Another developer is joining Research Triangle Park’s ambitious Hub RTP project.
White Point, a real estate developer from Charlotte, said Tuesday it will build a 125,000-square-foot, mixed-use development at Hub RTP.
The development, which includes 100,000 square feet of office space and 25,000 square feet for retail, will be called Horseshoe at Hub RTP, a reference to the u-shaped design of the building, White Point said.
White Point said the Horseshoe will be built for $50 million and is expected to be completed in the second half of 2023.
The commitment from White Point is yet another win for Hub RTP, a project that is viewed as a necessary attempt to bring an urban-like town center to the center of RTP, which has been an economic catalyst for the region for more than half a century.
The 100-acre Hub RTP — originally known as Park Center — has been in the works since 2015, when Durham County pledged money toward the project in hopes that it would reinvigorate Research Triangle Park from a collection of walled-off corporate campuses to a destination for all of the Triangle.
The property is near the intersection of N.C. 54 and Davis Drive, and could eventually be home to 2 million square feet of office towers, apartments and retail space.
“We are honored to be a part of the innovative Hub RTP team and to be responsible for creating a destination for those within the RTP as well as from across the Triangle,” White Point co-founder Erik Johnson said in a statement. “We intend to deliver a unique, mixed-use development as we have successfully done in some of the leading live-work-play neighborhoods of the Carolinas.”
Other North Carolina projects that White Point has worked on include Optimist Hall in Charlotte and the Anderson Flats Apartments in Raleigh.
In the past year, RTP has experienced a string of wins, as developers and companies keep committing to projects within its borders.
Since March 2020, $4.5 billion of investment has been announced inside RTP, Scott Levitan, CEO of the Research Triangle Foundation, said in an interview earlier this year. That’s accounted for about 5,000 planned jobs.
The most notable project is Apple, which announced in April it would place an East Coast campus and 3,000 jobs in the Park after receiving state incentives worth $845.8 million.
In addition to office space, Hub RTP includes the already built Frontier co-working campus, home to more than 100 startups, and the Boxyard, a newly opened food-and-retail center.
Last month, Longfellow Real Estate Partners said it would build more than 200,000 square feet of lab and office space at Hub RTP, The News & Observer reported.
KDC, which built Credit Suisse’s offices in RTP, also plans to contribute up to 1 million square feet of office space to Hub RTP in the coming years, The N&O previously reported.
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