DURHAM – The commercial real estate developer, Turnbridge Equities, will conduct significant renovations to a historic building in downtown Durham, the Tower at Mutual Plaza, and will rename the building “Mutual Tower.”

The company acquired the Tower at Mutual Plaza, or 411 West Chapel Hill Street in Durham, for $37.2 million in a mortgage foreclosure transaction in October 2020.

This week, Turnbridge announced plans and provided renderings for the redevelopment of the building, which was constructed more than 50 years ago as the headquarters of the NC Mutual Life Insurance Company, the first black-owned life insurance company in the United States, originally founded in 1898.

“We quickly understood NC Mutual’s importance to the city and surrounding area and sought to orient our work in a way that honors the company’s legacy while also envisioning a new future for the building,” said Jason Davis, managing director of Turnbridge Equities.  “This building has held a significant place in the heart of the community for six decades, and we are honored to be a part of the reinvigoration of this important landmark.”

 

Rendering of Mutual Tower conference facility, provided by Turnbridge Equities

Earlier this year, Turnbridge restructured a lease agreement with NC Mutual, and the company will remain in the building, according to a statement shared with WRAL TechWire.  Other current tenants include The Samuel Dubois Cook Center on Social Equity, Duke University, Duke Health, the Department of Veterans Affairs, architecture firm Perkins&Will, and Provident1898, a coworking community for innovative entrepreneurs, leaders and artists.

Turnbridge plans call for updating the property, modernizing it, as well as adding features and amenities, including a full renovation of the HVAC system, adding retail space, updating gathering spaces and conference rooms, and adding a fitness center and outdoor seating and greenspaces that will still allow access to wireless internet service.

Turnbridge will seek FitWell and LEED certifications for the property, which according to the company, if achieved, would make it the first property in Durham to achieve both certifications.

 

 

Rendering of Mutual Tower lounge facility, provided by Turnbridge Equities

Mutual Plaza was designated as a historic landmark by the City of Durham for its significance as an illustration of African American entrepreneurship and socio-economic progress in the twentieth century, which was noted by Turnbridge Equities in a statement issued upon the acquisition of the property.

Turnbridge Equities was one of two owners of the Cary Towne Center, prior to the sale of that facility to Epic Games in December 2020.