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A tract of land in an attractive suburb of Raleigh, NC with a challenge: the land was zoned for retail usage only.
601 Tryon Road
Sarah Godwin with Foundry’s Land Advisory Team represented the seller, a family with generational ownership of the land. The +/- 27.5 acre tract is Garner’s northern gateway, along Tryon Road near the 401 intersection and is eight minutes to downtown Raleigh. The site was zoned for retail usage only.
Access to the site was limited, after ownership allowed NCDOT to create a two-lane frontage road that removed the ability to connect to high-traffic Tryon Road. Rezoning was needed prior to closing, which was contentious due to ambiguity in the Future Land Use. The Town of Garner was requiring any developer to extend a +/- 1,000’ roadway along the eastern boundary of the site.
Extensive discussions pre-marketing with the Town of Garner on site challenges and ensuring that multifamily met the Town’s vision. Worked extensively with NCDOT to overcome the Town’s access issues, which would have prevented site development.
Fully marketed process resulted a competitive bidding environment in 12 offers on the site, with 3 bid rounds and 4 buyer interviews to help qualify each investor’s interest and ability to close. The result was a 30% increase in pricing over initial guidance and a successful closing 90 days after rezoning for $6,000,000.