Peace Street Towns Comes to Corner of Person and Peace Streets

Post date: Jul 27, 2012 2:36:09 PM

Roland Gammon, a well-known developer in Raleigh has an option to buy the "grassy lot" at the corner of Person and Peace Streets across from Krispy Kreme. The new website located at www.peacestreettownes.com states the following about the proposed project:

"Situated on the corner of Peace and Person streets, on the north side of Downtown and adjacent to Oakwood, a new for sale townhome project is coming to life. Enjoy walking to many hotspots, taking the R-Line into the heart of Downtown, and coming home to relax on your rooftop patio."

Gammon's development method is to pre-sell enough townhomes to make the project viable at the beginning and then to construct the project in its entirety from start to finish.

In the original Blount Street Commons Master Plan, this section of Peace Street was designated by the owner (LNR) as "mixed use" indicating a combination of residential and commercial tenants typically described as retail at street level and residential overhead. Since its inception, the PSP and its stakeholders have encouraged LNR and as partners to cultivate this type of "mixed use" development at this highly visible location but it has proven difficult to attract strong retail tenants and commerical buyers in this economy . 

David Welch of LNR confirmed Gammon's interest in the property and said that while there is no commercial component scheduled for the property, the town homes with public access facing Peace Street could be used as live/work spaces that might be attractive to architects, artists, and other professionals who could use the large front room downstairs as a work space with access to the street.

The PSP has reached out to Gammon to bring him up to date on our goals in the Person Street area and he was very receptive to the idea of possibly developing several of the end units on the corner of the Peace and person Streets into a retail/restaurant space that could be available for purchase or rent. The Burough Restaurant at the corner of Morgan and Dawson streets downtown was cited as an excellent example of a type of restuarant that could be located at this very popular corner north of downtown. The PSP is  pleased at this possibility and has pledged to refer interested parties to Gammon and his associates. So if you or someone you know is interested in a prime retail/restaurant spot at the corner of Person and Peace, please contact the agent for the Peace Street Towns at the website above. 

With Rapid Fitness and the Person Street Plaza renovation anchoring the North end of Person Street, the PSP is happy to announce Gammon's purchase of this key "anchor" spot on the South end of the Person Street business district. We look forward to working with Gammon now as a partner and stakeholder in the area.