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ericurbanite

spillover from glenwood south

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Here is an article from the news and observer I read for around glenwood south. Its on the business link at the newsandobserver.com Hopefully we will continue to see more spill over from glenwood south, and hopefully Mr. Reynolds can come through with his proposed office tower if he can just land some tenants.

Anyhow heres the article...

Developer Gordon Grubb is trying to assemble land across the street from what is set to be one of the biggest redevelopment projects in Raleigh's Glenwood South entertainment district -- the conversion of the Warren Distributing building into shops and condos.

Grubb Ventures paid $575,000 for a 3,900-square-foot office building on one-fifth of an acre at 215 Glenwood Ave.

Grubb plans to keep it as an office for now.

"But down the road we might consider something else," he says, but wouldn't elaborate on what "something else" might be.

Grubb also has his eye on Elizabeth Apartments at 611 W. Lane St.

The property, which consists of 20 units of garden apartments on four-fifths of an acre, backs up to 215 Glenwood.

Grubb has that property under contract and might close on the deal this month.

The properties, on the block bounded by Lane and Jones streets, are across Glenwood Avenue from the 30,500-square-foot building owned by Warren Distributing.

That property is under contract to a partnership of Blue Ridge Realty and Trammell Crow Residential.

The partnership is planning a nine-story, 120,000-square-foot development that will have 12,000 square feet of shops and restaurants and 100 loft-style residential condominiums.

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Dillon Supply has signed a contract with Duke Realty, which is to build a 110,000-square-foot building at Raleigh's Walnut Creek Business Park.

Dillon sold its downtown Raleigh property to make way for a proposed regional rail system. It would own the building designed by Duke.

The building would be adjacent to Harris Wholesale's hulking warehouse at the park. Construction should wrap up in the fall.

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Alton B. Smith Jr., who is selling the Raleigh Bonded Warehouse on Capital Boulevard to developer Greg Hatem, has sold a chunk of land in North Raleigh.

Falls Preserve Partners bought the 18.9 acres on Durant Road near Falls of the Neuse Road for $1.1 million.

Reid Jones of Mikels & Jones Properties, the Raleigh firm that represented Smith in the deal, says Smith decided to sell after concluding that he wasn't going to develop it.

The buyers are preparing to subdivide the land and build houses on it.

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