Officials Negotiate Incentives for Major Mixed-Use Project in Downtown Durham

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Officials Negotiate Incentives for Major Mixed-Use Project in Downtown Durham

MULTI-HOUSING NEWS

Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street.

Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street.

According to The Durham News, city and county officials have agreed to enter negotiations for a 50-50 business-incentive deal with the developer to support the project.

Under the agreement, Austin Lawrence would receive a combined $8 million over 15 years, the equivalent of $6 million in present-day dollars, once the inflation adjustment is taken into account.

Slated to rise at the corner of West Parrish and North Corcoran streets, the new high-rise would include 100,000 square feet of office space and over 100 apartments.

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