Thanks for posting this info. Can anyone on our site that can open up this article , let us know the details ? Thanks !
Best explanation I have read .
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It’s not locked but I sent you the text
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88 acres purchased out of 130 needed for the project. Parcels purchased on both sides of I-40.
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$19.6 million for the 2 parcels/deals that make up the 88 acres purchased by Steve Malik, John Kane, and Billie Redmond of TradeMark Properties.
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It is locked for me.
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This is the same kind of process that Kane initially did with North Hills East. First, asking for tax increment financing, and not getting it. Then, proceeding forward without municipal support. Now, we’re possibly seeing the same kind of thing. It will happen, but maybe not with municipal support with whatever eventually happens (with or without an arena).
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Huh. I guess this project is moving forward anyway even without the stadium subsidy. Imagine my surprise.
There’s no map in the TBJ’s story (there should always be a map accompanying stories like these), but the 77 acres is the land west of S. Saunders. Back in June, Malik said the use of these parcels had yet to be determined. I wonder if there’s been any progress since then in terms of figuring that out. Most of the parcel north of I-40 is in a floodplain, so there’s a real limit on what you can do with it, which is why they got the land comparatively cheaply. Malik had talked about setting that part aside for green space, which seems like by far the most sensible thing to do. But I’m really curious what the plan is for the land south of I-40, since you’ve got some serious ingress/egress issues. I guess that could be partly alleviated by buying some of the land behind the Mobil station, and maybe that could be in the cards.
In any event, lots of interesting stuff happening here!
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This probably isn’t perfect, perfect, but it’s really close. This is what was bought. 88 acres. What hasn’t been bought is what I would consider to be the heart of the site – the Penmarc property just North of the Red Roof Inn.
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NC Equipment Co held the 77 acre parcel since 1961. Not sure why anyone would pay taxes on a piece of land that size for almost 60 years and never develop it. The northern piece of that parcel is mostly floodplain as @daviddonovan pointed out:
Currently a lot of major utility work going on at the southern piece of this parcel. I think It’s installation of new water lines but I’m not sure. Doubt that work is related to this sale, but who knows.
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Land purchased for Downtown South !!!
" The proposed Downtown South development for Raleigh took a step forward Monday when the developers behind the project bought 88 acres slated to make up a large portion of the site.
Steve Malik, owner of North Carolina Football Club, [John Kane](https://www.bizjournals.com/triangle/search/results?q=John Kane) of Kane Realty and [Billie Redmond](https://www.bizjournals.com/triangle/search/results?q=Billie Redmond) of TradeMark Properties announced the purchase"
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Found this article on WRAL
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Glad they didn’t develop it because it would probably have been some low end industrial use. Now it’s like a blank canvas!!
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I am confused on the 88 acre land that was bought this week for DowntownSouth . I wonder why none of
The Penmarc land location was not included instead of some of the flood plain land .
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My guess is they were able to execute on those two deals faster than the Penmarc area. My very uneducated guess is the land for the core of the project will be acquired very soon.
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I can relate to the residences that live nearby, I’m Just off to the west of where they are planning to build this Downtown South project. I few years ago 2015 I lived in North Raleigh off six forks road and my rent went from 780 to 1,200 a month within the three years that i lived in, I couldn’t afford the skyrocket rent so I moved out and lived with a friend until I can afford a place to live and still have funds to maintain a decent living. Raleigh has gotten ridiculous with the rents in the entire area. Not for nothing I like and approve of what Developers are doing with this project, Just don’t push People away from their Homes, I’m not against this project at all, change is a good thing and promotes growth, I would Love to stay where I am so that I can see this development become a reality, but not at the expense of high rents.
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I appreciate you sharing your perspective. I think this shows another angle of gentrification. Property values go up so we think that’s a good thing. But, that translates to sales by others that demand higher rents. Or even just higher rents because they can and because of higher property taxes, etc. Thank you.
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I do have a understanding of how property taxes may go up as a result of development and growth but for those that live on income lower than $50,000 a year it can be hard. For me, I just want to be able to enjoy this new Development ( Downtown South ) and still afford a place to live. If i lived with someone, then it might not be too bad, but for a Single person it can be a challenge.
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I may be mistaken but seems there was something about the Penmarc family(?) was going to be partners in this so no need to buy the land. Like say may be way off base many someone else can comment. lol as if need to ask.
Never mind, just found this in N&O report.
The remaining 44.5 acres of land for the proposed stadium to the right of South Saunders Street and Penmarc Drive will be purchased next year from seller Alice Penny, Redmond said.
Read more here: https://www.newsobserver.com/news/business/article238693603.html#storylink=cpy
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Thanks Guys ! Even though my first love is Atlantic League Baseball , I am So Excited about a new first class stadium looking very strong in Raleigh’s future .
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