FMW HILLSBOROUGH STREET, RALEIGH NC ASSEMBLAGE

Friday, January 9, 2009
Biz
Triangle Business Journal
By Dale Gibson


Execs with Charlotte real estate company FMW remain mum about their plans for an assemblage of properties around the IHOP restaurant on Hillsborough Street in Raleigh, even as the group adds another half-acre site to its collection.

FMW paid longtime owners and brothers Harry Kledaras and Constantine Kledaras $1.65 million for the 1301 Hillsborough St. building and an attached house behind it in late December. The single-story building is home to The Jackpot bar.

FMW has – so far – assembled 6.67 acres along Hillsborough Street between Park Avenue and Morgan Street for future redevelopment, but FMW partner Jim Zanoni says there are no concrete plans yet.

FMW also is an ownership partner in the old Esso station property at Hillsborough Street and Boylan Avenue and the office building behind the station that’s now leased to the North Carolina Department of Insurance.