DURHAM, NC-Faison Enterprises, a real estate developer inCharlotte, is razing down the Washburn Court apartments located onSwift Avenue in Durham to build a $40 million apartment complex.The company's subsidiary purchased the 29-unit property forapproximately $5.5 million. Demolition work has already started onthe nine white-brick buildings. Faison plans to construct afour-story, wood-framed complex comprising 202 apartments on thesite spanning 3.4 acres.

The city has approved the plan. Construction is slated to beginin January 2013. For the full story, go to Charlotte Business Journal .

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