Armada Hoffler, a publicly-traded real estate investment trust, has entered a joint venture to develop the One City Center tower in downtown Durham.
The tower will include 130,000 square feet of office space, 22,000 square feet of retail and 139 apartments.
Armada Hoffler will be a minority partner and serve as general contractor. Upon exiting the venture, the REIT will retain ownership of the office and retail space.
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Duke University has already agreed to lease 55,000 square feet of office space in the tower, which is expected to be completed sometime in 2018.