by Adriana Pop, Associate Editor
A joint venture between MJM Group and Griffin Stafford of Charlotte is currently developing a new hotel and retail center in Durham.
According to the NewsObserver, plans call for a 105-room hotel, as well as 30,000 square feet of retail, restaurant and medical office space. The developers have spent several years rezoning the site of the project, a 6.4-acre property on Chapel Hill Boulevard near Interstate 40.
Called Gateway Terrace, the new development will house a Home2 Suites extended stay hotel, a Mattress Firm outlet, as well as three restaurants: PDQ, Chipotle and Bruegger’s. The cost of the project is between $20 million to $25 million.
Anuj Mittal, who runs MJM along with his wife Vinita, told the newspaper that he expects to complete construction on the retail portion by the end of the year. The new hotel will be completed by next year’s first quarter.
The Gateway Terrace is MJM’s third and largest hotel-driven project in recent years, the newspaper reports. The company’s other developments include a Courtyard by Marriott hotel in Raleigh (pictured) and a $17 million hotel and retail project currently under construction in Charlotte.
In regional news, a Wilmington-based real estate investor group has purchased the HHGregg, Inc. building at 1401 Piney Plains Rd. in Cary.
The Triangle Business Journal reports that Meeting Street HHG LLC has acquired the 29,000-square-foot property from DDR Corp. of Beachwood, Ohio for nearly $3.7 million. The store, which will continue to house home appliances and electronics retailer HHGregg, was purchased with a 25 percent discount to its $4.95 million tax value.
Capital Pacific represented DDR in the sale, while Drew Logan with The Shopping Center Group commercial real estate firm in Raleigh represented the buyer.
DDR still owns a multitude of retail properties in the Triangle, including the Alexander Place Promenade shopping center in Raleigh, Beaver Creek Crossings in Apex and Meadowmont Village in Chapel Hill.
Photo credits: http://www.marriott.com/