A team of developers led by Longfellow Real Estate Partners from Boston, Duke University and Measurement Incorporated President & CEO Hank Scherich unveiled formal plans Wednesday, October 1, 2014 for the $400 – $500 million Durham Innovation District (Durham.ID). The project covers 15 acres just to the west of downtown.
Durham.ID will eventually include 1 million square feet of office space plus retail space and 300 residential units. To put the size of this project in perspective, the American Tobacco Historic District currently has about 1 million square feet of office space. The new innovation district will function as a “downtown research hub” with an emphasis on life science companies and provide space for Duke University researchers and companies seeking to collaborate with the university. Longfellow developers also discussed their renovation of the Main Street and Carmichael Buildings which total more than 115,000 square feet of laboratory space costing upwards of $50 million.
The Durham Chamber of Commerce has been working with the Durham iD developers, Longfellow Real Estate Partners and Measurement Inc., the City of Durham and Durham County for the past year to address project related infrastructure. In recent weeks, the Chamber has begun bringing economic development clients to look at the Durham iD Project. Ted Conner, Senior Vice President of Economic Development with the Durham Chamber noted, “Downtown Durham is the hottest real estate market in the Triangle and Durham iD serves to bring more innovation oriented space to the market, further enhancing our economic development efforts. Conner added, “The Durham iD project does not replace the scientific innovation work taking place in RTP but instead serves to be a complement.” Conner ended by saying, “The expansion of Duke University’s scientific research to downtown Durham strengthens the city’s revitalization momentum.”