Armada Hoffler Properties Inc. said Thursday it has entered into a joint venture development agreement to develop and own a new office tower within the One City Center mixed-use project in Durham, N.C.
Situated downtown at the corner of Corcoran and Main streets, One City Center is a 27-story, mixed-use project that includes 130,000 square feet of office space, anchored by a 55,000 square foot lease with Duke University, and 22,000 square feet of street-level retail space, both of which Armada Hoffler will develop and own. The company’s joint venture partner, Austin Lawrence Partners, will simultaneously develop 139 residential units as well as a two-level underground parking garage.
As a minority partner, Virginia Beach-based Armada Hoffler said it would exit the joint venture and retain ownership of the office and retail components upon completion.
Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as the general contractor for the entire $86 million mixed-use project.
“For years there has been much excitement surrounding the renaissance of Durham’s downtown area,” Louis S. Haddad, Armada Hoffler’s CEO said in a statement. “With Duke University as a driving force behind this new project, we are thrilled to be contributing to these efforts by putting both our development and construction expertise to work at One City Center.”
The company plans to break ground during the first quarter of 2016. The project is expected to be with complete by mid-2018.