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Published: The News & Observer, May 20, 2005

Author: Sam Lagrone
Staff Writer

Edition: Final
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 buildings.

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.

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