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Fuquay‑Varina approves $2.95 million purchase of 135 North Main Street for downtown office and parking space
Summary
The town approved the purchase of 135 North Main Street for $2,950,000 to add municipal office capacity (estimated 15–20 offices) and 38 public parking spaces; staff said leases generate roughly $10,000 per month and recommended the acquisition to support downtown assemblage and future park plans.
The Fuquay‑Varina Town Board on April 7 approved an agreement to purchase 135 North Main Street for $2,950,000 and a related budget amendment.
Town Manager Adam Mitchell told the board the two‑story commercial building sits on about 1.094 acres, was appraised at $2,280,000 in January and includes 38 parking spaces. The town currently occupies a municipal building across the street and staff said the acquisition would add 15–20 offices, provide additional public parking near town hall and support planned downtown park and redevelopment efforts.
Mitchell outlined key terms presented in the agreement: a purchase price of $2,950,000, a 30‑day due‑diligence/examination period, and documentation of existing lease agreements that together produce just over $10,000 per month in rent. The town manager said that by occupying the property the town would stop paying $1,125 per month for its current leased utility billing drive‑through office and that tenant lease arrangements share certain maintenance costs.
The board voted to authorize the town manager to execute the agreement subject to attorney review and approved budget amendment BA26‑45 to fund the acquisition. The town engaged an independent closing attorney for the transaction and staff noted a limited supply of suitable downtown properties made timely acquisition strategically important.
The purchase will be subject to the usual closing steps and legal review; staff will return with closing documentation and specifics about how office space will be allocated.
