Quick Hits: Venable Center Expansion
Quick hits are posts about development news as I hear about them! If you have feedback on the format, please share in the comments below!
Neighborhood:
Purchase Price:
Estimated Cost:
Expected Completion Date:
Developer:
Venable Center Expansion
Neighborhood:
Downtown/"Southern Gateway"
Size:
About 3.5 acres
Purchase Price:
$31.15 million
Estimated Cost:
Over $100 million in development
Expected Completion Date:
Unknown
Details:
Master plan in progress. Likely between 150,000 and 200,000 sq ft of office space and 200 residential units
Developer:
Federal Capital Partners (Wheelock Street Capital, SLI Capital, SLI Capital)
Last week, news hit that Federal Capital Partners (FCP) had purchased the Venable Center in downtown Durham for 27.3 million. This week, we found out they added the purchase of the surrounding land, giving them almost 3.5 acres of prime real estate. If we ever see the Durham-Orange Light rail, this land will be perfectly positioned right near one of the stops.
The development group says that "it wants to develop within the character of downtonw Durham", which is nice, but what else are they going to say? Overall, more office space coming to downtown and more opportunities for corporate headquarters locating here is a great thing. Not to mention high density for housing!
