![]() She did not respond to a request for comment about the property's future. Mayor Mary-Ann Baldwin has, in the past, floated the idea of the city buying it."There's not many opportunities like that, and there won't be at that scale," he told Axios.įlashback: The old DMV building's fate has been up in the air since the state decided to relocate the headquarters to Rocky Mount in 2019 - a move that was made due to how expensive it would have been to rehabilitate the aging office.Allen, executive vice president for CBRE's Land Services group in Raleigh, said interest will be high, especially because of how hard it has become to assemble properties of that size together inside of the beltline. The News & Observer first reported the appraised value. The money would go toward rehabbing other state facilities and building new ones in downtown Raleigh.A future Bus Rapid Transit route is already spurring gentrification concerns there.Äriving the news: Appraisals done for the state estimate the properties could get around $43 million. In the case of the former DMV building, a new development there could help influence the trajectory of an area home to one of the city's largest historically Black neighborhoods.Why it matters: It's rare that such large parcels near downtown Raleigh become available. ![]() Together they account for more than 21 acres of potential new construction space downtown.The two buildings - the old DMV headquarters on New Bern Avenue and the Division of Employment Security offices on Wade Avenue - are slated to be sold and will likely attract major projects because of their locations. ![]() With developers swarming on downtown Raleigh, two state-owned properties could demand tens of millions of dollars in the near future.
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