Published: The News & Observer, May 20, 2005
Author: Sam Lagrone
Section: North Raleigh News
Page: Page: N6
Warehouse to welcome artists
Part of an 18-acre warehouse development on Capital Boulevard
will be host to a collection of artists early next year.
Raleigh Bonded Warehouse, proposed to be bought early this year
by downtown developer Greg Hatem, is setting aside a significant
portion of the development for artisans and individual studio space.
"We're working with a lot of folks that are on the creative
bent," Hatem said.
Although the details of the arts portion of the site are still
pending, Hatem estimated that the studio space will rent for $5
to $7 a square foot.
Hatem announced plans in late January to convert Raleigh Bonded,
a 230,000-square-foot warehouse near the intersection of Capital
and Wake Forest Road, into a $20 million mixed-use facility.
Pending the close of the sale in July, Hatem will convert half
of the warehouse space into 50 condominiums that will be either
residential space or retail.
The buildings, built in the early 1920s, are similar to other projects
that Hatem has undertaken, including the restoration of downtown
Brian Reece of Karnes Research said in January that the project
had risks, mainly that the area is perceived as industrial. But
Hatem hopes to achieve success by appealing to artsy tenants.
He said he is trying to put a recording studio in the project.