63-Parcel Durham Site Planned for Rental Community Development

63-Parcel Durham Site Planned for Rental Community Development
63-Parcel Durham Site Planned for Rental Community Development

### 63-Parcel Durham Assemblage to Become Rental Community

A group of property owners is collaborating on a 402-unit apartment community in Durham. The property, located off Hoover Road west of Interstate 885, has been assembled over the years, incorporating multiple smaller parcels. Among the property owners is John Warasila, founding principal of **Alliance Architecture**.

The land consists of 63 parcels totaling 23.2 acres along Hoover Road, Sater Street, Creasy Street, Hilltop Drive, Felix Street, and Miami Boulevard. Since 2019, the group has been gradually assembling these properties.

According to the *Triangle Business Journal*, only 12 of the 23 acres are developable due to the presence of wetlands and a stream. The vacant land, which had become a dumping ground, required a $60,000 cleanup effort by the property owners.

The development plan includes apartment units as well as townhomes, which will occupy 25 percent of the property. Additionally, 20 percent of the total area will be designated as open space. In an effort to support affordable housing, five percent of the rental units will be reserved for residents earning 60 percent of the area’s median income.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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