(DURHAM, NC) – The Atlanta office of Hines, the international real estate firm, recently announced that it has been engaged by the Research Triangle Foundation (RTF) of North Carolina to be their development partner and serve as master developer for the first phase of a mixed-use development within the Research Triangle Park (RTP) in Durham, NC.
The RTP, the largest and one of the oldest research and technology parks in North America, was created in 1959 and has served as a model for research and development parks, both nationally and globally.
The original mission of the RTP was to create jobs for North Carolina and promote collaboration with the state’s top three universities.
RTP has been hugely successful in this endeavor.
The 7,000-acre research park is home to 170 companies, employing more than 38,000 employees in 22.5 million square feet of research and office space.
Hines Senior Managing Director Kurt Hartman, who will lead the project said, “We are pleased to partner with the RTF, share their vision, and prepare for the next 50 years of growth.
Today’s innovative workforce seeks greater connectivity, convenient amenities and collaborative environments.
Accordingly, the RTF’s new vision and master plan identifies areas to create clustered developments within the park that will become the new format for RTP’s expansion.”
The first of these opportunities will be a mixed-use development cluster centered around the intersections of Cornwallis Drive and Davis Drive.
Encompassing approximately 300 acres, this first phase could comprise up to seven million square feet with a diverse range of uses, including research space, retail, multifamily residential, hospitality, as well as other civic and educational uses.
Meeting the social needs of a leading-edge research center will help attract the next generation of employees within an environment that facilitates collaboration, social interaction and engagement. The development will also be a leader in sustainability.
Hines will engage a design team to create a master plan and assist in crafting an implementation plan.
Development is slated to begin in 12 to 18 months.
The firm will work with the RTF, existing users within the park, the City and County of Durham, Wake County, the universities, and various stakeholders in the region to help realize the RTF’s new vision.
The new development has yet to be named.
The Research Triangle Foundation, a private, non-profit organization, was created to manage and develop Research Triangle Park and is responsible for building and maintaining RTP’s physical infrastructure, attracting and retaining RTP companies and improving the competitive position of the park and the regional economy on a global basis.