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Council approves $3.4 million purchase of 313 East Martin Street to aid Moore Square redevelopment
Summary
The council unanimously approved exercising an existing option to buy 313 East Martin Street for $3,400,000, a staff-backed move officials said will improve the assemblage for Moore Square redevelopment and support downtown affordable housing efforts. The option deadline was noted as imminent.
The Raleigh City Council voted unanimously to purchase a parcel at 313 East Martin Street for $3,400,000 to strengthen the assemblage of property for Moore Square redevelopment. City staff told council the option on the Hadley family parcel must be exercised before the option deadline to avoid a $200,000 price increase.
Ken Bowers, of the Planning and Development Department, told council that the city has the opportunity to assume an option…
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