Apartment developer Northwood Ravin has acquired the Van Alen site adjacent to the Durham Bulls Athletic Park and the American Tobacco Campus.
The site, which is just off the Durham Freeway at the intersection of Mangum Street, Roxboro Road and Dillard Street, had formerly been home to the Elkins Chrysler car dealership.
Northwood Ravin said it is evaluating a number of potential uses for the property, including residential, a hotel, office and retail.
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“We want to be intentional and create something special, since this will be the first thing you see as you drive into Durham from Raleigh or the airport,” said Adam Golden, Northwood Ravin’s vice president of development, in a statement.
Scientific had controlled the site since 2007, paying $6.49 million for the property. The company originally planned to build a mix office towers, a hotel as well as luxury residences and retail on the site.
Those plans were shelved after the market turned in 2008, said Gary Kueber, Scientific’s CEO.
“Things changed after the recession and it became clear that we weren’t going to be the long-term developer of the site,” he said.
Although the property appreciated considerably during the time Scientific had it under contract, Kueber noted that isn’t all profit for the developer.
“Having a contract that lasts eight years is not free,” he said. “We did well. I think Northwood Ravin is going to do great. I think it’s all just a testament to Durham being a big success story over the last couple of years in particular.”