wave of student housing development in recent years, and several more are under construction, including the 96-bed Hillsborough Lofts at 2510 Hillsborough.