“In collaboration with partners like the Raleigh Chamber and WCED, Research Triangle Park is committed to supporting our growing region through equitable and responsible development. We’re building a transformative, 50-year plan to shape RTP into a ‘15-minute city’ that uniquely benefits Park companies, innovative research initiatives and economic development efforts. In 2024, we will welcome RTP’s first residents to our downtown destination, Hub RTP, and complete construction on the vibrant, mixed-use epicenter, Horseshoe.”
SCOTT LEVITAN President and CEO, Research Triangle Foundation of NC
As the Research Triangle Foundation of North Carolina prepares to celebrate its 65th anniversary as stewards of Research Triangle Park (RTP), it’s natural to reflect on the bold vision of the Park’s founders. They worked together to creatively address the economic needs of our state, and it is clear the spirit of collaboration is still thriving today. Thanks to their foresight, RTP has become a tremendous success story for our region, for North Carolina and for our country.
In many ways, we are arriving at another historic inflection point. We anticipate significant population growth with more than 1 million people moving to the Triangle area over the next 20 years. Today, RTP is home to more than 375 companies and 55,000 employees, but companies are actively rethinking their office environments to better accommodate employee preferences and hybrid work options.
The original RTP development model that worked well for many decades is not universally suited to meet the evolving needs of R&D innovation communities, employers or workforces of tomorrow. Our 7,000-acre footprint is centrally located with underutilized land resources that can be better optimized to support economic development, while providing opportunities for RTP landowners seeking to reimagine their campuses.
Working in close coordination with Wake and Durham counties, university partners and RTP companies, the Foundation is actively shaping RTP 3.0, a collaborative planning process to set a 50-year vision for RTP.
In 2023, we leveraged feasibility study insights to diligently plan with community partners, collaborate with economic development leaders, collect feedback from RTP companies and institutions, engage with government officials, and host numerous conversations with local and regional stakeholders.
Looking ahead, 2024 marks a pivotal year where we will use these insights to define protocols and guidelines necessary for successful plan implementation. This includes proposing zoning, covenants and governance changes; developing visioning and planning documents for key transportation initiatives; and establishing development standards. We will also identify policies, incentives or requirements for critical community needs, such as affordable housing, sustainability efforts, open space and recreation areas, public uses, and university-related research and innovation initiatives.
While focused on future needs, we are simultaneously reshaping the fabric of RTP today. If you drive by the intersection of Davis Drive and Highway 54, you’ll see construction progress making headway for our vibrant, downtown destination — Hub RTP. Last spring, the Foundation moved its RTP Headquarters to this reimagined corporate campus. Our offices are now located in the 700 Building within the 100-acre Hub RTP site; steps away from Boxyard RTP, our experiential restaurant and retail shipping container destination, and Frontier RTP, our coworking and office space home to emerging startups and entrepreneurs.
In 2024, we will welcome RTP’s first residents with MAA Nixie beginning pre-leasing for more than 400 thoughtfully designed apartment homes this summer. Around the same time, NexPoint and Alamo Manhattan will begin construction on a Marriott-branded Renaissance RTP hotel. Along with developer White Point Partners, we’ll complete construction on the mixed-use epicenter Horseshoe at Hub RTP. Longfellow Real Estate Partners recently unveiled Via Labs at Hub RTP as the new name and brand for its life sciences development.
At full build out, Hub RTP will feature up to one million square feet of office and lab space, 250 hotel rooms, 1,200 residential units, and 50K square feet of restaurants and retail all designed to bring people together to work, play and stay in RTP.
–SCOTT LEVITAN President and CEO, Research Triangle Foundation of NC
To read the WCED Economy & Business Publication, visit https://raleigh-wake.org/wp-content/uploads/2024/11/Final_WCED_Brochure_EconBiz_2024_medres.pdf.