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CHARLOTTE-After searching for five years for the ideal site on which to build an office building, Realtors Bill Rankin and Harry Porter finally found what they wanted–a one-acre site at 1011 East Morehead St. occupied by the Korean Presbyterian Church. But the asset didn’t come cheaply. The partners paid $975,000 for the land and the 14,000-sf building. That equates to a lofty $22.38 per sf for the dirt and $69.64 per sf for the structure.

The partners and their investment group plan to erect a $2 million office building on the site. First Colony Corp. of Charlotte will develop and handle leasing for the building. Rankin expects construction to take about 18 months and says the property is already two-thirds pre-leased.

The investment group had considered combining the church facility with the new office building but found that it wasn’t financially feasible. The church will be torn down to make room for the new office project.

East Morehead began its revitalization about seven or eight years ago when professional services firms found that rents were a little lower here just five minutes from midtown.

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