Raleigh, N.C. — If you are in the market for a downtown Raleigh home, you can find some in Rosengarten Park. Founded in 1914, several home renovations are under way in the neighborhood and plans for new homes are in the permit process.

“It’s fun to get in from the ground and be a part of something new and exciting,” homebuyer Dan Meyer said.

Meyer recently purchased a home in Rosengarten Park, along the 500 block of S. Saunders Street. Homes that years ago were condemned are being restored to their original condition with some modern updates.

“There's everything you need. There’s a space for a washer and dryer. Everything in these houses is very well thought out,” prospective homebuyer Marie Wallden said.

Richard Johnson of City Space, the developer of the project and former resident of the neighborhood, said he had long dreamed of revitalizing the area.

“It's the people that make the neighborhood, and we've been fortunate to get a bunch of dynamic young people moving in,” Johnson said.

Johnson said Rosengarten Park is attracting a lot of first-time homebuyers. The neighborhood is walking distance to downtown Raleigh, and its homes are selling for $150,000- to-$250,000.

"People will be able to walk down to the new amphitheater. You can see the fireworks from First Night here," Johnson said.

Meyer said finding a home in downtown Raleigh in that price range was too good to pass up.

“It’s a very fair price for what is available in downtown Raleigh right now,” Meyer said. "It is becoming a vibrant part of downtown. I think that is a really cool opportunity."

The first new resident of Rosengarten Park is scheduled to move in Monday. Three other homes are currently for sale.

Johnson said he hopes to have the entire neighborhood developed by sometime in 2011.