The partners and their investment group plan to erect a $2million office building on the site. First Colony Corp. ofCharlotte will develop and handle leasing for the building. Rankinexpects construction to take about 18 months and says the propertyis already two-thirds pre-leased.
The investment group had considered combining the churchfacility with the new office building but found that it wasn'tfinancially feasible. The church will be torn down to make room forthe new office project.
East Morehead began its revitalization about seven or eightyears ago when professional services firms found that rents were alittle lower here just five minutes from midtown.
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