Author: Jack Hagel,Staff Writer
Edition: FinalSection: BusinessPage: Page: B8
Holy investment! Raleigh developer Greg Hatem has paid $175,000 for the 2,000-square-foot United Church of Christ for All People in Southeast Raleigh. The property, on 0.12 of an acre at 501 S. Person St., is across the street from the Person Pointe condominiums -- a spot ripening for redevelopment.
But Hatem says he'll continue to lease it as a church for now.
"There are a lot of churches that are starting up and they can't afford to buy a church, so they have to rent a church until their congregation grows. ... Hopefully ... [the start-ups] would do well enough to go buy their own church and another growing church would come in," he says. The church's congregation of almost 100 members is moving to a bigger space at 2527 Poole Road in a couple months. Hatem says he's got another church lined up.
The church received calls from developers who wanted to redevelop the site. "The fact that Greg was going to keep it as a sanctuary ... was one of the main things that influenced our body," says Emma Goza, an associate minister at the church.
Meanwhile, Hatem's plans for property at 310 N. Harrington St. -- a few blocks northeast of Hillsborough Street at Glenwood Avenue -- are shaping up. Hatem wants to build a four-story structure with 16 residential condominiums on the top two floors and a restaurant and shops on the bottom two. He'll also renovate two existing buildings.
Construction on the project, which would total about 30,000 square feet, is to begin by 2006. The property is across North Street from 1.9 acres on which a group of investors led by Cary developer Gregg Sandreuter wants to build shops, restaurants and at least 58 condos.
Duke Realty is trying to sell 14.4 million square feet of industrial properties in eight markets. The Indianapolis company says some is in the Triangle, but won't be more specific.
In other Duke news:
- Duke sold 15.3 acres on Sugar Bush Road across Glenwood Avenue near Crabtree Valley Mall to Pulte Homes for $3.4 million. Pulte is to build townhouses on the land once reserved for a Crabtree Overlook office building.
- TRC Environmental last month signed leases totaling almost 29,000 square feet in Duke property. The air quality measurements services firm took 21,000 square feet of offices and research space at 5540 Centerview Drive in Raleigh and slightly less than 8,000 square feet of offices at Governor's Village in Chapel Hill.
Copyright 2005 by The News & Observer Pub. Co.
Record Number: iernvc89