Retail developer to start long-awaited Park Center in RTP
A Maryland developer has signed an agreement to acquire land and build what will be the first phase of the long-awaited Park Center development in Research Triangle Park.
(By Ben GrahamStaff Writer, Triangle Business Journal) Willard Retail made the announcement Thursday, saying the firm had struck a deal with the Research Triangle Foundation to acquire 12 acres and develop a 150,000-square-foot retail complex anchored by a grocery store. Construction is expected to be complete by the end of 2020.
The project is described as the “shopping and dining core” for the larger mixed-use development, which will one day include more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space.
“The Research Triangle Foundation has anticipated this project for many years,” stated Scott Levitan, CEO of RTF, the nonprofit that oversees RTP. “And we know that the Willard team is the group that will deliver on the promise of this site. RTF, Durham County, and all of the companies in RTP are contributing to rebuilding the mixed-use core of RTP to serve the community and Triangle Region.”
The Park Center project has been stalled for years, but is viewed as a critical component to transforming RTP into something more than just a suburban office destination. The long-stated goal of the project has been to draw and keep people within the park outside of typical hours and to provide a mix of building uses.
Willard’s portion of the larger project will include “upscale architecture” and have public spaces for programmed events, such as yoga classes, movie nights and live music.
CBRE’s Tiffany Barrier and Charlie Coyne will be heading up the leasing of the project for Willard.
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