A billion-dollar real estate project is coming to Morrisville, NC, as developers hope to capitalize on the growing biotechnology industry in the state’s Research Triangle.
A billion-dollar real estate project is coming to Morrisville, NC, as developers hope to capitalize on the growing biotechnology industry in the state’s Research Triangle.
The project is still going through the approval process with the town of Morrisville. However, it is looking to attract some major firms to the area.
The announcement cited a plan to build a 109-acre advanced life science campus close to but not actually in the Research Triangle Park. Developers said it would pull from the same talent pool to feed RTP and other bioscience firms there.
When it’s finally completed, the project will house a million and a half feet of lab and biomanufacturing space. The campus will also feature restaurants, retail stores, and parks and recreation areas, demonstrating the trend of lab properties incorporating high-end amenities to attract top life sciences firms and talent.
Trinity Capital Advisors announced the city’s next big real estate project.
Jeff Sheehan, a partner at Trinity Capital Advisors, believes Trinity Capital’s push into the Triangle is a smart investment decision. “We are going to take a big step forward with this speculative program,” Sheehan said.
Steve Sbraccia, a consumer investigator, asked Sheehan if it was dangerous to build on spec in these economic times. “It’s a big investment for sure and a measured risk,” said Sheehan.
The market for industrial buildings is hot. The demand for life sciences space, with unique requirements, has helped fuel the surge. According to Sheehan, the annual growth rate in rental rates has been astounding, with 5 to 10 percent growth, something he has never seen before.
Developers are preparing to construct about one-third of the project during the first stage. “Those buildings are a blend of product offerings,” said Sheehan. “Some multi-story lab/R&D buildings as well as biomanufacturing buildings.”
Currently, the Triangle is home to more than 600 life science companies, including big names like Pfizer, LabCorp, and Norvo Nordis.
Life sciences are on the rise. Despite the soft demand for office space in the area, the biotechnology industry continues to grow in the Triangle, good news for those trying to get the Morrisville project off the ground. “We can accommodate younger start-up-type organizations and absolutely expect to attract major nationals,” said Sheehan.
Developers hope to begin the project in April or May and complete phase one within five years. The campus will be located at McCrimmon Parkway and Airport Boulevard, about one mile from Interstate 40, less than four miles from Raleigh-Durham International Airport, and five miles from Apple’s new RTP campus.
