Capkov Ventures has obtained all necessary permits to proceed with a mixed-use development on 99 acres in Hillsborough. The project will include 450 apartments, 205 townhomes, and a total of 40,000 square feet for neighborhood commercial use and 200,000 square feet for medical office space. Additionally, there will be a public connection to the nearby University of North Carolina and its medical campus.
The medical office space will be located next to the UNC Hospitals Hillsborough Campus and may potentially feature a new hospital in the future. An economic analysis conducted by Capkov revealed that this project could generate over 1,500 jobs.
As part of the rezoning process, Capkov agreed to several conditions including upgrading the Hillsborough sewer system and ensuring that at least fifteen percent of housing units at Waterstone are affordable for individuals earning eighty percent or less than area median income.
Construction is expected to begin in fall of2025 with initial focus on developing townhomes as well as commercial and medical spaces.
