Federal Capital to Break Ground on Third Phase of Downtown Durham Project
Construction on the third phase of West Village in downtown Durham is expected to start in June, Federal Capital Partners announced.
The Maryland-based developer is planning 156 luxury apartments in a new six-story building which will be located on the block between West Main Street and West Morgan Street. Upon completion, the project will offer a mix of studios, one- and two- bedroom units. Bell Partners of Greensboro will be in charge of leasing.
Amenities will include a club/lounge area, on-site bicycle storage, secure access, as well as an elevated pool deck. Residents will also have access to the popular and environmentally friendly Zipcars program.
Consisting of the conversion of two former tobacco warehouses, the West Village development is considered to be the largest historic renovation project in North Carolina. According to the Triangle Business Journal, the first two phases have been developed by a real estate company led by former Duke basketball stars Christian Laettner and Brian Davis. The total investment in the project amounted to $170 million.
In 2012, Federal Capital acquired the majority interest in the properties. Built in 2000, West Village I offers 241 loft apartments, 10,000 square feet of retail space, as well as parking. West Village II was built in 2007 and includes 212 luxury lofts, 70,000 square feet of office space, as well as 30,000 square feet of street level retail.
“The next phase of West Village expands the footprint of a key participant in revitalized downtown Durham and provides better connectivity to the heart of downtown,” said Bryan Kane, vice president of Federal Capital Partners. “With strong occupancy at our existing West Village properties and continued demand for apartments in the downtown district, we view this phase as important to our West Village community of residents, retailers and businesses, and also invigorating to the entire city.”
Photo credits: http://www.bellapartmentliving.com/NC/Raleigh/West-Village