Wood Partners Begins Research Triangle Luxury Project

First Citizens Bank is funding the 403-unit development with more than $45 million in construction financing.
Alta Davis. Image courtesy of Wood Partners

Wood Partners has broken ground on Alta Davis, a 403-unit luxury development in Morrisville, N.C. First Citizens Bank provided the developer with a $45.2 million construction loan in June, according to county records. Completion is slated for late 2021. 

Located at 4701 Hopson Road, Alta Davis’ 21.1-acre project site is just outside the Research Triangle Park. Plans for the community call for seven four-story buildings with a wide range of amenities, including a fitness center, a saltwater swimming pool and coworking space.

The development is 10 miles south of downtown Durham, between the Triangle Expressway and Interstate 40. The property will be within half a mile of the South Miami Boulevard retail corridor and less than a mile from nearly 5 million square feet of office space, according to Yardi Matrix.

Wood Partners has maintained an active development portfolio in North Carolina, particularly in Charlotte. In February, the company delivered Alta Croft, a 238-unit luxury community, on the northern end of the city.