New retail, hotel, office space development coming to Research Triangle Park

RESEARCH TRIANGLE PARK, N.C. (WTVD) -- Hub RTP will be the new face of Research Triangle Park: a bustling town center nestled between I-40 near Davis Drive and Highway 54.

Scott Levitan, CEO of the RTP Foundation, is in charge of the project.

"All the feedback I'm receiving in the community is that the Hub has to happen," Levitan said.

This 43-acre, $1.5 billion project will be a premier location for people who want to live, play, and shop where they work.

Levitan said the foundation is investing $105 million in the project and Durham County is shelling out $20 million.

The hub will feature 1 million square feet of office space, with buildings up to 20 stories tall.

RELATED: RTP announces $60M investment that will bring 200 jobs

Levitan said the development could have a similar height and density to North Hills in midtown Raleigh.

The site plans also called for more than 800 apartment units and a four-star hotel.

The retail district will also have a mix of restaurants, small shops, a fitness center and a grocery store. Existing businesses in RTP will also help pay for this project.

Scott said the development is necessary for RTP's future.

"In order to attract talent to come work for them, they need a town center so that at lunchtime or after work you can get a beer, there's some entertainment, whatever," Levitan said. "That is really the evolution that has led us to really have to focus and create the relevant Hub project so that these companies can be successful."

RTP's campus is already transforming.

The former IBM plant is now Frontier -- an innovation workspace for freelancers, creatives and startups.

Boxyard, an entertainment venue targeted toward millennials, is set to open this Fall.

Levitan said construction on Hub RTP will begin soon.

"We're looking forward to breaking ground within the next three months or so," Levitan said.

Site plans are not finalized, so the Hub's look and feel could change.

Construction could take up to three years to complete.