The Research Triangle Park Foundation is wasting no time in implementing a new strategic plan.
At a news conference in the Park, the Foundation said it had selected real estate development firm Hines as its private sector partner.
The company, which is based in Houston, Texas, will work with the Park as a developer and investor, Foundation Chief Executive Officer Bob Geolas said.
Already anticipated is what the Foundation calls a “Mixed Use Center” – or the “Triangle Commons” – that would be built on the northeast portion of the 7,000 acre park. Hines and the Foundation will provide funding, Geolas said.
The mixed use project would include town homes and apartments, part of an effort to provide a more “urban” environment as well as affordable housing for the Park.
The plan describes the Commons as a “cluster” that would provide “the greatest range of amenities and uses to support research and creates a new sense of a heart for the Park.”
The plan also calls for two other clusters.
One would focus on business support as a “office/commercial hub” with the working title of “Park Center.” Its location would be near the Park’s geographic center.
The other would be the “Kit Creek Center” with an emphasis on large scale research. It would be built in the southern portion of the Park in Wake County.
In an interview prior to the press conference, Geolas told WRAL News that Hines was picked after interviews with several firms.
“We talked with half a dozen firms that have global experience,” Geolas said.
Hines operates in more than 100 countries and has developed some 260 million square feet of residential and office space across more than 800 properties. The firm is privately held and has operated since 1957. It controls assets of some $24 billion.
The strategic plan was unveiled at the press conference.
