Up to 12 stories of new retail space or housing could be coming to 418 West Peace Street in downtown Raleigh — 0.65 acres of land to be put up for auction by the North Carolina Department of Transportation.
Real estate consultant Carolina Land Experts will open the auction on the afternoon of Sep. 15. Bidding starts at $3,761,800.
The bidding will close on the first Tuesday that comes 10 days after the first bid. It will be extended by an hour for each final bid.
The land is advertised as a “primely located” parcel in a highly visible area near the Capital Boulevard bridge, just across from Kane Realty’s new Smoky Hollow housing and office development.
“This is a great site in an area ripe with fresh development,” said Jamie Dawson, founding partner at Carolina Land Experts in a news release. “It’s in a wonderful location, and meets the need for both office and warehouse use, with an existing 16,000 square foot warehouse/retail space already on the parcel.”
The property is zoned for industrial use, but the city’s Unified Development Ordinance allows for building a mixed-use development up to 12 stories tall.
The land has appreciated in value since the N.C. DOT bought it for $2.477 million.
The transportation department acquired the land to use as utility space for the Capital Boulevard bridge reconstruction project that started in 2016 and finished earlier this summer.
A vacant 16,000-square-foot warehouse that formerly belonged to Anderson Sanitary Maintenance Products is on the property; the business relocated once a portion of its land was sold to the DOT.