{"id":1004053575,"date":"2011-10-26T13:14:08","date_gmt":"2011-10-26T21:14:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=22298"},"modified":"2022-12-08T22:12:06","modified_gmt":"2022-12-09T06:12:06","slug":"fmw-and-faison-to-collaborate-in-40m-apartment-project-in-downtown-raleigh","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fmw-and-faison-to-collaborate-in-40m-apartment-project-in-downtown-raleigh\/","title":{"rendered":"FMW and Faison to Collaborate in $40M Apartment Project in Downtown Raleigh"},"content":{"rendered":"

By Liviu Oltean, Associate Editor<\/p>\n

FMW Real Estate sold 3.5 acres of a 6.67 acres industrial site to Faison & Associates for $9.6 million. Following this transaction, the two companies will collaborate on a project that will make downtown Raleigh the home of a new apartment project west of West Morgan.<\/p>\n

The apartment complex is set to break ground next week. Faison will develop the $40 million initial phase of the project. The project\u00a0will consist of\u00a0a 249-unit apartment building, 32 town houses and 10,000 square feet of restaurant, retail and office space along Morgan Street and Wakefield Street, the News Observer<\/em> reports.<\/p>\n

The industrial site was purchased by FMW in 2007, when the company paid $10.5 million for the four parcels. During the first phase of the construction process, FMW will remain a development consultant. Jim Zanoni, FMW owner, commented that they expect further collaborations with Faison on the next phases of the project, which will probably expand retail, office and residential units. Founded in 1949, FMW Real Estate has been focusing on industrial and residential developments in the Triangle area.<\/p>\n

In regional news, the 401 Oberlin project has received the City Council\u2019s support, after months of negotiations between the landowners, Kenneth Haigler and Tom Taft, and the residents in the vicinity of the project\u2019s site.<\/p>\n

The approval was granted after the developers made various concessions, decreasing the number of apartments to 250 from 280,\u00a0reducing the height of five stories and completely removing a tower structure from the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Liviu Oltean, Associate Editor
\nFMW Real Estate sold 3.5 acres of a 6.67 acres industrial site to Faison & Associates for $9.6 million. Following this transaction, the two companies will collaborate on a project that will make downtown Raleigh the […]<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004053575","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nFMW and Faison to Collaborate in $40M Apartment Project in Downtown Raleigh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fmw-and-faison-to-collaborate-in-40m-apartment-project-in-downtown-raleigh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FMW and Faison to Collaborate in $40M Apartment Project in Downtown Raleigh\" \/>\n<meta property=\"og:description\" content=\"By Liviu Oltean, Associate Editor FMW Real Estate sold 3.5 acres of a 6.67 acres industrial site to Faison & Associates for $9.6 million. 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