Lawmakers Back Controversial 167-Acre Mega Development South of Durham
751 South, a residential and business mega development along the Durham-Chatham county line can finally move forward.
According to the Triangle Business Journal, Gov. Pat McCrory has recently signed legislation that requires the municipality to offer utilities to the 167-acre project, which falls outside Durham’s city limits.
The proposed development located off of Highway 751 had been stuck in regulatory limbo since the City of Durham refused to annex the land into the city limits and provide water and sewer to the site.
Local firm Southern Durham Development is behind the project, which is slated to bring 600,000 square feet of office and retail space and as many as 1,300 residences. Plans also call for markets, cafes, restaurants, one or two schools, as well as park settings, open spaces and civic sites. NAI Carolantic Realty in Raleigh is already marketing the land to potential builders, the newspaper reports.
Southern Durham Development’s founders are Alex Mitchell and Tyler Morris. Both are partners in The Landing at Southpoint located on Hwy 751, the first “LEED for Homes” multi-family project with more than 50 units in the United States.
It is estimated that the economic impact of 751 South will reach $8 million in new taxes for the City of Durham and Durham County. The project is also expected to create about 3,000 new jobs.
“We assembled an internationally-renowned team of urban planners and designers with the goal of creating a very livable, sustainable development that would attract national attention. The commercial core of 751 South is designed to accentuate a live, work and play community with retail that can stand on its own,” Mitchell said in a prepared statement.
Under the new legislation, the city will also be required to annex the 751 South properties, as well as the Colvard Farm residential neighborhood, into Durham’s limits by 2023.
Photo credits: www.751south.comTags: 751 South, Alex Mitchell, Brokers, Commercial, Condo, Co-op, HOA, Consumer, Conventional - Market Rate, Developers, Development, Durham mixed-use, economy, Education, Finance/Investment, Green, Hospitality, Investors, leasing, Local, Managers, mixed-use, multi-family, Municipal, National, Office, Owners, Policy, Professional, Raleigh-Durham Lead Story, Regional, Residential, retail, single-family, Southern Durham Development, Tyler Morris