Durham Development Watchlist - February 2020

Original Post: https://www.buildingbullcity.com/2020/02/durham-development-watchlist-february.html

I noticed last night that 2514 University Dr (Nana's restaurant, among other storefronts) is up for sale on LoopNet. Is Nana's closing again???

https://www.loopnet.com/Listing/Durham-NC/18091153/

Yikes! Those buildings are indeed owned by Scott Howell too. I think you might be right, sadly!

I didn't mean to turn the gossip mill. But with all of the storefront turnover and rumors in the Rockwood area lately, it seemed worth tracking.

Speaking of closed restaurants, just saw on bullcity reddit that Piedmont Restaurant is closing after building sold. Will be interesting to see what happens there with all the other development in the area. If only they could do something about the large surface lot across the street...

Did y’all know that surface lot last sold for $19.2MM (!!) in 2007? Does that not seem crazy? Are they just collecting an income stream and waiting for some developer to come along and buy them out? Would love to hear from someone who knows more about the economics of such things.

I did some digging and apparently that sale in 2007 included the surface parking lot as well as the "Durham Centre" building (the one with Duke Clinical Research Institute), so the price definitely makes a little more sense.

Both the tower and the parking lot are owned by Chartwell (investor/developer out of Raleigh). Something will happen there, eventually.