|Raleigh Council Approves Warehouse Lease For New Art Spaces|
RALEIGH - Following a public hearing on Tuesday, the Raleigh City Council voted to adopt a resolution of intent to lease the Stone's Warehouse property to the Historic Preservation Foundation of North Carolina.
According to the city, the foundation will enter into an option to assign the lease to Landmark Asset Services.
The large brick warehouse is known locally as Stone's Warehouse and is located at the intersection of East Street and Davie Street in downtown Raleigh.
"The rezoning would permit the city-owned block to be redeveloped with an apartment complex geared towards artists and entrepreneurs with lower than area median incomes," said the city in a statement.
The building has been vacant for years and in past city council meetings, Raleigh Mayor Nancy McFarlane has stated that she supports the proposal. If the property is approved, the city would lease the property to to the Landmark Group run by Vann Jones. In addition, the group could also apply for tax credits to develop the property.
The city said that the assignment of the lease and the project are dependent on Landmark successfully applying for and receiving historic tax credits under the Low Income Housing Tax Credits Program administered by the United States Department of Housing and Urban Development. The city says the deadline for submission of an application for low-income housing tax credits is January 25th.
"Our regular process has produced a blighted, empty shell and it's been sitting there for 30 years," said Mayor McFarlane in a meeting on the issue in December. "Sometimes opportunities present themselves and you need to consider them."
(From The Raleigh Telegram, 1/17/2013)