Haywood declines to put a price tag on the project, but brokers in the area say costs for a class A building could range from $100 to $150 per square foot. That would place the estimated hard construction cost of the structure in the $4 million to $6 million range.
"It's in the South Square area of southern Durham that has been growing in general for the past two to three years," Haywood tells GlobeSt.com. "We feel like we have a real niche in the market." Haywood owns the Haywood Co. which is developing the project.
Another reason for his optimism is the site's location between a highway scheduled for completion in the fall that will link the popular South Square retail area with the Research Triangle Park.
Not only is the South Square retail only a few minutes away but there is also upscale residential ventures throughout the area, the developer points out. Haywood hopes to get started later this year.
There are no tenants yet. Rates are from $18 per sf to $20 per sf. Those rates will be competitive with other buildings in the area, Haywood says.
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