Ground Breaks on 1.3 MSF Research Triangle Business Park

Welcome Venture Park. Image courtesy of Colliers

Welcome Group has broken ground on Welcome Venture Park, a 1.3 million-square-foot industrial campus in Durham, N.C. RW2 Development Co. is handling entitlements, development and project management. Choate Construction, Withers Ravenel, Kimley-Horn, Maurer Architecture, Morningstar Law and S&ME are also advising or assisting the developer in various capacities.

The master-planned project was designed to host a wide array of businesses, including logistics, warehouse, laboratory, technology and life science users. The Colliers International Raleigh team of Larry Lakins, Hunter Willard and Andrew Young is spearheading the leasing efforts at the property.

The business park’s first phase, which is due to be online in 2024, includes four shallow-bay/warehouse buildings totaling 392,000 square feet, with clear heights of 24 and 32 feet and ample parking. The property’s design also calls for outdoor green spaces and natural areas.

Located in North Carolina’s Research Triangle area, the 160-acre site is at 1225 Hamlin Road, near Oxford Road and the future North Durham Parkway, providing easy access to Highway 70 and Interstate 85. Raleigh-Durham International Airport is some 18 miles south.

The property is 30 miles from another industrial project taking shape in the Triangle and also less than 14 miles from the Research Triangle Park, one of the world’s largest life science clusters. According to a recent Cushman & Wakefield report, demand for life science space in the area remained strong throughout 2022, leading to 11.8 million square feet in construction projects that will add to the existing inventory of 12.8 million square feet.