Developer maintains construction of 28-story Durham office tower imminent

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Developer maintains construction of 28-story Durham office tower imminent

BUSINESS JOURNAL

Though it’s been weeks since construction crews finished their work on the building demolition at the site of the future 28-story One City Center office and multifamily tower, developers of the One City Center project deny that there’s been any delay.

Paul Smith, managing partner of development firm Austin Lawrence Partners’ Durham office, in an interview on Friday promised that a news release would be issued “soon” announcing the formal start to the construction project, starting with the construction dig for the two floors of underground parking for the building.

“The project is doing great, and we’re moving forward,” Smith says. The 28-story building – including the two underground levels – is slated to be complete in second quarter 2017.

To date, Austin Lawrence Partners has not formally secured major construction financing from a bank or other financial institution that would typically accompany a project the size of One City Center, according to a search of Durham County’s Register of Deeds.

The developers have been approved for up to $7.9 million in incentives from the city and the county, but that would only be payable over a 15-year period after the One City Center building and renovations to the nearby Jack Tar Motel property are complete.

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