May 4, 2022 - Real Estate

New York developer buys property in Warehouse District

Downtown Raleigh on a cloudy day.
Downtown Raleigh on a cloudy day. Photo: Zachery Eanes/Axios

Tidal Real Estate Partners, a New York firm that already has plans to redevelop two downtown buildings, announced Tuesday it has bought a part of Raleigh's Warehouse District

  • The newly acquired 1.3 acres at 310 S. Harrington St. is a collection of low-slung buildings, home to the co-working space Raleigh Founded and next to the Contemporary Art Museum.
  • The property is zoned for up to 40 stories and is a block away from Raleigh Union Station.
  • The real estate development firm has existing plans to redevelop Raleigh's Holiday Inn and add a mixed-use tower at 521 S. Wilmington St.

Details: The land, owned by Raleigh WHD Holdings and Centerline Properties, sold for $20.9 million on April 27, according to a press release.

  • Chester Allen, with CBRE's Raleigh's Land Services Group, which marketed the property said that's a significant price. "I have been doing this for 16 years and am not aware of a higher price per square foot," he said.

The intrigue: Tidal did not release any immediate plans for the property and declined Axios' interview request. But the company has a history of residential and mixed-use projects.

  • The firm said it would release plans later this year.
  • It's unclear what will happen to tenants currently on the property. Jes Porta, executive director of Raleigh Founded, said she didn't know any details yet but plans to meet with the new owners later this week.

What they're saying: "We're excited about the growth of downtown Raleigh and intend to maintain a long-term presence here," Tidal CEO Mick Walsdorf said in a statement. "We've had our sights set on the Warehouse District for some time."

  • "This particular site occupies an important corner of the neighborhood and benefits from frontage and zoning that allows for the design of a first-class project."
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