(DURHAM) – Capitol Broadcasting Co. (CBC), Hines, the international real estate firm, and USAA Real Estate, have announced today the closing on the joint venture to develop a 700,000-square-foot mixed-use project on 11 acres bordering the west side of the bustling American Tobacco Campus (ATC).
Situated immediately adjacent to the nationally acclaimed American Tobacco Historic District in the high-growth market of downtown Durham, the new development features easy access on its south side to Highway 147, a vital Triangle artery connecting downtown Durham to the Research Triangle Park, I-40 and I-85. Just to the north is Durham’s burgeoning urban core featuring a host of amenities.
The project will take shape on the prime downtown site previously occupied by University Ford. Plans for the first phase of the dynamic mixed-use community will be on eight acres and include 313,000 square feet of leasable space in two Hines T3 creative office buildings; 350 multifamily units in a 14-story high-rise residential building; and 90,000 square feet of experiential retail inclusive of a theater/draft house, prepared foods grocer and complimentary amenity shops and restaurants. Additionally, the project will include an activated central plaza and intimate pedestrian alleyways that will be actively programmed with interesting events and experiences enhancing the community.
The Hines T3 creative office buildings, which stands for Timber, Transit and Technology, utilize all-timber construction to create a vintage aesthetic and warehouse environment with the efficiency and amenities of new construction. These will be the first of their kind in the market and join only a handful of markets in the country with these innovative buildings. Construction is expected to begin in late 2021 or early 2022.
Hines Senior Managing Director, Kurt Hartman said, “ATC West will carefully and imaginatively fit with the historic look of the original American Tobacco campus while embracing the amenities, efficiencies and innovations of new builds. It’s a natural fit with the numerous brick and beam buildings that already exist in Durham.”
CBC redeveloped ATC, taking it from an abandoned, century-old factory to a thriving mixed-use destination. ATC’s rebirth is credited with helping to kickstart downtown Durham’s renaissance. Additionally, CBC has been a crucial supporter of the adjoining Durham Performing Arts Center. And popular Triple-A baseball team The Durham Bulls, which CBC owns, plays at the neighboring Durham Bulls Athletic Park, which was built and is owned by the City of Durham. Hines and USAA Real Estate are also proven developers in the Triangle area, having partnered on the highly anticipated Fenton mixed-use destination in Cary.
Michael Goodmon, CBC’s senior vice president of real estate, said, “Capitol Broadcasting and many others put an enormous amount of care into the redevelopment of the original historic campus as well as our first expansion, Diamond View, overlooking the Durham Bulls Athletic Park. Working with the proven leadership teams at Hines and USAA, we are being every bit as meticulous and thoughtful with the creation of ATC West. We are honored to be a signature space in Durham and the Triangle, and we are committed to living up to the high standards we’ve set together.”
About Capitol Broadcasting Co.
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL Digital, WRAZ-TV, WRAZ Digital, WRAL-FM, WRAL-HD2, WCMC-FM, WCMC-HD1, WDNC-AM, WCMC-HD2, WCMC-HD3, WCLY-AM, WCMC-HD4, Microspace, CBC New Media Group and Wolfpack Sports Properties (a joint venture with Learfield) in Raleigh, NC; WILM-TV, WILT-LD and Sunrise Broadcasting in Wilmington, NC; The Durham Bulls Baseball Club, Bull City Hospitality, and the American Underground startup hub in Durham, NC; and real estate interests including the American Tobacco Historic District in Durham, NC, and Rocky Mount Mills in Rocky Mount, NC; and Professional Builders Supply (an equity partnership) in Morrisville, NC.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines provides fiduciary investment management services, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About USAA Real Estate
The mission of USAA Real Estate is to strengthen the profitability and diversity of the USAA investment portfolio and those of its investor clients by acquiring, developing, financing and managing quality real estate investments. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. Visit www.usrealco.com for more information.