DURHAM, N.C. – (Realty News Report) – A Hines joint venture will develop a 700,000-SF mixed-use project on 11 acres bordering the west side of the historic American Tobacco Campus in Durham, N.C.
Plans for the first phase of the mixed-use community include 313,000 SF in two HinesT3 timber-framed creative office buildings; 350 multifamily units in a 14-story high-rise residential building; and 90,000 SF of experiential retail with a theater/draft house and prepared food grocer. Additionally, the project will include an activated central plaza and intimate pedestrian alleyways.
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. These T3 buildings will be the first of their kind in the North Carolina market and join only a handful of markets in the country with these sustainable office buildings built with mass-timber, which has environmental advantages over structures built with concrete and steel.
The development joint venture includes Houston-based Hines, the Capitol Broadcasting Co. and USAA Real Estate.
Situated immediately adjacent to the nationally acclaimed American Tobacco Historic District in the high-growth market of downtown Durham, the new Hines development features easy access on its south side to Highway 147, connecting downtown Durham to the Research Triangle Park.
American Tobacco, founded in Durham, North Carolina in 1890, produced Lucky Strike cigarettes and other tobacco products. American Tobacco was one of the 12 original members of the Dow Jones Industrial Average, formed in 1896.
The Hines JV project will take shape on a downtown site previously occupied by University Ford. Construction is expected to begin in late 2021 or early 2022.
“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,” said Hines Senior Managing Director, Kurt Hartman. “It’s a natural fit with the numerous brick and beam buildings that already exist in Durham.”
Capitol Broadcasting, which operates WRAL-TV, and a number of other media outlets. redeveloped American Tobacco facility, 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. Capitol Broadcasting also owns the Triple-A baseball team The Durham Bulls, which plays at the neighboring Durham Bulls Athletic Park.
Hines was founded in Houston in 1957 by Mr. Gerald D. Hines. The Hines organization has approximately $133.3 billion of assets under management.
July 29, 2020 Realty News Report Copyright 2020
Image: Rendering via Hines
File: Historic American Tobacco Site
File: (2) Hines JV Developing Mixed-Use Project by Historic American Tobacco Site