Downtown Raleigh land sold for $21M, one of the most expensive purchases in city history
A 1.3-acre plot of land in downtown Raleigh has sold for nearly $21 million, making it one of the most expensive purchases in city history by land area at over $15.5 million per acre.
New York City-based Tidal Real Estate Partners bought up five parcels in the Warehouse District, just south of CAM Raleigh, and aim to finalize their plans for the property later this year.
The site, northwest of Harrington and Davie streets, was rezoned in early 2020 to allow for a development of up to 40 stories.
“We’re excited about the growth of Downtown Raleigh and intend to maintain a long-term presence here,” Mick Walsdorf, CEO of Tidal Real Estate Partners, said in a news release announcing the purchase. “We’ve had our sights set on the Warehouse District for some time. This particular site occupies an important corner of the neighborhood and benefits from frontage and zoning that allows for the design of a first-class project.”
Portions of the land are vacant, but coworking space Raleigh Founded, bar Circa 1888 and martial arts school Gracie Raleigh all are located on the property.
It’s the third major downtown development Tidal has undertaken in Raleigh.
Earlier this year, the company revealed it was planning to replace the circular Holiday Inn on Hillsborough Street with a 20-story tower containing luxury hotel rooms, apartments and a restaurant.
They’ve also asked the city to rezone two parking lots at East Lenoir and South Wilmington streets to allow for a 20-story mixed-used development. That request goes before the Planning Commission next week.
Commercial real estate firm CBRE Raleigh represented the sellers of the properties, two LLCs with a handful of downtown holdings.
“Over the last year we have closed over $260M of land transactions in the Triangle,” the firm’s executive vice president Chester F. Allen said in a news release. “I believe that this is one of the highest, if not the highest, price per acre sale ever in our region.”
This story was originally published May 16, 2022 at 4:18 PM.
