Real Estate Central

Excellence in Site Selection and Design Continues with ‘Phillips Research
Park’

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.



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Source: Real Estate Newswire