Developers Loden Properties of Raleigh and Northpond Partners of Chicago on Wednesday announced plans to transform a 3-storybuilding at 122 Glenwood Ave. – at the corner with West Jones Street – intocreative office and retail space. The building currently has three retail tenants: the Revolver Consignment Boutique, the Raleigh Wine Shop and the Halcyon cocktaillounge and event venue.
The companies acquired the property last week for $5.1 million. The 0.33-acre property has an assessed value of $2.9 million, according to Wake County records.
“We’re super excited about the project and properties in and around that corridor,”said Sam Ankin, Northpond founder and managing principal.
Plans for the project would convert the existing building into a creative office and retail property, with creative office space on the top two floors plus a modern elevator and stair tower, lobby, common area restrooms and mechanical systems,according to the companies.
Built in 1921, the property features around 16,800 square feet of space and a surface parking lot.
The seller was Tarlton Properties LLC. Members of the Tarlton family have owned the site for decades, according to county records.
Braxton Anthony with Rich Commercial Realty represented the seller in the deal
Ankin said the exact design will depend on the market interest from prospective tenants and that the project would be able to accommodate a combination of tenants or one large tenant.
The group is looking to open the building next year.Gensler is the architect on the project.
The project is Loden and Northpond Partners’ fifth joint venture. Last year, the group announced a partnership toreposition the Gateway Plazaretail center off Capital Boulevard in Raleigh into a mixed-use development including with retailers,coworking space and entertainment.
Northpond bought the historic Creamery Building in Glenwood South in 2018 for $24 million, and then soldthe site in March 2020to New York-based Turnbridge Equities.Turbridge has since successfully requested the site be rezoned to make wayfor a massive mixed-use development.