RESEARCH TRIANGLE PARK – Another major step is being taken to develop Hub RTP, the huge multi-use project planned for the heart of the Park, with the selection of Charlotte firm White Point to spearhead retail development.
The Research Triangle Foundation announced the selection of White Point on Tuesday, the biggest news since a virtual groundbreaking event for the project in September.
But this won’t be traditional brick-and-mortar retail, the RTF explained.
“As the retail market transitions to new models, White Point’s strategy looks ahead to ‘what’s next’ in the sector,” sayid Scott Levitan, CEO of RTF.
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.
Working with KDC Real Estate Development & Investments, White Point plan to develop some 25,000 feet of retail space and 25,000 of mixed-use space at a cost of some $20 million.
The mixed-use space will “sit above” the retail space, the Foundation announced.
“[T]his project will commence the vertical development at Hub RTP,” the Foundation noted.
This portion of the project is expected to be completed by the second quarter of 2022.
“The enthusiasm and investment committed by White Point and KDC to HUB enhance the amenities that will support RTP companies, their visitors, employees and local residents,” Levitan said.
‘Interesting space’
Jay Levell, co-founder of White Point, said in the announcement: “We intend to leverage our past developments to create an interesting space paired with successful food and beverage for the benefit of RTP.”
White Point “specializes in the acquisition and development of office, retail, mixed-use and multifamily properties across the Southeas,” the company says. It has developed or acquired over $700 million of real estate assets since 2014.
“White Point will make an excellent addition to the Hub RTP development team,” says Larry Wilson, division president for KDC. “Their experience in the Carolinas, including the Bowers and Optimist Hall adaptive re-use projects, is ample evidence of their expertise in developing experiential retail environments which appeal to both businesses and customers.”
KDC is a corporate build-to-suit development and investment firm that over the last three decades “has produced approximately 36 million square feet valued at over $9 billion,” the company says.
Hub RTP is coming: $1.5B, 44-acre development gets ‘virtual’ groundbreaking
