Raleigh land valued at nearly $1.5 million being sold for just $1

RALEIGH, N.C. (WTVD) -- Yes, you read that right. The City of Raleigh is selling 1.17 acres of land in the West Idlewild neighborhood just east of downtown.

The City is accepting Letter of Interest submissions from non-profit and for-profit developers who have ideas on how to best purpose the space for affordable housing.

The advertisement calls for developers to consider and cater to Raleigh's goal of improving quality of life for residents who identify as low and/or moderate-income.

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"I did think (Raleigh) was going to do something with it just because of the location," said nearby resident Ashleigh Crutcher. "I think the city has a great program. I think it allows first-time home buyers and individuals to have affordable housing...so I'm glad they're doing something with the land."

The 1.17 acres sits on three parcels with a combined appraised value of $1.45 million.

• 301 Idlewild Ave (appraised at $887,000)
• 907 E. Lane St (appraised at $258,500)
• 913 E. Lane St (appraised at $305,000)

The deadline for submissions is 4 p.m. on July 24. City staff will then review the interest letters and accept proposal requests Aug. 10-28.

If interested, you can find more about the site plan and details here.