<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=09fmzM_1F5ZSEAO00" alt="https://img.particlenews.com/image.php?url=09fmzM_1F5ZSEAO00" width="678" height="381" ><figcaption>The former Rex Hospital on Wade Avenue in Raleigh could be sold or redeveloped after the N.C. Division of Employment Security moves out next year. (State Archives of North Carolina / Albert Barden Collection)</figcaption></figure>RALEIGH — One of Raleigh’s largest and potentially most valuable redevelopment sites inside the Beltline could finally be headed for the market.The former Rex Hospital property at 700 Wade Ave., a nearly 16-acre state-owned site between the Village District and Hayes Barton, could be sold or leased after the North Carolina Division of Employment Security moves out next year.Wake County records put the property’s current assessed value at $58.3 million. Its location, acreage and proximity to some of Raleigh’s most established neighborhoods could make it a closely watched development opportunity in a part of the city where parcels of its size rarely become available.The property has been under state control since 1981 and for years has housed DES, which is part of the state Department of Commerce.That arrangement is now coming to an end.Under a law approved last year, the North Carolina Department of Administration was directed to find a new location for DES and move all staff and property out of the Wade Avenue site no later than April 1, 2027. The department was also instructed to solicit redevelopment proposals that could include either a purchase or long-term lease of the property.Commerce has found space for DES in a building off Capital Boulevard.“Old Rex Hospital is just that: old. It is time to get out,” North Carolina Commerce Secretary Lee Lilley said in a statement. “This move is an investment in our team and the environment where they work each day. We look forward to beginning this next chapter in our new home.”The move could also begin a new chapter for a property that has been discussed as a redevelopment candidate for years.The state previously sought proposals for mixed-use redevelopment of the site in 2016. Those plans were paused while state officials conducted a broader review of government-owned property before the Department of Administration announced in 2017 that it would resume efforts to sell the site.The sale never materialized.The latest legislation puts a firmer timeline around the process. State law requires the Department of Administration to select and execute the proposal providing the best financial benefit to North Carolina on the earlier of April 1, 2027, or the date DES completes its relocation. The proposal must first be submitted to the legislature’s Fiscal Research Division at least 45 days before an agreement is executed.The property’s value has risen substantially during the decades it has been in state hands. North Carolina purchased the site for $2.45 million in 1981, according to Wake County property records. Its current assessed value is more than 20 times that amount.What ultimately replaces the former hospital remains uncertain. State law requires redevelopment proposals to address issues including access to the site, traffic circulation, parking, and the density and intensity of proposed land uses.Those details could prove significant given the property’s surroundings. The site sits along heavily traveled Wade Avenue near St. Mary’s Street, with the Village District commercial area nearby and the established Hayes Barton neighborhood to the north.The potential disposition also comes as North Carolina takes a broader look at its real estate portfolio and whether taxpayers benefit from retaining aging or underused properties.That approach has already reshaped portions of Raleigh. The city acquired the former Dorothea Dix Hospital property from the state and has been transforming it into Dorothea Dix Park. Raleigh also purchased the former Division of Motor Vehicles headquarters on New Bern Avenue and is considering redevelopment options for that property.More state-owned real estate could eventually follow.Lawmakers have called for a broader inventory of state land and buildings, including whether properties are vacant or underused. Five state-owned historic homes in Raleigh’s Oakwood neighborhood have also attracted attention because some are being used largely for storage.Senate leader Phil Berger (R-Eden) told WUNC last month that agencies often have reasons for wanting to retain property, making sales more complicated.“The state owns too much stuff,” Berger said, adding that returning appropriate properties to private ownership and local tax rolls can benefit taxpayers.At the old Rex site, however, the clock is now running. After decades as a state office complex and multiple attempts to determine its future, the Wade Avenue property could finally be headed toward redevelopment.</div></body>

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RALEIGH — One of Raleigh’s largest and potentially most valuable redevelopment sites inside the Beltline could finally be headed for the market. The former Rex Hospital property at 700 Wade Ave., a nearly 16-acre state-owned site between the Village District and Hayes Barton, could be sold or leased after the North Carolina Division of Employment Security moves out next year.

Old Rex Hospital site could finally hit Raleigh real estate market

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RALEIGH — One of Raleigh’s largest and potentially most valuable redevelopment sites inside the Beltline could finally be headed for the market. The former

Old Rex Hospital site could finally hit Raleigh real estate market

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