A rendering of the planned Park Center project in Research Triangle Park.
RALEIGH, NC—Chevy Chase, MD-based commercial development firm Willard Retail has signed an agreement with the Research Triangle Foundation to acquire 12 acres of land in Research Triangle Park where it will build a new 150,000-square-foot retail project.
The retail town center will serve as the shopping and dining core for the long-anticipated Park Center, an ambitious mixed-use development project in Research Triangle Park that will include more than 1,000 residential units, a hotel, a conference center and more than 1 million square feet of office space.
Scott Levitan, president and CEO of the Research Triangle Foundation, says, “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.”
The retail project is expected to be completed by the end of 2020. Research Triangle Park currently hosts 280 companies more than 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 I-40, HWY 54 and Davis Drive. CBRE|Raleigh has been retained to lead the project's leasing activities.
The retail project is expected to include a grocery store, health club and a 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 Retail SVP of development Tom Sebastian says, “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.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
