The partners and their investment group plan to erect a $2 million office building on the site. First Colony Corp. of Charlotte will develop and handle leasing for the building. Rankin expects construction to take about 18 months and says the property is already two-thirds pre-leased.
The investment group had considered combining the church facility with the new office building but found that it wasn't financially feasible. The church will be torn down to make room for the new office project.
East Morehead began its revitalization about seven or eight years ago when professional services firms found that rents were a little lower here just five minutes from midtown.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
