Willard Retail to Launch Park Center Development in the Heart of Research Triangle Park
Date Published:Research Triangle Park, NC.—(October 18, 2018)—Willard Retail, a commercial real estate development firm based in Chevy Chase, MD announced that it has signed an agreement with the Research Triangle Foundation to acquire 12 acres of land located in the heart of Research Triangle Park. Willard plans to develop a new retail “town center” (approximately 150,000 square feet) that will serve as the shopping and dining core for Park Center—a large mixed-use development project that will include over 1,000 residential units, a hotel, a conference center, and over 1 million square feet of office space.
The retail project is expected to include a grocery store, health club, and a distinctive mix of restaurants and small shops. The development will also incorporate upscale architecture and outdoor public spaces that will host programmed events like yoga classes, movie nights and live music. Willard is expected to complete construction by the end of 2020.
Tom Sebastian, Willard’s Senior Vice President of Development, said “Park Center is a rare opportunity to develop a signature retail project to serve the highly-educated and affluent population that lives and works in the RTP area. We look forward to working with our local partners to bring this vision to life.”
Scott Levitan, President and CEO of the Research Triangle Foundation, said “The Research Triangle Foundation has anticipated this project for many years, and we know that the Willard team is the group that will deliver on the promise of this site. RTF, Durham County, and all of the companies in RTP are contributing to rebuilding the mixed-use core of RTP to serve the community and Triangle Region.” He added “RTP, which is situated among three prestigious research universities, is already known as a world-class technology hub, hosting 280 companies, over 25 million square feet of lab and office space, and 50,000 high-tech workers.”
The new Park Center development project is located at the confluence of three regional commuter arteries: I-40, HWY 54 and Davis Drive. Park Center is also immediately adjacent to a full-movement interchange on I-40.
Willard has engaged CBRE|Raleigh to lead the project’s leasing activities. For retail leasing inquiries, please contact Charlie Coyne (charlie.coyne@cbre-raleigh.com) and Tiffany Barrier(tiffany.barrier@cbre-raleigh.com).
About Willard Retail
Willard Retail is a commercial real estate firm that develops, acquires, and manages high-potential retail and mixed-use properties. Whether working on ground-up developments or on existing assets, Willard leverages its extensive retail relationships and experience in placemaking to transform its investments into dynamic retail destinations. Willard’s strategies balance acumen with creativity, informed by its range of expertise in development, redevelopment, leasing, property management, asset management, and placemaking. Willard Retail’s office is located in Chevy Chase, Maryland. For additional information please visit www.willardretail.com.
About The Research Triangle Foundation
The Research Triangle Foundation of North Carolina serves The Research Triangle Park in its mission to facilitate collaboration and foster innovation among our region’s industries, universities and workforce, and make RTP a welcoming and sustainable place for them to live, work and grow for generations to come. The Park is a bellwether institution once referred to by Governor Luther Hodges as the “heart and hope of North Carolina.” Situated centrally among Duke University, North Carolina State University and the University of North Carolina at Chapel Hill, RTP contains 7,000 acres, 50,000 employees, and over 280 companies and national labs, including Biogen, EPA, Cisco Systems, Credit Suisse, National Institute of Environmental Health Sciences (NIEHS), Fidelity Investments, IBM, and RTI International.
Article Source: Research Triangle Park