Empty downtown Raleigh condo project closes
Posted May 27, 2010
Raleigh, N.C. — The Hue, a 200-unit condominium complex in downtown Raleigh, is "closed until further notice," according to signs posted on the Dawson Street building.
The seven-story building, which is painted in hues of blue and yellow, has sat empty since it was completed last year.
When city leaders helped break ground on the project in September 2007, it was billed as an affordable option for people looking to buy downtown, with units for prices at about $160,000.
According to The Hue's website, fewer than 20 units were under contract, but Wake County property transfer records indicate that no units have actually been sold. Sources familiar with the project told WRAL News that the developers had hoped to have at least 45 units sold by now.
The building's nearby sales office also is closed, and a message on the answering machine refers callers to John Butler of Prudential York Simpson Underwood's New Home Division. He couldn't be reached Thursday for comment.
"This is sort of a good news, bad news situation," Downtown Raleigh Alliance President David Diaz said. "The bad news is they weren't able to meet their goals for sale of condos. The good news is the strongest demand we have downtown is for apartments. My hope is that The Hue is offered as apartments."
Investors have expressed interest in purchasing the building and converting it to apartments, sources said.