Its high-profile partner, GE, recently touted the project.
In 2018, “GE will install smart streetlights complete with sensors that can track sound, light and other environmental conditions. City planners will be able to analyze that data using apps running on Predix, GE’s cloud-based platform for the industrial internet,” GE said in a recent blog post.
“[O]ver the next 15 years, the site, now known as Union Point, is set to transform. Developer LStar Ventures is building a sustainable city that will include 10 million square feet of commercial space, 4,000 residential units, rooftop gardens and branches of some of the prestigious local universities. Interspersed throughout will be plazas and green spaces as well as housing for the elderly and people with disabilities. All of the buildings will feature smart technology and be LEED-certified, and the community will run completely on renewable energy by 2050.”
Led by CEO and co-founder Kyle Corkum, the firm is privately held.
Corkum is a National Urban Fellow, a former member of the Urban Land Institute, and a member of ULI’s Residential Gold Council.
“As co-founder of LStar, Kyle has formed a company that specializes in the acquisition and management of developable assets,” his bio says.
“He assembled senior real estate executives who collectively have more than 400 years of experience in asset management, site selection, land development, finance/accounting, market analysis, sales, marketing and real estate law.”
The firm has four ongoing North Carolina projects in its portfolio:
- Brightleaf at the Park, Durham
- Bryton, Huntersville
- Kellswater Bridge, Kannapolis
- Tidalwalk, Wilmington
The firm says it has been involved in projects covering 15 million square feet in projects spread across 15 states.
With more than 65 developments to its credit, LStar says it has more than $1 billion in assets under management.
LStar describes its projects as “environmentally sensitive” and says the firm maintains ‘little to no debt on any of our real estate assets.”
“This unique approach ensures we can confidently and successfully execute our development strategies over very long periods of time and through varying economic cycles,” it explains at the firm’s website.
LStar also says “human values are more important than short-term business goals. We know that if we take a long-term view. Take care of our people. Create healthy environments that respect the land. Respect its residents. Respect our neighbors. Foster growth and prosperity in the region. Then our own prosperity will naturally result.”
“Our motto is: Do the right thing…and do it with passion.”