LM restaurants stakes claim on Fayetteville Street, betting big on Raleigh's future

LM Restaurants, which owns several popular restaurants in the southeast, purchased an office building on Fayetteville Street.

According to the copy of the deed, the restaurant group closed on the building Dec. 31.

This means they had to vacate the building, which now has a new owner, and it's one that has several projects going on downtown.

LM Restaurants is making the latest move to get more people to downtown Raleigh.

The company closed on this mixed-use office building on Fayetteville Street.

"They take this as a sign to expand their investment and do something different and be a part of Fayetteville street,' Bill King said.

King is president and CEO of Downtown Raleigh Alliance.

He says downtown has bounced back from COVID-19 with more visitors and residents.

But because of hybrid work, the number of office workers is still trailing behind.

"It takes more to get people to come into the office and work, so having a new investor in downtown that comes from the hospitality world is really helpful," King said.

WRAL has also previously reported on a spike in crime around Moore Square, causing some small businesses to question whether they should relocate.

LM Restaurants owns Carolina Ale House, Vidrio, and Taverna Agora downtown, plus more restaurants across the southeast.

The office building is currently 100 percent leased with a mix of tenants, including the Poynter YMCA on the ground floor.

King hopes new ownership will add amenities, keep the building in great shape, and make sure employees are there to stay.

"It's exciting to have somebody of that scale be willing to invest in downtown and do so confidently," King said.

Fayetteville Street is a project for the downtown Raleigh Alliance.

The group is working with consultants on ways to get more people back to this location.

Then, they'll present their findings to the City Council in just a few weeks.