Real Estate Associates is pleased to offer for sale 162 West Ramseur Street, a ±0.153 acre parcel located in the City Center District of downtown Durham, primed for infill development. The Seller has completed 60% schematic design drawings and other due diligence for a 22-unit residential condominium project with two street level commercial units and a partially subgrade structured parking area. The parking envisions utilizing a CityLift* system to provide up to 24 parking spaces.
Downtown Durham has experienced tremendous growth over the last two decades, with projects such as the American Tobacco Historic District, the Durham Performing Arts Center, One City Center, West Village, the Chesterfield Building, the burgeoning Durham Innovation District and other major developments providing office, residential, retail, entertainment and hospitality options in The Bull City. Major employers continue to grow their presence in downtown Durham, with several recent announcements of significant office tenant transactions, as well as new real estate development projects in the pipeline.
This property is being sold in conjunction with three fully-leased commercial condominium units consisting of ±17,308 SF in the adjacent historic S.H. Kress Building located at 101-103 West Main Street. The properties may be sold together or separately at the sole discretion of the seller.
*Visit cityliftparking.com for more information.
The property fronts Mangum Street and Ramseur Street and sits just off of West Main Street behind the iconic Kress building.