Capitol Broadcasting's real estate arm expands to Holly Springs
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A rendering of Capitol Broadcasting's Overlook on Main project. Photo: Courtesy of Capitol Broadcasting
Capitol Broadcasting's real estate arm has its sights on Holly Springs for its next project.
Why it matters: CBC Real Estate, through its American Tobacco Campus redevelopment, has long been one of the driving forces behind downtown Durham's growth.
- The company has continued to diversify its real estate projects outside of Durham, taking on projects like Bandwidth's headquarters in Raleigh, and historic mill renovations in Rocky Mount, Greensboro and Rock Hill, S.C.
Driving the news: Its next project, however, will be a mixed-use development in the suburbs rather than a downtown core.
- CBC, which also owns WRAL and the Durham Bulls, recently received approval from the town of Holly Springs to build more than 230 apartment units and 15,000 square feet of retail at 1220 N. Main St., across from Ting Park.
- Ting Park, home to athletic facilities and playgrounds, also hosts the CBC-owned amateur baseball team, the Holly Springs Salamanders, at the 1,800-seat Ting Stadium.
Zoom in: The new development, called Overlook on Main, will include two apartment buildings featuring amenities like a sky lounge overlooking the park, a pool, fitness center and playground.
- A separate building would be home to the retail space and would also feature rooftop space, potentially for a restaurant.
- CBC also plans to improve pedestrian connections around the project.
The big picture: The Overlook on Main project comes as Holly Springs looks to build more infrastructure and a denser downtown core for one of the fastest-growing towns in the country.
- That growth is not expected to slow any time soon, as thousands of biotech jobs are planned for the town, with companies like Genentech, Amgen and Fujifilm Diosynth collectively investing billions of dollars into facilities there.
Between the lines: It is also another sign that parks in the Triangle continue to encourage new development, from Dix Park in Raleigh to the Downtown Cary Park.
What they're saying: "It's not tens, dozens or hundreds; it's thousands of jobs," Matt Honeycutt, director of development at CBC Real Estate, told Axios.
- "I think that there are enough jobs that if you look at the trends of how people live, how people want to live and how we think people will want to live in the future," he added, "I think we're helping meet the demand of what those new jobs will will be."
What's next: The company expects to get financing in the coming months and begin construction next year, Honeycutt said.
- If that timeline holds, the project could be finished as early as 2027.