While this is fantastic news, I am curious about the time frame on this project considering they couldn’t be bother to provide even a general ball-park estimate.
My fear is them purchasing the lots, vacating the tenants and buildings, only to allow them to sit an rot for several years.
I guess this would be the city’s litmus test to see if they can succeed as a developer to try their hand at the DMV lot. I have my doubts, but hope this succeeds considering how rough these locations are.
Those other privately-purchased buildings next door that were purchased and flipped by the same people doing Park City South (Merge/Five Horizons), have since sat vacant with no timeline for years now. Not sure what the difference is. I guess we’ll see. But the properties were just acquired so seems a little early to already expect plans. The buildings except for Zack’s were already vacant, and that wasn’t exactly a business that we’d consider beneficial to the area.
I would not hold my breath waiting on the City to move quickly…they never do. The political back & forth of “affordable” & ‘who should benefit’ will drag this on for a while.
BUT they City is not going to allow the low-end crap that was there before to reopen…so that’s good for everyone. Now, maybe the can shut down the other gas station across the street too!
The City is very focused on the New Bern Ave BRT being a success, so I am hoping their acquisitions along the project will be paid attention too quickly. I do not think the optics will be good to have a new transportation system with city owned lots that are overgrown and unkept. Even if the space is vacant for a while it should be made to look nice while plans are developed.
To this point, there was discussion at the beginning of the City Council meeting regarding a lot that, in March, was approved for sale on the New Bern BRT route to promote development. Buyer then transferred to LLC named Yadda Yadda “Parking” LLC. They were discussing legal routes of rescinding sale. They appear to be unified and prioritizing setting up this route for success.
I hope someone on the council is watching this thread so they can know this is important to us and we see this as a criteria for the projects success.
A couple of big New Bern project updates
Milner Commons senior housing
Washington Terrace redevelopment
Sounds like they are conflating the reno of the new bern mart strip mall, which has been in the works for a year +, with the city’s purchase of the parcels right on the corner of raleigh blvd. this month. Lazy reporting?
WRAL regularly makes errors or generalizations like that.
I wondered as well. I am hopeful that the plan are still in place for the area with the “for lease sign”. Does anyone know?
Sometimes I think WRAL is Raleigh’s NewsMax.
1601 NB renovation has started. The City purchased the gas station/carwash/crime corner recently which is next door. The story sort of blended both parcels but its mainly talking about 1601 New Bern.
Seriously that’s a bit much.
Ted Turner maybe? A good answer?
The city is offering $20 mil for the old DMV site, well above the appraised value of $12-13mil to insure they don’t get out bid by a pvt developer.
https://www.newsobserver.com/news/business/real-estate-news/article276001856.html
Let’s hope the NCGA puts it out for “highest & best” to the market first.
Taxpayers should get every dollar possible.
Biggest concern if City get it is they will get wrapped around an axle for a decade…debating “affordability”……to the point its a bad deal for any developer unless they build a “sh###” product
So how does this work exactly, where did the $20M come from? How many projects have been shelved due to funding and somehow magically we are able to find $20M and $7-8M over the appraisal? I don’t recall seeing this line item on the 2024 $1.8 Billion budget plan that required an additional increase in property taxes. I’m sure that’ll be another justification for raising the property taxes next year once again.
According to the article it appears this is going to go through without even receiving offers from another developer, fantastic governing and fiscal responsibility:
“The Council of State will be asked to approve the sale at its meeting Tuesday. The council, made up of Gov. Roy Cooper and nine other statewide elected officials, approves all state property sales and leases.”