MY Goodness, look at the growth in Raleigh! Opportunity Zones, Beer, Buses!
What’s Happening In Triangle Area Commercial Real Estate:
Invest long term in more under performing areas of our country and be rewarded handsomely with tax incentives. Your federal taxes will be waived (some). The hope is that some investment dollars will be redirected to regions that typically do not see them. The IRS says the goal is to “spur economic development and job creation in distressed communities”. While we may question some
of the areas chosen to be opportunity zones (East Franklin Street in Chapel Hill and the Durham Bulls Athletic Park area) there is no questioning that the large majority of opportunities zones are in areas of needed growth or redevelopment. How do they work? Well, an investor can take A property, sell A property and take the capital gains from that real estate deal and invest it in to an opportunity zone (B property). Once A is sold, get a reduction in original capital gains tax and then pay no taxes on the capital gains of the sale of B property. One could essentially pay less in taxes to sell B (the higher investment) than the sale of A. Want to know more? Contact us at Kima Commercial and let’s chat.
200, 206 and 210 S. West Street Raleigh, NC – 40 Story Tower?
Raleigh’s new Transportation Center plans are YUGE (said in President Trumps voice). These 3 contiguous properties are being considered for a rezoning that would allow for the new HUB to have a 40 stories! That’s more stories than James Patterson could tell…bad attempt at humor, I know. The Research Triangle Regional Public Transportation Authority – known to the rest of us as GoTriangle – is asking for the rezoning so that a 40 story Bus Transportation HUB can be built. The skyline is changing in the Raleigh warehouse district. Conveniently the new station will be placed right next to the Raleigh Union Station. Best part? The rezoning includes a residential component and AFFORDABLE HOUSING! The applicant has indicated that they intend to retain the historical significance of the surrounding areas.
NC State’s Hillsborough Street Gets
93 New Luxury Condo’s Correction 180 Apartments!
Yep, if you have not driven up and down historic Hillsborough Street near the campus of North Carolina State University lately you may not recognize it any longer. And if you are one of “those” people that don’t venture back to campus very often you may fell, well, lost. Adding to the make-over of the prodigious street is a new project featuring 93 luxury condos named The Turnhill at the corner of Hillsborough and Turner Streets. The 1.72 acre assemblage was purchased and approvals given….WAIT! What? The developer is shifting gears and now that tract will be home to 180 apartments for rent. Location. Location. Location. The rezoning to NX-5 will allow for a 5 story building. Three blocks from Meredith Collage and certainly placed, we expect this one to be a success.
Wake Forest, NC – Come Get Your Brew On?
The once sleepy little town of Wake Forest, NC actually may have a “scene”? What? In the early 2000’s the only places to meet out for a “cold one” we a few hidden bars no one talked about publicly and the soon to open Applebees! Insert that sound of a cassette tape fast forwarding here – Gang, not only is there a wonderful scene for those that like to have a cold beer, a glass of wine or maybe something a little stronger with places like White Street Brewing Co., Bodega’s, Over The Falls, Tonic, Real McCoys, Gatehouse Tavern and several others…TWO new places are coming to town. Almost ready to open is The Lonerider itself.
Tap Room at the old go cart place at The Factory. And Pam Tarangelo is selling La Foresta to what rumor claims is full Brew Pub. Stay tuned as the once Nearly dry town continues to reinvent itself. And if you want to discuss any of this in person, please contact our team here at Kima Commercial. As a part of KW Commercial Internationally, we have the resources to assist with all of your needs.