Raleigh company plans to refurbish a block of Glenwood South
A Raleigh real estate company and its Chicago partner have bought yet another piece of land on Glenwood Avenue's southern end with an eye toward adding more retail and restaurants in the area.
Driving the news: Raleigh-based LODEN Properties and Chicago's Northpond Partners dropped $4.4 million on the Carter Building at 14 Glenwood Ave., a property across the street from the AC Hotel.
- LODEN previously purchased the adjacent lots at 102, 104, 110 and 122 Glenwood.
- Collectively, the group has spent more than $15 million on the properties.
Be smart: LODEN has made a name for itself locally for refreshing older buildings into new destination spots.
- In 2018, it redeveloped the old Gateway Plaza shopping center, now home to the Fine Folk restaurant and Raleigh Founded coworking and opened in 2020 what is now the Longleaf Hotel in downtown.
What they're saying: "The ability to pick up yet another piece of this block and continue the opportunity of creating a contiguous block of retail … was very attractive," LODEN partner Henry Ward told Axios.
- "We bought these buildings with a first approach of improving them, whether that's adding green space or whether that's improving the physical buildings. That's gonna be our primary focus.”
What we're watching: Ward said his firm is actively looking at adding a greenspace and patio on one of the parking lots on the block and bringing in a new restaurant there.
- LODEN plans to fulfill the leases at all the buildings. The Carter building is 90% leased, for instance, and home to several artists and art space.
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