Raleigh-Durham Radio:Capitol Broadcasting Pays $29M For Land

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Capitol Broadcasting Co. has paid nearly $29 million for property west of the American Tobacco Campus in downtown Durham, according to newsobersver.com.

Capitol Broadcasting, owner of the American Tobacco Campus, WRAL and the Durham Bulls, purchased the nearly 11.2 acre site from University Properties of N.C., according to Durham County property records filed Oct. 7.

A 2016 Durham County appraisal valued the property currently occupied by a Ford and Kia car dealership at $9.5 million.

“CBC intends to develop its plans for the site while University Ford and University Kia builds and relocates into its planned new location,” according to a statement released by the company.

The price tag seems to reflect the increasing value of property in that section of downtown since a wave of development that started with the Durham Bulls Athletic Park opening in 1995.

The redevelopment has included the transformation of the abandoned American Tobacco factories into offices and restaurants, along with construction of the Durham Performing Arts Center, Capitol Broadcasting’s Diamond View office buildings and most recently an Aloft hotel.