A billion dollar real estate project arrives in Morrisville, North Carolina, as developers hope to capitalize on the growing biotech industry in the state’s Research Triangle.
The project is still in the process of being approved with the Town of Morrisville. However, he is looking to attract a few large companies to the area.
The ad cited plans to build a 109-acre advanced life sciences campus nearby, but not actually in Research Triangle Park. The developers said it would tap into the same talent pool to nurture RTP and other bioscience companies there.
When finally complete, the project will house 1.5 million feet of laboratory and biofabrication space. The campus will also include restaurants, retail stores, parks and recreation areas, demonstrating the trend of lab properties incorporating high-end amenities to attract top life science companies and talent.
Trinity Capital Advisors has announced the city’s next major real estate project.
Jeff Sheehan, a partner at Trinity Capital Advisors, believes Trinity Capital’s push into the Triangle is a wise 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’s dangerous to rely on specs in these economic times. “It’s a big investment for sure and a measured risk,” Sheehan said.
The industrial buildings market is hot. The demand for space for the life sciences, with unique requirements, has helped fuel the surge. According to for Sheehan, the annual growth rate in rental rates has been staggering, growing 5 to 10 percent, something he’s never seen before.
The developers are preparing to build about a third of the project in the first stage. “These buildings are a mix of product offerings,” Sheehan said. “Some multi-storey laboratory / R & D buildings as well as biofabrication buildings. “
Currently, the Triangle is home to over 600 life science companies, including big names like Pfizer, LabCorp and Norvo Nordis.
The life sciences are on the rise. Despite weak demand for office space in the region, the biotech 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 large nationals,” Sheehan said.
The developers hope to start the project in April or May and complete the first phase within five years. The campus will be located at McCrimmon Parkway and Airport Boulevard, approximately one mile from Interstate 40, less than four miles from Raleigh-Durham International Airport and five miles from Apple’s new RTP campus.