Phillips Development & Realty paid $3.8 million for 44 acres fronting N.C. 147 just north of Research Triangle Park.

Phillips, which has offices in Cary, Tampa, Fla., and Houston, plans to begin building the 388-unit Phillips Research Park this fall on the land at 1561 Ellis Road. Phillips received financing for the purchase and construction from land lender U.S. Bank.

The project, to be complete in early 2010, aims to capture demand from workers in RTP.

It will face the main entrance of GlaxoSmithKline's North American headquarters, which houses 6,400 employees.