Durham Central Market announced today that it acquired an option to purchase a vacant lot for a new cooperatively owned grocery store at the southwest corner of Mangum and Broadway streets. The area is about two blocks north of Public Hardware and three blocks east of the Farmers’ Market just north of downtown.
The New York City-based TTP V, LLC, owns the property and 10 other lots in the area. According to county property records and maps, the assessed value of the .13-acre lot is about $30,000.
Under the terms of the contract, Durham Central Market can purchase the acreage for a specific price that is guaranteed for the next 12 months, according to market spokesman Don Moffitt. He declined to disclose details on the price or sale of the property.
Durham Central Market organizers have launched the financing phase—contacting lenders and bankers—to pay for the construction of the 10,000-square-foot store, due to open in 2011.
The nearest grocery stores are Red & White and Compare, which are north of Interstate 85. “We do think it’s an area that’s underserved and needs a store,” Moffitt said.
About 600 people own shares in the Durham Central Park cooperative, which continues to sell them.
