The Research Triangle Foundation revealed the next key pieces of its strategic plan on Monday – and officials see these moves as triggering years of expansion, growth and jobs.
Bob Geolas, chief executive officer of the foundation, disclosed three recent land deals along Interstate 40 that he told a crowd packed into the foundation headquarters positions the park for growth that could attract $3 billion in private investment and lead to the creation of 100,000 jobs.
“This is where our legacy begins,” Geolas said.
He labeled the property acquired on the south side of I-40 between Davis Drive and N.C. Highway 147 as “Park Center.” The acquisitions involve nearly 100 acres and cost the foundation $17 million. Among the sites acquired was the former Radisson hotel, long known as the Governors Inn.
“That investment is the biggest made since the park was founded,” Geolas said.
The ongoing developments, which stem from a strategic plan unveiled in 2012, were crucial to mapping next steps. Park Center would reflect many of the plan’s objectives, including mixed-use housing, retail and business.
“We’ve put all the pieces together now,” Geolas said. “”We know where to start.”
Early thinking calls for development of buildings that could be seen from I-40, including one structure that would be named after the late Archie Davis, who was among the leaders responsible for launching RTP in 1959.
Demolition of current structures could begin in as soon as 30 days, but Geolas and foundation board members noted that it would be “several months” before a site plan was in place.
Deals closed between Dec. 16 and Jan. 31, the last being for a parcel owned to the west of the Radisson in a deal worth $6.2 million. Geolas called that deal with a GE pension fund the “Christmas miracle.”
If as many jobs are created as Geolas said could be, it would be 2½ times the number of people currently working in the 55-year-old research park.
However, the amount of investment and jobs is based on estimates, not commitments.
The foundation currently is working with real estate development firm Hines on land located in the northwest area of RTP. But Geolas said the new land deals mean the focus of redevelopment efforts has shifted to Park Center. He said he expects Hines and other private-sector developers to be interested in the Park Center redevelopment.
In an interview, Geolas said the investment is based on the square footage that could be developed as part of the most recent purchases and other property the foundation wants to buy.
Fourth District Congressman David Price was among the host of VIPs, business people, media and four students from nearby Research Triangle High School who talked about what the unfolding transformation of the park would mean to them in the future.
Geolas said he would like the school to remain part of the park but at a different location.
Before the event, Geolas had said the announcement would cover “the centerpiece of RTP’s plans for an innovative future.”
