Raleigh, N.C. — The Raleigh City Council on Tuesday adopted a resolution of intent to lease the site of the old Stone's Warehouse in downtown for a mixed-use development.

Under the resolution, the Historic Preservation Foundation of North Carolina will enter into an option to assign the 99-year ground lease to Landmark Asset Services to develop the property as a 49-unit complex geared toward artists and entrepreneurs with lower-than-median incomes.

The city bought the Stone's Warehouse property, at 500 and 512 E. Davie St. and 419 S. East St., in 2001.

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 deadline for submission of an application for low-income housing tax credits is Jan. 25.