Assignment
Anthony & Co. was asked to review a complex of three old, vacant buildings on three acres of land in downtown Raleigh that Carolina Power & Light (now Progress Energy) declared surplus and wanted to maximize value for their shareholders.

Objective
To maximize the value of these surplus corporate assets in a downtown Raleigh neighborhood.

Opportunities/Challenges
A true "portfolio" project, AACRE identified not only the redevelopment potential for this property, but also the community contribution opportunity for CP&L to invigorate this depressed area of town, turning negative cash flow of $150,000 into positive cash flow, with $2 million in tax credits in the two historic buildings.
We utilized a "Request for Development Proposals" process that was utilized to solicit developer proposals for revitalizing the historic brick buildings into a mixed use complex, including retail, office and restaurant uses. Construction management and financial analysis was coordinated by AACRE and the Carolina Power & Light Real Estate Department.

Results
Now the home of Southend Brewery, Cline Design Architects and RiRa Pub, the project is 100% leased, and is a cornerstone of Raleigh's downtown hot-spot known as "Glenwood South"