Memphis company details Durham apartment project plans
The collegiate housing developer behind plans to build apartments on the site of a now-demolished hotel on West Chapel Hill Street announced details for the $46.1 million project on Tuesday.
Education Realty Trust, or EdR, is a Memphis, Tenn.-based publicly traded company. EdR is partnering to build an apartment community in Durham through a joint venture with the Washington D.C. real estate investment and development firm Javelin 19 Investments.
The plan is to build a 386-bed project on property across from the Durham police headquarters. The project is proposed to include studio apartments as well as one-bedroom and two-bedroom units. In addition, there will be an attached parking garage with 400 parking spaces.
The apartments are designed to appeal to Duke University graduate students and upperclassmen, according to a news release.
EdR is planned to own and manage 90 percent of the joint venture, and will provide development, construction oversight and management services for the project.
Demolition already began on the site on West Chapel Hill Street where the apartments are slated to be built.
The project is expected to be completed in the summer of 2014.
“While a graduate student at Duke, I led several consulting projects focused on the nearby West End community,” said Jill Homan, principal at Javelin 19 Investments, in a statement in the release. “This highly traveled, yet under resourced corridor between Duke and downtown Durham is an incredibly exciting redevelopment opportunity.”
At one time, the site was home to a building built in 1959 as a Holiday Inn hotel, according to previous reports in The Herald-Sun. Ronnie and Dianne Sturdivant bought the property, and operated it as a low-cost hotel called Temporary Quarters.
The hotel was ordered to be shut down in 1998, and Sturdivant and his wife later had a store and art gallery in the building. In 2008, Sturdivant leased the front of the former hotel to Barry Kaalund so he could operate a flea market.
Ronnie Sturdivant was shot and killed in 2008 on the property. According to previous reports, Kaalund said he shot Sturdivant in the basement of the former hotel in self-defense, but a jury found him guilty of second-degree murder this year.
Several other apartment projects have been proposed for downtown Durham recently.
Durham-based Greenfire Development announced plans earlier this year to partner with Virginia-based Armada Hoffler to build 183 apartment units downtown at the corner of Jackson and Willard streets adjacent to the N.C. Mutual Life Insurance building.
In addition, Chevy Chase, Md.,-based Federal Capital Partners has proposed to build 196 apartments off West Morgan Street downtown on what’s now two parking lots adjacent to existing West Village buildings. The Maryland company is the firm that took control of the downtown West Village development of redeveloped former tobacco buildings for downtown.