RESEARCH TRIANGLE PARK — Hub RTP is officially on its way.
In a sleek 45-minute video live streamed on YouTube on Tuesday, Research Triangle Foundation of NC (RTF) announced that it has broken ground on the highly-anticipated Hub RTP project.
The $1.5 billion, 44-acre development at the intersection of Davis Drive and I-40 will include two million square feet of office, residential, retail and hotel space, as well as 14 acres of green space.
The virtual “groundbreaking” showed footage from the demolition of existing buildings at the site, and perspectives from tenants of the neighboring Boxyard RTP and Frontier RTP campuses.
“This investment propels RTP into the future to meet the expectations of employers and the talent they recruit to North Carolina,” said Scott Levitan, president and CEO of RTF, who appeared multiple times on the video. “HUB RTP has been designed and programmed to be the business threshold for our region.”
RTP, centrally located between Raleigh, Durham and Chapel Hill, contains 7,000 acres, 55,000 employees, and over 300 companies and national labs, including Biogen, EPA, GlaxoSmithKline, Cisco Systems, Credit Suisse, NIEHS, Fidelity Investments, IBM, and RTI International.
KDC, a local developer who recently completed Credit Suisse’ campus project in RTP, is both leading the infrastructure for the project and developing up to 1 million square feet of Class-A office space at the site.
“Hub RTP will enhance the already impressive roster of top-tier companies within Research Triangle Park. With thoughtfully designed, sustainable buildings surrounded by naturally preserved greenspace, the mixed-use community will serve as a premier destination to attract and retain top talent,” said Larry Wilson, KDC division president, in a statement. “With extreme flexibility to accommodate any sized user in the office and life science market, KDC is grateful for the partnership with the Research Triangle Foundation on this transformative project.”
MAA, a Memphis, TN-based real estate investment trust managing more than 300 residential communities across 16 states, will develop the apartments at Hub RTP. These will be the first residences ever located inside the historic science research park boundary. “RTP is an anchor of job growth in the Triangle,” says Matt Smith, senior vice president of development for MAA. “We are thrilled about the opportunity to develop the first residences in the Park.”
