A joint venture between CityPlat and Modalia Capital recently purchased a 0.2-acre parking lot at 504 Hillsborough St. in downtown Raleigh for $700,000, with potential plans for a hotel or condo development, although no official plans have been announced yet. In the interim, a pet-centric retailer will occupy the site, adding to the area’s growth near significant developments like Raleigh Crossing and Bloc83.