{"id":1004093107,"date":"2014-03-21T13:57:09","date_gmt":"2014-03-21T21:57:09","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=248547"},"modified":"2020-04-23T00:06:28","modified_gmt":"2020-04-23T08:06:28","slug":"officials-negotiate-incentives-for-major-mixed-use-project-in-downtown-durham","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/officials-negotiate-incentives-for-major-mixed-use-project-in-downtown-durham\/","title":{"rendered":"Officials Negotiate Incentives for Major Mixed-Use Project in Downtown Durham"},"content":{"rendered":"<p><!--[if gte mso 9]><xml><br \/>\n<o:OfficeDocumentSettings><br \/>\n<o:AllowPNG\/><br \/>\n<\/o:OfficeDocumentSettings><br \/>\n<\/xml><![endif]--><\/p>\n<p><!--[if gte mso 9]><xml><br \/>\n<w:WordDocument><br \/>\n<w:View>Normal<\/w:View><br \/>\n<w:Zoom>0<\/w:Zoom><br \/>\n<w:TrackMoves\/><br \/>\n<w:TrackFormatting\/><br \/>\n<w:HyphenationZone>21<\/w:HyphenationZone><br \/>\n<w:PunctuationKerning\/><br 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Name=\"Book Title\"\/><br \/>\n<w:LsdException Locked=\"false\" Priority=\"37\" Name=\"Bibliography\"\/><br \/>\n<w:LsdException Locked=\"false\" Priority=\"39\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>\n<\/w:LatentStyles><br \/>\n<\/xml><![endif]--><!--[if gte mso 10]><\/p>\n\n\n\n\n<style>\n \/* Style Definitions *\/\n table.MsoNormalTable\n\t{mso-style-name:\"Table Normal\";\n\tmso-tstyle-rowband-size:0;\n\tmso-tstyle-colband-size:0;\n\tmso-style-noshow:yes;\n\tmso-style-priority:99;\n\tmso-style-parent:\"\";\n\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;\n\tmso-para-margin-top:0cm;\n\tmso-para-margin-right:0cm;\n\tmso-para-margin-bottom:10.0pt;\n\tmso-para-margin-left:0cm;\n\tline-height:115%;\n\tmso-pagination:widow-orphan;\n\tfont-size:11.0pt;\n\tfont-family:\"Calibri\",\"sans-serif\";\n\tmso-ascii-font-family:Calibri;\n\tmso-ascii-theme-font:minor-latin;\n\tmso-hansi-font-family:Calibri;\n\tmso-hansi-theme-font:minor-latin;\n\tmso-fareast-language:EN-US;}\n<\/style>\n\n\n\n\n<p><![endif]--><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/Jack-Tar-Motel-Durham-NC.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-248548\" title=\"Jack Tar Motel, Durham, NC\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/Jack-Tar-Motel-Durham-NC.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.thedurhamnews.com\/2014\/02\/27\/3659184\/county-backs-incentives-to.html\" target=\"_blank\" rel=\"nofollow\">The Durham News<\/a><\/em>, city and county officials have agreed to enter negotiations for a 50-50 business-incentive deal with the developer to support the project. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Under the agreement, Austin Lawrence would receive a combined $8 million over 15 years, the equivalent of $6 million in present-day dollars, once the inflation adjustment is taken into account. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Slated to rise at the corner of West Parrish and North Corcoran streets, the new high-rise would include 100,000 square feet of office space and over 100 apartments. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Austin Lawrence is planning to refurbish the early 1960s Jack Tar vintage hotel, while preserving the turquoise-and-gray fa\u00e7ade, an iconic example of mid-century modern architecture. The property is also known as the Oprah building because of its big \u201cWe want Oprah\u201d sign displayed in the windows for many years. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Construction on the high-rise is expected to begin in June and be complete in the summer of 2016. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, the <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/2014\/03\/boston-firm-buys-lab-buildings-at-durhams-imperial.html\" target=\"_blank\" rel=\"nofollow\">Triangle Business Journal<\/a><\/em> reports that Longfellow Real Estate Partners of Boston has recently paid $23.6 million to acquire four research laboratory buildings within the Imperial Center business park in Durham.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The portfolio, which includes the Exchange Place building and the three Royal Center buildings on Emperor Boulevard, offers a total of 187,758 square feet of space.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Pearl Therapeutics, Astadia and Novan Therapeutics are among the properties\u2019 tenants. The property was 76 percent occupied in the fourth quarter, according to TBJ&#8217;s Space survey. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Crown Realty &amp; Development of southern California was the seller of the buildings. Chris Norvell and Scot Humphrey of Cushman &amp; Wakefield\/Thalhimer&#8217;s office in Raleigh represented the company in the sale negotiations.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Crown Realty owns another 11 office and industrial assets at the Imperial Center business park, and plans to sell at least another three properties, the newspaper reports. <\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: www.opendurham.org<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[1815],"class_list":["post-1004093107","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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