On Oct. 1, 2015 the President and CEO of the Research Triangle Foundation (RTP), Bob Geolas, announced that it has secured $50 million for the Park Center Development. These funds will allow for mobilization at the site to begin in January 2016. Park Center is the 100 acre property located in the heart of North America’s largest science park that was purchased by RTF in January 2014.

That same year, the Brookings Institution named Research Triangle Park one of seven burgeoning Innovation Districts in the United States for their reimagining of the modern science park. Park Center will be the first major redevelopment in RTP’s history, and will bring together private industry, universities and all of North Carolina in an inspiring setting at the heart of the Triangle.

In keeping with historic tradition, this $50 million achievement was made possible through a series of public-private partnerships. Funds have been raised as a result of three local efforts:

$20 million to be allocated from Durham County to be used to build public infrastructure in the 100-acre development.

$10 million from the Durham-Wake Counties Research and Production Service District for open and park space.

$20 million as a result of land purchases and site work provided by the Research Triangle Foundation of North Carolina.

Phase I of Park Center, which will be located on the east side of the property, is slated to include many amenities that are currently absent from RTP’s 7,000 acres. In addition to previously announced amenities such as retail and restaurants, Park Center will also include new public parks, a central marketplace, multifamily residential and hotels. The west side of the Park Center, where The Frontier is located, is part of Phase II Phase I of Park Center, which will be located on the east side of the property, is slated to include many amenities that are currently absent from RTP’s 7,000 acres. In addition to previously announced amenities such as retail and restaurants, Park Center will also include new public parks, a central marketplace, multifamily residential and hotels. The west side of the development, where Frontier is located, is part of Phase II of the Park Center development.