Research Triangle Park set to expand with 100 acre purchase

Plans call for the new development on a 100-acre tract near Interstate 40 and Davis Drive.
February 3, 2014 3:59:24 PM PST
Officials with the Research Triangle Foundation announced a major land purchase Monday, along with plans to make RTP a place to live, work and play.

"Today is really all about a new investment," said RTF President and CEO Bob Geolas. "Ultimately, on this property, we see opportunity from anywhere from 2 -3 million square feet of new development."

Plans call for the new development on a 100-acre tract near Interstate 40 and Davis Drive that will house retail, residential and office space.

Officials said it is about an $18 million land investment. The foundation was able to purchase several lots that used to be home to the old Radisson and Research Triangle High School.

They chose the areas to be close to a proposed rail system.

"Our board and this foundation are dedicated to seeing implementation of regional rail to link commuters in triangle region," said Geolas.

All of this space will not only provide $2 billion worth of investment for places to eat and live while working - but also creates the potential for 100,000 future jobs. 

The foundation is still looking for investments. After 4-6 months for site evaluation, construction could start in about a year.

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