City of Raleigh repurchases Martin Street property
Posted September 7, 2012 12:17 p.m. EDT
Updated September 7, 2012 12:19 p.m. EDT
Raleigh, N.C. — The city of Raleigh will spend $374,349 to repurchase a small plot of land it sold more than a decade ago.
The city originally sold the .04-acre property, at 226 E. Martin St., in 1997 when it was a vacant lot. Gregg Pollard, real estate services manager for the city of Raleigh, said the lot was sold to Capital Area Preservation with the intent to move a historic house to the property.
Pollard said the house was later bought and used as architectural offices for David Maurer.
The city intends to redevelop the property in the future, city officials said. The city owns the majority of the block, from Davie to Martin streets.
City Council voted Sept. 4 to allocate $371,999 for the cost of the property and $2,350 for closing costs.