Wednesday, November 18, 2015 10:00 AM

RALEIGH SELLS 1.2-ACRE DOWNTOWN SITE FOR $6.3M

One of the most coveted properties in downtown Raleigh no longer belongs to the city government.

The Raleigh City Council on Tuesday voted 7-1 to sell the 1.2-acre property at 301 Hillsborough Street to The Lundy Group, a Raleigh-based development firm, for $6.3 million. The site is currently used as a parking lot for Campbell University Law School.

The move ended a public auction that the council launched four months ago in a split vote. Five members wanted to sell the lot to the highest bidder, and three wanted to retain control over development of the property, specifically to lure a grocery store to downtown.

Only councilman Bonner Gaylord opposed the sale on Tuesday, saying he did so only to be consistent. In July, he voted against launching the auction.

“I’m really excited about the project,” Gaylord said Tuesday.

The city’s vote marks the second major downtown Raleigh land sale announced in as many days and the third since July, when a hotel developer bought the .57-acre Enterprise Rent-A-Car site next to the Raleigh Convention Center for $4.05 million.

On Monday, The News & Observer agreed to sell its 3-acre headquarters at 215 South McDowell Street to the “Above the Fold” development group ...

News source: http://www.newsobserver.com/news/business/article45270699.html

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