Loden Properties, a Raleigh-based urban development company specializing in creating places that draw from the unique characteristics and needs of the community, has acquired the Gateway Plaza retail strip center at Capital and Crabtree Bvds.
Partners Russ Jones and Henry Ward purchased the 77,600 sq. ft. building in late May from the estate of auto dealer Bobby Murray in a deal valued at $3.45 million, according to county records.
“Henry and I have been traveling a lot looking at what other markets are doing, and specifically in Nashville they are seeing neighborhoods start to regenerate in older spaces. This seemed like the right place to try it,” Jones says. The Gateway property was also once owned by Jones’ grandparents, the late Seby and Christina Jones, whose estate gifted the property to Meredith College in 1982. The college sold the property in 2004 to Murray.
“We want this to be the type of place that when you have relatives coming to town this is the place to go,” Jones says.
Jones compares the planned transformation of the center to other projects happening on the edges of downtown Raleigh.
Triangle Business Journal reports that the Gateway center is presently anchored by a Cause for Paws thrift store, the Gateway Restaurant (which is expected to remain), a couple of hair salons, a laudromat and a pawn shop.
“Gateway’s success will be driven by unique local tenants bringing art, music, food, shopping and entertainment,” Ward stated in a prepared release about the deal. “This site has great bones, a ton of parking, and thriving neighborhoods within a short distance. … We look forward to attracting those tenants to the project and bringing a new level of energy to the neighborhood.”