FMW and Faison to Collaborate in $40M Apartment Project in Downtown Raleigh
- Oct 26, 2011
FMW Real Estate sold 3.5 acres of a 6.67 acres industrial site to Faison & Associates for $9.6 million. Following this transaction, the two companies will collaborate on a project that will make downtown Raleigh the home of a new apartment project west of West Morgan.
The apartment complex is set to break ground next week. Faison will develop the $40 million initial phase of the project. The project will consist of a 249-unit apartment building, 32 town houses and 10,000 square feet of restaurant, retail and office space along Morgan Street and Wakefield Street, the News Observer reports.
The industrial site was purchased by FMW in 2007, when the company paid $10.5 million for the four parcels. During the first phase of the construction process, FMW will remain a development consultant. Jim Zanoni, FMW owner, commented that they expect further collaborations with Faison on the next phases of the project, which will probably expand retail, office and residential units. Founded in 1949, FMW Real Estate has been focusing on industrial and residential developments in the Triangle area.
In regional news, the 401 Oberlin project has received the City Council’s support, after months of negotiations between the landowners, Kenneth Haigler and Tom Taft, and the residents in the vicinity of the project’s site.
The approval was granted after the developers made various concessions, decreasing the number of apartments to 250 from 280, reducing the height of five stories and completely removing a tower structure from the project.