Capkov Ventures has obtained all necessary approvals to proceed with a mixed-use development on 99 acres in Hillsborough. The project will encompass 450 apartments, 205 townhomes, 40,000 square feet of neighborhood commercial space and 200,000 square feet of 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 situated adjacent to UNC Hospitals Hillsborough Campus and may potentially include a new hospital in the future. An economic analysis conducted for Capkov revealed that the project could generate over 1,500 jobs.
As part of the rezoning process, certain conditions were imposed including upgrades to the local 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 commence in fall of 2025 with initial focus on developing townhomes for sale as well as completing construction on the medical and commercial components. This update was originally published by Connect CRE.
