What's Happening on House Ave?

Short post today while enjoying summer!

A while back, I noticed an article from the Triangle Business Journal entitled Durham apartments sell for $5M — yes, $5M.

The parcels at 2000 and 2003 House Ave contain a total of three apartment buildings currently. I usually don't post about sales before they become development projects, but the price of this sale along with some other factors caught my attention.

The article notes that DTI Holdings purchased the parcels. The only other purchase I was able to find of theirs was The Perry Building (next to The Durham Hotel). Clearly, they are interested in large projects.

Meanwhile, as noted in my previous post, I realized that the LARGE 5.7 acre lot at 2101 House Ave belongs to BrodyCo, the developer that purchased the southern half of the Lakewood Shopping Center.

The development plans for the southern part of Lakewood Shopping Center have not been announced yet, but the Scrap Exchange, which owns the northern part has slowly been developing a small outdoor park and has placed tenants like Rhythms Live Music Hall, Freeman's Collective craft store, a DIY Bio outpost of Splat Space, and a food bank. I think their development is going slower than expected, but they are moving forward, which is impressive for an organization that isn't a traditional developer.

Finally (and this is just small cherry on top), a home at 1810 House Ave was renovated and sold for $410k. This is quite expensive given this street. Of course, since they are trying to sell BEFORE all of this development, it may not be related, but still, the street is changing.

It will be very interesting to see what BrodyCo and DTI have in store for their respective House Ave properties. Last year, the Herald Sun ran this piece about a couple suffering displacement from the forces of gentrification. They lived in the area behind the Scrap Exchange as well (very close to House Ave).

Again, I have no idea what the development plans are, but it is important to note that there is the risk for a lot more displacement from the area. I love to see revitalization and new construction, but it often comes at a price. As I have noted before, I'm not sure I have a great answer for these wicked problems.

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