durham inc.
MAJOR COMMERCIAL DEVELOPMENT PROJECTS UNDERWAY INVESTORS BET ON LIFE SCIENCES, MIXED-USE AND INDUSTRIAL SITES BY BRANDEE GRUENER
RTP INVESTMENT IS BOOMING
R
esearch Triangle Park historically was a quiet collection of secluded office buildings with workers commuting back and forth each day. Today developers are reshaping the region into a full-time community where Durhamites can live, work and play. The interest of life sciences and technology companies in RTP has driven much of the growth in commercial real estate in Durham. The Greater Durham Chamber of Commerce reported $758 million of private investment in Durham County in 2019. In 2020, that figure more than doubled to $1.7 billion and was dominated by projects in RTP. In
fact, since the start of the pandemic in March 2020, the Research Triangle Foundation has announced $4.6 billion of investment and 5,200 new jobs in RTP. Hub RTP, part of a 100-acre redevelopment Trinity Capital Advisors is nearing completion on phase two of its 100-acre, 650,000-square-foot adaptive reuse development project called Park Point project bordered by on the former Nortel Networks campus at Hwy. 54 and South Miami Boulevard. I-40, Hwy. 54, the Durham Freeway and Davis Drive, is in the is the primary developer for “We’re really wanting it to be process of a massive $1.5 billion the remainder of up to 1 million ... a model for what research transformation being master square feet of Class A office parks will look like in the developed by the Research space coming to the Hub. future,” said Morgan Weston, Triangle Foundation. Site work Charlotte-based White Point senior director of marketing on roads, utilities and a stream Partners recently dubbed a and communications for the restoration project is about 125,000-square-foot, mixedResearch Triangle Foundation. halfway complete. Durham use project it will build there Their offices recently moved to County pitched in $20 million Horseshoe at Hub RTP. The The Frontier campus, putting for site preparation and another Horseshoe’s retail spaces and them “right in the middle of $10 million came from RTP offices will encircle a plaza the action now.” While site companies, indicating strong featuring a splash pad; it is work at the Hub continues, RTP community support for the Hub expected to be completed in employees can enjoy outings as an amenity for the area. the third quarter of 2023. to Boxyard RTP, a collection Longfellow Real Estate Plans for Hub RTP also include of 15,000 square feet of Partners recently announced 16 acres of green space, including shipping containers that house plans to build a seven-story, a central park and the restored restaurants, bars and shops, 220,000-square-foot office stream. The Research Triangle which opened last spring just and lab building along I-40 Foundation describes the project west of the Hub RTP property. at the Hub. A time frame for as having “the community and Boxyard RTP also includes a construction has not been feel of a vibrant downtown with dog park, outdoor dining and finalized. Dallas-based KDC will the energy of a forward-thinking a stage for performances and build RTP’s first high-rise and science and tech park.” fitness classes. COURTESY OF TRINITY PARTNERS
nvestment in Durham’s commercial real estate hasn’t slowed despite a year and a half of a pandemic economy. Developers are responding to continued demand for space from companies in life sciences, technology, e-commerce and distribution. Here’s a summary of some of the biggest projects currently underway:
december 2021 / january 2022
|
Durhammag.com
|
93