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Further investing in Downtown, LM Restaurants founder Lou Moshakos recently purchased another building—this time the property best known for housing the Poyner YMCA on Fayetteville Street.
LM acquired the mixed-use office tower for a cool $14.9 mill in an online auction. The news comes on the heels of the Carolina hospitality titan’s announcement of a full-service yet-to-be-named restaurant in partnership with Highwoods Properties slated to open this spring on the first floor of 150 Fayetteville.
Further demonstrating a clear commitment to Downtown—and especially the Fayetteville Street corridor—Moshakos and his wife, Joy, aren’t concerned with the reported troubles of DTR. Case in point: LM Restaurants (think Carolina Ale House, Vidrio, Taverna Agora) has always had an eye toward supporting Raleigh and all revitalization efforts—and gives kudos to the city for taking steps to make Downtown vibrant again.
“We believe in Downtown’s future and we see great things coming… and real estate is a stepping stone into the next great project,” says Moshakos. “The city understands what is needed and sees the changes that need to be made to make Downtown a viable place to live, work and play—and we believe in that mission.”
The 10-story 227 Fayetteville building is 100% leased, and LM currently has no plans for further development. But, clearly, they’re buying into the city core’s growth. “We have always been a big believer in Raleigh,” Moshakos emphasizes, “and are happy to take on this adventure.” lmrest.com
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