Raleigh Real Estate Partners Purchase Land on St. Albans Drive
Raleigh real estate partners Todd Saieed and Ven Poole (Waste Industries CEO) have closed on the purchase of nearly 19 acres of undeveloped land on St. Albans Drive near North Hills where future towers of 20 stories tall are already being envisioned.
Saieed confirmed on Tuesday that their company, DeWitt Carolinas, bought the land next to the One Renaissance Center office building that the pair built in 2000 on Benson Drive. They paid $16.25 million, or $864,360 per acre, for the raw wooded land.
“To have all the stars line up and us be in a position to move this deal forward is very exciting,” Saieed said when reached by phone on Tuesday.
Saieed says their next step will be formalizing a masterplan for the 19 acres, plus the adjacent 20 acres that was already controlled by DeWitt Carolinas next to One Renaissance Center. The Raleigh city council in May had approved a rezoning request for the assemblage that will allow for multiple structures ranging from seven stories to 20 stories in height. By comparison, the Bank of America Tower completed in 2016 on Six Forks Road at North Hills is 18 stories high.
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Original article by:
Triangle Business Journal