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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 negotiated by a prior redevelopment partner and that exercising it now would protect the current negotiated price. “Staff is recommending that we exercise the option and purchase the property at the negotiated price of $3,400,000,” Bowers said, and he described the parcel’s potential to “facilitate much better development outcomes” for the east side of Moore Square.
Council members framed the purchase as an enabling step for downtown affordable housing. Councilor Patton asked whether swift action and ownership of the block would increase the likelihood of delivering affordable units downtown; Bowers replied, “That’s correct.”
Councilor Corey Branch moved to approve the purchase and to authorize the city manager to execute necessary documents; the motion was seconded and carried on a unanimous voice vote.
Next steps outlined by staff include expanding market-testing and reissuing a request for information (RFI) to inform a future solicitation that would include the newly acquired parcel. The council’s action secures the city’s option position ahead of the stated March 11 milestone for the agreement.
The motion to purchase was made during the regular council meeting and carried without recorded roll-call tallies in the public transcript. The council entered a closed session later in the meeting and adjourned with no further business reported.
