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.
Source : Hines