Quick Hits: Venable Center Expansion

Quick hits are posts about development news as I hear about them! If you have feedback on the format, please share in the comments below!

Venable Center Expansion

Downtown/"Southern Gateway"

About 3.5 acres

Purchase Price:
$31.15 million

Estimated Cost:
Over $100 million in development

Expected Completion Date:

Master plan in progress. Likely between 150,000 and 200,000 sq ft of office space and 200 residential units

Federal Capital Partners (Wheelock Street Capital, SLI Capital, SLI Capital)

Last week, news hit that Federal Capital Partners (FCP) had purchased the Venable Center in downtown Durham for 27.3 million. This week, we found out they added the purchase of the surrounding land, giving them almost 3.5 acres of prime real estate. If we ever see the Durham-Orange Light rail, this land will be perfectly positioned right near one of the stops.

The development group says that "it wants to develop within the character of downtonw Durham", which is nice, but what else are they going to say? Overall, more office space coming to downtown and more opportunities for corporate headquarters locating here is a great thing. Not to mention high density for housing!

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