by William Needham Finley IV™

Development Beat: Krispy Kreme Isn’t Going Anywhere

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Week of April 9, 2018

Krispy Kreme sells for $4.7M, will stay in current location

301 Hillsborough Street sold again

Calavera coming to Tasty 8s spot

Sojourn Glenwood Place apartments now leasing

A taste of Nashville coming to Glenwood South

National landscape conference April 13th

Funguys Brewery announces grand opening date

Durham Distillery expands

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Krispy Kreme Isn’t Going Anywhere

Local news outlets did a great job of manufacturing a crisis when they reported that Krispy Kreme sold two parcels of land on N. Person Street for $4.7 million to Broadstone KKD Portfolio LLC. The buyer is a subsidiary of real estate investor Broadstone Real Estate. People flipped out over the news.

William Needham Finley IV took it upon himself to actually call the company and do journalism.

While the answers technically aren’t in the above video, reporters found the lease agreement that indicated Krispy Kreme would remain in that location.

The lease agreement is for 20 years, but those agreements can be terminated or altered, Krispy Kreme could go out of business, the world could end tomorrow, etc. For now, Krispy Kreme is fine. Everyone can calm down.

301 Hillsborough Street Sold

TBJ reported that 301 Hillsborough Street has been sold to a Boston developer (Mark Wahlberg?). The previous owners, the Lundy Group and Hyde Street Holdings, purchased the 1.85 acre property about 3 years ago for a little over $10 million (1.18 acres of that was owned by the City and sold for $6.3 million). They had planned a $160 million development on the property that included a 20-story multifamily tower, a 20-story office tower, 40,000 square feet of retail space, 220,000 square feet of office space, and a 176-room hotel.

The 1.85 acres sold for $17 million to the Fallon Company (Jimmy Fallon?), a Boston developer. The sale spurred an educated discussion about downtown land values on Twitter.

Please contact wnfiv@itbinsider.com if you’re interested in purchasing this parking spot. Since yesterday, the price has already increased to $46,021.

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Calavera Replacing Tasty 8s

Calavera, an empanadas and tequila bar formerly located at 444 S Blount Street, will replace Tasty 8s on Fayetteville Street. Our friend Dr. Brett Wells (the best dentist in Raleigh), owner of Tasty 8s, recently posted the news to the company website. After three and a half years and nearly a quarter million hot dogs served, Wells decided to close Tasty 8s due to his growing dental business (thanks to all the advertising from ITB Insider, we assume) and partner with Calavera. They hope to open by June.

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Glenwood Place Apartments Now Leasing

The 296-unit luxury apartment complex Sojourn Glenwood Place is now open. The complex is also set to include about 10,000 square feet of retail and restaurant space.

Developer Gordon Grubb unveiled plans for Glenwood Place over three years ago. Located on the northbound side of Glenwood Avenue just inside the beltline, Glenwood Place was to have around 800 dwelling units, 900,000 square feet of office space, a 250-room hotel, and around 110,000 square feet of retail/restaurant space.

The rezoning case never found its way to City Council for approval. Instead, Grubb announced in late 2016 that they would be scaling back to “hundreds” of apartments, 600,000-800,000 square feet of additional office space, 70,000-140,000 square feet of retail, and a new hotel. All of this would be allowed under the property’s current zoning conditions.

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Tin Roof Bringing Nashville to Glenwood South

Site plans have been filed for the Tin Roof Restaurant and Bar, which will be located at 300 Glenwood Avenue at the intersection with West Lane. The plans were filed by the owners of Tin Roof, a popular live-music bar in Nashville with about 15 other locations around the country.

The Glenwood property is currently home to a one-story, 4,000 square-foot brick building constructed in 1940 that for years had been home to Clark Art. The Tin Roof in Nashville offers a lunch and dinner menu in addition to serving as a bar/nightlife hotspot with live country music.

National Landscaping Conference

Our close friend the City of Raleigh is co-sponsoring a national landscaping conference, Leading with Landscape, on April 13th. The event takes place at Hunt Library on Centennial, right near the lovely North Shore townhomes we covered a few weeks ago. They will be doing free tours for the public on the weekend, covering “diverse cultural landscapes” including campuses, public parks, African-American heritage areas, Modernist sites, and more. Tours will be led by experts in history and landscape design who will reveal “the rich landscape legacy of North Carolina.” More details here.

Funguys Brewing Opening April 14

If you like mycology-themed pizza joints like Mellow Mushroom, then you’re probably going to love the new Funguys Brewery, which recently announced a grand opening date of April 14. The so-called “start-up microbrewery” will be located off Wake Forest Road near Mami Nora’s at 2408 Paula Street.

Durham Distillery Expands

Durham Distillery will double the size of its distillery operations by expanding into adjacent property at 715 Washington St. (we don’t know where that is). Thanks to strong sales of its Conniption gins and its vodka and liqueurs, the distillery will add 2,369 square feet of space to house new equipment and production facilities. This will allow them to double capacity and expand distribution to Europe. The larger footprint will allow Durham Distillery to install a second still as well as an automated bottling line. Plans for future private event rentals are also in the works.

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