Here are my notes from today’s event. Some interesting info.
Total of 310 LMI housing units and 210 market rate units wrapped around lots of parking. Construction has started on parking deck portion of 300 Main project. Residential construction to begin late 2021/early 2022. Will include a child care center that the county will operate. 500 Main project to start Q4 2021 and will take approx 24 months.
555 Mangum/Van Alen
Delivered 555 building right in the midst of the pandemic. Currently ~40% leased but seeing lots of inbound interest from out of market (common theme from all presenters). Northwood has extensive retail operations and starting to see encouraging rebound there. No mention of Northgate at all. Disappointing but I’m sure they are gearing up for a full marketing campaign on that.
This project will be gigantic if it comes all the way to fruition. Will contain 15-20 food and beverage operators, grocery store, hotel, 600+ residential units and a total of 1.5MM square feet of office. Everyone has seen the renderings and details for Phase 1 by now I assume. Construction to begin early 2022.
Asana owns Brightleaf Square and ~200k square feet in the surrounding neighborhood. View this as a multi-phase, multi-year upfit and redevelopment project. Current work on main part of Brightleaf will be completed in May which includes new streetscape on Main as well as improvements to central courtyard. Close to being able to announce 4 (!) new tenants for the neighborhood. Asana invests in the top 25 growth markets in the country and seeing tremendous interest in Durham, as much as any other market.
This project is way under the radar given the size. Total master plan includes 1.8MM square feet across 27 acres (including existing building footprint). See lots of opportunity for lab space downtown (another common theme) and are retrofitting former WeWork space to be delivered late summer/early fall. Site at Morris/Morgan will be 190k of lab and office space. Construction starting soon.
One City Center/Five Points
Incredibly bullish on future of Durham and like to invest in downtown core. Residential occupancy temporarily dipped during pandemic but have seen significant uptick since April 1. Five Points! Working very hard on moving project forward and hope to share more detail by end of May. Will be 27+ story tower with residential/retail focus. NO OFFICE. Project will be two phases with the large tower being the first. Looking at temporary use for other portion of site on the meantime, no real detail on what the second phase would be.
Have an approved site plan and construction docs for Phase 1 which will be the shorter building. Expect to submit for construction permit in June. Includes 13k square feet of new retail on all 3 streets (Geer, Foster, Rigsbee) as well as incorporating existing Motorco footprint. Plans include a community corridor 40’ wide running between the two buildings which will connect Foster and Rigsbee. Sounds like some retail may go in there also. Great idea to create more community space and connectivity. Construction planned to start this fall with 24 month timeline. Unclear if the high rise piece is totally separate from that.