Bounded by I-40, South Saunders Street, and Penmarc Drive, the plot contains a small hotel, some industrial buildings, and two large, open fields. Its overall size and proximity to I-40, the primary north-south artery into downtown, and the Capital Area Greenway make the Penmarc Drive area an especially attractive spot for a Major League Baseball stadium complex.
What is interesting with Penmarc is that almost all of this land is owned by a single private owner who purchased it in 2010 and has been sitting on it ever since.
The land is bordered by two one-story office buildings (owned by Duke Energy) which separate it from the abandoned (but beautiful) Bain Water Treatment plant, owned by none other than the Raleigh-based Empire Properties.
An interesting idea would be to activate the Water Treatment plant by re-using it (food hall/brewery/hotel) as an anchor for a new district with the stadium right next door.
This location would give easy access to both fans coming in from the surrounding metro area, as well as downtown residents. Its location would also mitigate grid traffic in downtown proper.
*By purchasing all surrounding parcels you would be able to accommodate a 2 stadium complex (should we also get MLS or decide to bring the Canes and NC State basketball downtown)