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Massachusetts Contractor Buys Aging Hudson Belk Building for $2 Mil

RALEIGH, NC-Modern Continental Enterprises Inc. of Cambridge, MA paid the city the Downtown property's appraised value. The buyer plans to develop three stories of offices, shops, a restaurant and possibly some residential.

By Robert Anthony | Updated on January 19, 2001

RALEIGH, NC-Modern Continental Enterprises Inc. of Cambridge, MA plans to bring the former three-story, aging Hudson Belk department store building back to life as a revived and rebuilt Downtown property offering office, retail and possibly some residential. The contractor plans to put in about $12 million in renovations, according to a published report.

Locally based Empire Properties offered to buy the asset at the same price and convert the property to a fiber-optics center with some residential. Modern Continental officials said in a published report they chose Raleigh over sites in Nashville, TN, California and Arizona.

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