The Durham City Council and county commissioners approved $7.2 million in incentives to redevelop the abandoned Chesterfield abandoned tobacco plant into a space with office and retail shops and 42,000 square feet of research and development innovation space, the Raleigh News and Observer reports.
The City Council approved $6 million in support for the project last week and the county commissioners will pay $1.2 million for redevelopment of the building and associated parking.
Wexford Science & Technology acquired the 360,000 square foot building at 701 W. Main St., between downtown and Brightleaf Square, for $7.5 million in 2013. Plans for the redevelopment include calls for an $80 million investment to create 280,000 square feet of commecial space, 78,000 square feet of offices, and 11,000 square feet of ground-floor retail space in addition to innovation space.
Durham estimates the project will create 710 permanent jobs and 560 temporary jobs in the construction planned to start this year.
Wexford also plans a 554-space off-site parking deck and 221 on-site spaces. Plans also include an internal atrium, new windows and storefronts to boost the natural light in the building.
For full details of the incentives offered see: http://www.newsobserver.com/news/local/community/durham-news/article38989440.html