Rendering credit: Duda Paine
Research Triangle Foundation Breaks Ground on Two Million Square Feet
09/22/20 | Press Release
RESEARCH TRIANGLE PARK, NC—September 22, 2020—Today the Research Triangle Foundation of NC (RTF) announced that it has broken ground on the highly-anticipated Hub RTP project during a virtual launch event. 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, where an existing storm water creek is being converted into an outdoor recreational feature that connects to the RTP trail system.
Centrally located between Raleigh, Durham and Chapel Hill, Hub RTP offers a new opportunity to balance work, home and recreation for the 55,000 employees who currently commute to the Park from surrounding areas. “This investment by the Research Triangle Foundation, Durham County and our 300+ companies propels RTP into the future to meet the expectations of employers and the talent they recruit to North Carolina.” says Scott Levitan, president and CEO of RTF. “HUB RTP has been designed and programmed to be the business threshold for our region.”
The virtual event set the stage with historic information about RTP’s beginnings before highlighting project stakeholders who explained what a development of this size will mean for the Park’s transformation. The event also featured footage of the demolition of existing buildings at the site, and perspectives from tenants of the neighboring Boxyard RTP and Frontier RTP campuses.
KDC, a leading developer of corporate build-to-suit campus projects for major companies such as JPMorgan Chase, State Farm, Toyota, and recently, Credit Suisse in RTP, is both leading the infrastructure for the project and developing up to 1 million square feet of Class-A office space at the site.
“Hub RTP will enhance the already impressive roster of top-tier companies within Research Triangle Park. With thoughtfully designed, sustainable buildings surrounded by naturally preserved greenspace, the mixed-use community will serve as a premier destination to attract and retain top talent,” said Larry Wilson, KDC division president. “With extreme flexibility to accommodate any sized user in the office and life science market, KDC is grateful for the partnership with the Research Triangle Foundation on this transformative project.”
JLL is serving as broker for the office component.
MAA, a Memphis, TN-based real estate investment trust managing more than 300 residential communities across 16 states, will develop the apartments at Hub RTP. These will be the first residences ever located inside the historic science research park boundary. “RTP is an anchor of job growth in the Triangle,” says Matt Smith, senior vice president of development for MAA. “We are thrilled about the opportunity to develop the first residences in the Park.”
The virtual ground breaking event was produced by The Caraway Management Group, with visual storytelling by Mastermind Productions, and live streaming and video production services from The Tech Factory. The event also marked the launch of a new website showcasing the project, created in partnership with RTP-based Unity Web Agency and Charlotte-based Mythic Agency. The video featured at the closing of the event was produced by Press Record Media with art direction by Mythic. To learn more about Hub RTP and get involved, visit hub.rtp.org.
About The Research Triangle Foundation
Since 1959, the Research Triangle Foundation of North Carolina has served Research Triangle Park in its mission to facilitate collaboration among our region’s industries, universities and workforce, and create economic impact for the citizens of North Carolina by attracting the world’s most innovative companies and top-tier talent to 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, 55,000 employees, and over 300 companies and national labs, including Biogen, EPA, GlaxoSmithKline, Cisco Systems, Credit Suisse, NIEHS, Fidelity Investments, IBM, BASF, and RTI International. To learn more, visit rtp.org.
KDC is a leading corporate build-to-suit development and investment firm for companies across the country. Within the last 30 years, KDC has produced approximately 36 million square feet valued at over $9 billion. KDC addresses the future of Corporate America by developing walkable, mixed-use urban environments anchored by notable clients, and specializes in data center and broadcast studio build-to-suits. KDC’s portfolio includes developments for FedEx, J.P Morgan Chase, Liberty Mutual, Raytheon, State Farm (Dallas and Atlanta offices), and Toyota North America. KDC is headquartered in Dallas and is supported by a national team with offices in Atlanta and Charlotte, North Carolina For more information, please visit kdc.com.
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the “For Investors” page at www.maac.com or contact Investor Relations at email@example.com.
Morgan Cartier Weston for RTF
Sydney Townsend for KDC