Phillips Development Closes on 44 Acres near Research Triangle Park

DURHAM, N.C., May. 07 /PRNewswire/ --

DURHAM, N.C., May 7 /PRNewswire/ -- On April 21, Phillips Development & Realty, LLC (PDR) closed on 44 acres for its newest Class-A apartment project, Phillips Research Park. Located at 1561 Ellis Road in Durham, N.C., the site is directly north of the world-renowned Research Triangle Park (RTP). Plans for the property include 344 garden-style units ranging from one to three bedrooms. Just a five-minute commute from the RTP, this new project will provide upscale residential options to more than 50,000 employees.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080507/CLW131 )

"Our team's persistence, professionalism and track record contributed to the acquisition," said Donald Phillips, Managing Director for PDR, headquartered in Tampa, Fla. "This major purchase marks successful penetration into a challenging market."

PDR's $3.8 million purchase included 42 acres from Joven Group's Len Shaffer and Bill Anderson. Two acres, formerly part of the Alta Trace community, were purchased from Wood Partners. PDR worked with land lender U.S. Bank, which will also be contributing debt financing for construction.

"I am impressed with Phillips Development & Realty in regard to their strategic vision, timely execution and operational transparencies," said Leonard Olsavsky, Vice President of U.S. Bank for the Commercial Real Estate, Mid-East Region. "U.S. Bank is pleased to be a partner with the Phillips team."

North of the RTP, the location has seen budding development activity and was identified as a site of great potential by PDR. There are more than 150 companies located within the area. Phillips Research Park will add to the current work in progress to the north, including the 188-acre, Northeast Creek mixed-use development and Duke Hospital's planned $500 million facility expansion. Raleigh-Durham's economically stable region, low cost of living and continued job growth made it a prime spot for PDR's site acquisition team, which Phillips says continues its tradition of identifying desirable locations positioned for economic development.

Phillips Research Park will face the main entrance of GlaxoSmithKline's North American headquarters, which boasts 6,400 employees. The newly acquired site also has more than 1,500 feet of frontage on the Durham Freeway (NC 147). Proximity to nearby downtown Raleigh and Durham, major universities, shopping centers, country clubs and RDU International Airport also contributed to site desirability.

PDR collaborated with Chancey Design Partnership of Tampa for the three-story community's design. Phillips Research Park's units will be the first to utilize PDR's "Craftsman Prototype," which representatives say will become a national product. One, two and three-bedroom units will range from 778 to 1,188 square feet. A 5,200-square-foot clubhouse will feature a library, media room, business center, fitness room and resort-style pool.

Additionally, residents will enjoy unique features such as Bocce courts, on-site car washing station and a "tot lot" for children. Phillips Research Park will be designed with 20 acres of undisturbed woodlands for walking, jogging and biking, benefiting the health of residents and the environment while maintaining a noise and privacy buffer. Picnic and grilling areas will be incorporated into the lush development's plan.

For more information on this and other Phillips Development & Realty projects, visit PhillipsDevelopment.com.

About Phillips Development & Realty, LLC

Since 2001, Phillips Development & Realty, LLC (PDR) has carefully chosen projects in the interest of communities, the environment and investors. Providing upscale residential and mixed-use developments, PDR is experienced with urban infill and helps communities grow wisely. PDR selects desirable, often challenging locations and strives for functional, livable and aesthetically pleasing plans. Award winning and recognized in all facets of the real estate and development industry, PDR is committed to consistently exceeding industry standards. For more information, visit PhillipsDevelopment.com.