Redeveloping the Research Triangle Park

Research Triangle Park (WTVD) -- New details have been released regarding the $20 million first phase of a plan to modernize the 50-year-old Research Triangle Park.

Officials said building will begin on Jan. 1, 2016. At an event at RTP on Thursday, a model of what the 100-acre property will look like was unveiled.

Bob Geolas, the CEO of the Research Triangle Foundation, shared the vision of Park Center. It will feature two new hotels, a market place, residential area, and corporate sites.

$50 million has been secured for the project by public-private partnerships.

"Our companies here in the park want to retain the best talent. That talent isn't Mom and Dad's old Research Park. They want a collaborative, inspiring environment," Geolas said.

Robert Teer, the original developer, said he is anxious to see how the Park will evolve.

"What we did in 1968-69 was current for the day. So it's just a whole different concept. It's exciting and I'm just glad I'm still here to see it," Teer said.

Geolas says the project could cost millions, if not billions, of dollars. It will take seven to ten years to complete.

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