North Carolina Shopping Center to be Converted into Life Sciences Campus
An old shopping center off of the Durham Freeway in Durham, North Carolina is being converted into a life sciences campus. Sterling Bay, a national real estate development firm based in Chicago, is behind this project. A rep from this firm confirmed that labs, offices, and residential units will all be a part of the projected vision, although the plans have yet to be filed with the city.
A big draw for development firm is the availability of talent that is created by the universities in the region, as well as the fact that Raleigh-Durham presents an exciting opportunity in a growing market.
While Sterling Bay has almost $15 billion worth of assets that are under development, this is their first project in the North Carolina real estate market. As they have in previous projects, the firm may be requesting some public funds to help with the transformation.