New York company buys land in Warehouse District in downtown Raleigh
A 1.3-acre lot in downtown Raleigh sold for nearly $21 million, making it one of the most expensive purchases in city history by square footage at more than 15 .5 million per acre.
New York-based Tidal Real Estate Partners has purchased five parcels in the Warehouse District, just south of CAM Raleigh, and aims to finalize plans for the property later this year.
The site, northwest of Harrington and Davie streets, was rezoned in early 2020 to allow development of up to 40 stories.
“We are 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 press release announcing the purchase. “We’ve had our sights set on the Warehouse District for a while. This particular site occupies an important corner of the neighborhood and benefits from a frontage and zoning that allows the design of a first-rate project.
Parts of the land are vacant, but the Raleigh Founded coworking space, Circa 1888 bar, and Gracie Raleigh Martial Arts School are all located on the property.
This is the third major downtown development that Tidal has undertaken in Raleigh.
Earlier this year, the company revealed it planned to replace the circular Holiday Inn on Hillsborough Street with a 20-storey tower containing luxury hotel rooms, apartments and a restaurant.
They also asked the city to rezone two parking lots at East Lenoir and South Wilmington Streets to accommodate a 20-storey mixed-use development. This request will be presented to 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 past year, we have completed more than $260 million in land deals in the Triangle,” the company’s executive vice president, Chester F. Allen, said in a press release. “I believe this is one of the highest prices, if not the highest, ever sold in our area.”