In a promising move signaling the revival of Downtown Raleigh, the influential Moshakos family, renowned owners of LM Restaurants, including popular establishments like Carolina Ale House, Vidrio, and Taverna Agora, have acquired the office tower at 227 Fayetteville Street. This strategic purchase, valued at approximately $15 million according to Wake County records, underscores the family’s confidence in the ongoing rejuvenation of Fayetteville Street.
City Resurgence Amidst Challenges
While Fayetteville Street has been navigating a slow recovery from the pandemic’s impact, the Moshakos family’s bold investment speaks volumes about their belief in the street’s potential. The street, once bustling with thousands of office workers, is now a focal point for city leaders aiming to reinvigorate and reimagine its role in Raleigh’s landscape.
Shifting Dynamics: Wells Fargo’s Departure
Interestingly, as the Moshakos family makes a significant bet on the future of Fayetteville Street, Wells Fargo, a prominent tenant in one of the largest buildings on the street, 150 Fayetteville, has announced its departure. Despite this shift, the Moshakos family’s acquisition reflects a strategic vision for the area’s resurgence.
Strategic Acquisition Details
LM Restaurants secured 227 Fayetteville St. through auction for $14.9 million, slightly below the property’s assessed total value of $15.5 million. The building, currently fully leased, houses the Poyner YMCA, which is expected to remain in place, ensuring continuity in the community services offered.
LM Restaurants: Long-Term Investment in Raleigh
The Moshakos family’s engagement in downtown Raleigh extends beyond this recent acquisition. While originally working on an undisclosed restaurant project in the nearby 150 Fayetteville building owned by Highwoods Properties, the family saw the opportunity to further invest in Raleigh’s downtown core. The vision is to contribute to stabilizing Fayetteville Street, envisioning its return as the vibrant heart of the city.
Future Prospects
With the recent purchase, no immediate changes are anticipated for 227 Fayetteville St. However, the Moshakos family’s long-term commitment to downtown Raleigh suggests a potential catalyst for future enhancements and developments that align with the evolving needs and aspirations of the community.
As the Brazoban Realty Group, we applaud and support initiatives that contribute to Raleigh’s growth. If you have questions about real estate trends or investment opportunities in the area, feel free to reach out. We are here for you every step of the way. Let us know what you think in the comments below.
Source: [Axios Raleigh]
