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Sterling Bay and Acram Group Request Rezoning for Heritage Square
DURHAM, N.C. – October 16, 2024 – Sterling Bay and Acram Group today announced their pursuit of rezoning for the Heritage Square site, Durham’s new life science campus. The rezoning will maintain current use plans and simply address geotechnical issues that have been discovered, while ultimately helping to drive economic opportunity for the neighborhood and community at large.
“Our commitment to a mixed-use life sciences research hub with residential and retail remains, however, during site diligence on Phase One, we discovered bedrock that will not allow for our planned sub-surface parking and requires us to reimagine how we approach the onsite parking and site layout,” said Alistair Parry, Director, Asset Management at Sterling Bay. “The wide range of community and planning input to date has been instrumental in shaping the project and we look forward to continued conversations with the Durham City Council, the City-County Planning Department and the Hayti community as we pursue the best path forward.”
The rezoning request will allow for one consistent height limitation across the site, located at 401 East Lakewood Avenue, and bring the Downtown Design District – Core to the south side of 147. Pursuing the zoning now will coincide with the City’s efforts to adopt new zoning districts and incorporate the new districts over the next few years. Rezoning will not only revive the Heritage Square redevelopment effort but will also facilitate the reincorporation of Hayti with Downtown in line with the City and County’s vision for a comprehensive plan. It will also address challenges caused by rising interest rates and construction costs.
“Rezoning the Heritage Square site will allow us to move forward with the transformative development and address increased development and construction costs that have stalled historically valuable investments,” said Keiana Barrett, Chief Diversity & Engagement Officer at Sterling Bay. “At the end of the day, our goal is to bring together innovation and economic development with the vibrant and historic Hayti neighborhood, and we are confident that this request will help maximize this opportunity for the entire community.”
Sterling Bay and Acram Group purchased the 10-acre site in June 2022 with plans to develop the site by right, and the City-County Planning Department approved the site plan for Phase One of the project earlier this year.
ABOUT STERLING BAY
Sterling Bay is an experience-driven real estate company that boldly transforms spaces, industries, and communities across the country, sparking growth and opportunity at every turn. Known for creating innovative, connected, and collaborative spaces for world-class companies such as Google, McDonald’s, WPP, Pinterest, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that enhance communities and strengthen a company’s culture and brand. Sterling Bay’s team of more than 185 professionals is responsible for a portfolio exceeding $5 billion, and a development pipeline of more than $20 billion. For more information, visit www.sterlingbay.com.
ABOUT ACRAM GROUP
Acram Group is an entrepreneurial real estate company focused on the acquisition, development, capitalization, and management of mixed-use real estate holdings throughout the United States. The firm through its offices in Greenwich, CT, New York, NY, and Dallas, TX manages and owns a portfolio of over 4M square feet along with a development pipeline of over 5,000 multi-family units.
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