A Charlotte-based apartment developer has purchased a 4-acre parcel of land in downtown Durham.
Lennar Multifamily Communities, a Charlotte-based subsidiary of the national home builder Lennar, purchased the property – which is located at 411 S. Roxboro St. – from Durham Partnership Group LLC for $13.5 million.
The South Roxboro Street property has an already-approved site plan that would allow for the development of more than 200,000 square feet of office, 9,000 square feet of retail and 200 apartment units. The site plan also allows for a 155-room hotel with 20 condominium units and an additional 99,750 square feet of hotel or multifamily units, according to CBRE Raleigh, which represented the seller.
But Jeff Harris, divisional president for the Carolinas at Lennar Multifamily, said the firm is going to rework the already-approved site plan.
Harris said Lennar Multifamily is instead eyeing a large mixed-use development on South Roxboro Street that would be made up predominantly of apartment units and some retail, though an exact number has not been determined.
The site could also potentially have office space as a component, but it’s still too early in the planning process for concrete details, Harris added.
The potential project would be the latest in a string of new residential developments being built near the Durham Bulls Athletic Park and the Durham County Courthouse in the southern half of downtown.
The Lennar Multifamily property sits between two large-scale developments that are already underway: the Bullhouse Apartments, located at 504 E. Pettigrew St., and the 12-story Van Alen building, an $80 million project that is bringing 400 apartment units next to the Durham Bulls Athletic Park. That part of downtown will also be home to the 555 Mangum project, a 10-story office tower.
Lennar Multifamily is the apartment building arm of the Miami-based home construction giant Lennar Corp. The multifamily division was created in 2011 and has been building high-rise apartment projects across the country.
The firm recently began planning potential projects in the Charlotte area. In uptown Charlotte, Lennar Multifamily said it will break ground on a five-story mixed-use development and a 30-story residential high-rise next year. The high-rise tower will have around 342 units, according to the Charlotte Observer.