Economic Development Abounds: Discussing The Future Of Research Triangle Park At Aug. 27 Bisnow Event
North Carolina's Research Triangle Park, which comprises 7,000 acres within Wake and Durham counties and is home to more than 375 businesses, is in the midst of creating a new and vibrant downtown destination in the heart of the Park.
One significant project in the works is Hub RTP, a $1.5B mixed-use development. Hub RTP is set to include 1,200 apartments, a 279-unit Marriott Renaissance RTP hotel, 50K SF of retail, 1M SF of office and lab space, and more — all in walking distance to the workplace.
“Research Triangle Park is full of rich amenities that redefine how employees, residents and visitors experience the region,” said Scott Levitan, president and CEO of the Research Triangle Foundation, a nonprofit that manages economic activity in the region. “Hub RTP is set to significantly contribute to RTP's economic and social landscape, which is sure to enhance individuals’ overall experience.”
Levitan will participate in Bisnow’s Aug. 27 Triangle State of the Market event at the Embassy Suites by Hilton Raleigh Durham Airport Brier Creek. He will speak in the Fireside Chat: Research Triangle Park Activity Outlook, which will bring attendees up to date on Hub RTP and its significant contribution to the region.
“I’m eager to share our vision for the future of RTP and discuss the transformative projects underway,” Levitan said. “This event is a great opportunity to reinforce RTP’s commitment to innovation, sustainability and community development.”
The Research Triangle Park Foundation in December launched RTP 3.0, a strategic plan outlining advancements for companies within the region over the next 50 years. It will focus on continued development to drive innovation in the workplace while creating a dynamic community throughout the different nodes of the Park.
Levitan said the Hub RTP development propels this vision forward, as the region is preparing to welcome an estimated 1 million additional people by 2050.
He said rezoning will be necessary to reallocate underused land for mixed-use assets to drive the economy forward. RTP 3.0 aspires to support regional transportation plans and strategies for developing affordable housing and enacting sustainability initiatives. RTP 3.0 also seeks to enhance the research enterprise in the Triangle among partners, including the universities, research institutes, national labs and the 380 companies that call RTP home.
“The zoning reforms will help mitigate urban sprawl through denser nodes of development, which can support enhanced public services and justify regional transportation investments,” Levitan said.
Existing Hub RTP establishments include Boxyard RTP, where people can shop, eat and attend community events. Frontier RTP provides spaces for workers to meet, engage in coworking and participate in activities such as yoga during the workday.
The Horseshoe at Hub RTP, set to open in spring 2025, will feature a courtyard surrounded by offices, dining and retail spaces totaling 157K SF. It is complemented by fire features, public art and tenant amenities such as a top-floor terrace, a shared lounge and a conference room. It will be steps away from MAA Nixie, a luxury residential community featuring more than 400 upscale apartment homes, which is set to welcome RTP’s first residents this fall.
Renaissance RTP is envisioned as RTP’s living room, where hotel visitors can swim in a resort-style pool, exercise at the gym, relax on the patios and meet for business. The hotel will flank Horseshoe across the restored and renewed creek that runs through Hub and anchors the 11-acre recreational amenity. Hub RTP is also the connector for the 20 miles of trails that run through RTP.
Levitan will delve deeper into what’s in store for RTP at Bisnow’s Triangle State of the Market event on Aug. 27.
“Events like this provide an excellent platform to engage with industry leaders, stakeholders and the community to foster dialogue and collaboration,” Levitan said. “This exchange of ideas is invaluable as we continue to move forward with our ambitious plans for RTP 3.0.”
This article was produced in collaboration between Research Triangle Park and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.
