The ownership group that recently bought downtown Durham’s Venable Center has acquired a neighboring parking lot and is working on a master plan that would bring new Class A office, multifamily and retail development to the growing southern gateway of the Bull City.
While the development team is still working through the details of the plans, Trinity Capital Advisors partner Jeff Sheehan says the group is looking at investing “well over” $100 million into the property. The numbers could change, but the group is considering 150,000 to 200,000 square feet of office space and 200 multifamily units on the site. Outside of those details, Sheehan says the team wants to be thoughtful about incorporating the development into the existing fabric of the city.
Bryan Kane, managing partner at SLI Capital, says the group was attracted to the site because of its access to highways and other transportation options, including the proximity to the proposed Dillard Street light rail station, part of the Durham-Orange Light Rail project.
“The infrastructure is great,” Kane says. “The potential for light rail in the future is obviously very positive.”