DURHAM, N.C. – Self-Help CU announced this afternoon it has acquired several downtown parcels and is in the preliminary stages of planning a new development expected to be a key part of a downtown revitalization.
“Self-Help has been involved in the revitalization of Southwest Central Durham for almost a decade, in partnership with the Quality of Life initiative, Habitat, (Durham Community Land Trustees) and others,” said Tucker Bartlett, vice president of the $575 million community development credit union. “With this next step we hope to help catalyze economic development in the area and thereby help strengthen the surrounding neighborhood by expanding economic opportunities.”
The CDCU has been working with the neighborhood-based Quality of Life and other neighbors to get feedback from residents and business owners on the street and has hired two Durham firms, DTW Architects and Planners and landscape architects Coulter Jewell Thames, P.A., to begin site planning and to determine what type of development would make best use of the site.
“This is the first step of what will be a multi-year process,” said Paul Brown, project manager for Self-Help. “Redeveloping an urban site such as this involves a host of complex issues. That said, we feel that we can manage these issues going forward, and are gratified by the response to date from QOL and the neighbors. We’re excited about where we are, but we have a long way to go.”
Self-Help was still in the planning stages and is considering a mixed-use development for the 2.3 acres, said Brown.
The site planning process and engagement with community stakeholders will continue through 2012 and 2013, said Brown. Self-Help is beginning preliminary discussions with possible tenants, but does not expect to announce any agreements until 2013.