Raleigh developer purchases Peace St. property for redevelopment

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Raleigh developer The Lundy Group has entered into a contract to purchase a cluster of five retail and warehouse building lots at Peace and West streets in downtown Raleigh.

The current owner, Wink Montague, is scheduled to relocate his Lighting Inc. business to a North Raleigh shopping center by Oct. 1. The .84 acre property has been listed for sale at $3.66 million, but the actual selling price hasn’t been disclosed yet, according to the Triangle Business Journal.

The business publication says developer has been ” investigating more redevelopment opportunities in downtown Raleigh over the past couple of years, including an offer to buy a one-acre site downtown owned by the city at 301 Hillsborough St.”

The Peace St. property is a “great opportunity” for redevelopment, says The Lundy Group’s Jim Baker, in line with municipal and state highway improvement plans for the Capital Boulevard at Peace St. and the future Devereaux Meadow Park. “We’re looking forward to renovating those buildings,” he is quoted as saying.

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