by: Cathy Foreman
According to the Triangle Business Journal, Atlanta based Preferred Apartment Communities Inc. purchased the Wells Fargo building in a multi-million dollar deal. As of Aug 1st, the sell had not been recorded with Wake County Deed of Records, but according to TBJ, an inside source says the deal is sealed.
What does this mean for downtown Raleigh and the activities that take place on Fayetteville St.? Not so long ago, there were noise complaints from residents in the some of the new high-rises centered on Fayetteville St. The backlash from the thousands who attend these festivals and events, and businesses is that “you knew what you were getting when you moved down here.” Essentially, you can’t expect the city to stop the very reason they created “wide open.”
So, as the downtown area incorporates more high-rise apartments within mixed-use facilities, this will be interesting. How will the city cope? How will the residents react and how will this all affect the the businesses that rely on all the foot traffic that comes with these events?
What do you think will happen?
Image provided courtesy of Spectrum Properties