Carl Johnson Real Estate is excited about a new development coming to the Durham area. As reported in The Triangle Business Journal, A longtime retail center near Downtown Durham is set for new life with two mid-rise towers in the first phase of a huge development. It is expected to cost hundreds of millions of dollars.
National developer Sterling Bay and real estate firm Acram Group have submitted new site plans for the first phase of the Heritage Square redevelopment, which sits just south of the Durham Freeway. Phase one will include an 11-story lab and office tower and an 18-story residential tower.
The first phase involves more than 1 million square feet of mixed-use space. Plans show there will be 328 multifamily units, 316,041 square feet of lab and office space, 16,238 square feet of retail space and a parking structure. The retail space appears to be on the ground-level of both buildings. There will also be about 4,500 square feet of public open space that will include a pedestrian mall, according to the plans.
A representative from Sterling Bay said the development will cost around $500 million and that construction will start in 2024. Construction for the first phase will take about 24 months. The company, based in Chicago, declined to comment further on the development.
Site plans show three buildings on-site will be demolished to make room for phase one. Those three are single-story brick buildings with mostly shuttered businesses and a still open Mexican restaurant.
With strong population growth and a solid economy, the real estate market is booming in Durham, North Carolina is continuously increasing. This new project will only enhance that trend. If you are looking to invest in local real estate or need any assistance with the Triangle market, Call 919-880-0904 for a consultation or CLICK HERE for more info about us.