Alliance Architecture Partners with LRC Properties to Develop Golden Belt in Durham, NC
COULD THE GOLDEN BELT CAMPUS BECOME THE NEW AMERICAN TOBACCO? ITS NEW OWNERS HAVE AN AMBITIOUS PLAN
July 11, 2017 | Zachary Eanes, Durham Herald Sun
The new owners of the Golden Belt campus east of downtown Durham have an ambitious plan to transform the former textile factory into an arts and community destination – with an outdoor music venue and brewery.
New York-based real estate investor LRC Properties purchased the property this month for more than $19 million from Scientific Properties. LRC now owns all the buildings on the Golden Belt campus, including the Cordoba building on the north end of the campus, which it purchased in 2016 for $4.5 million.
“We essentially want to make it a mini American Tobacco Campus, but on the east side of Main Street, near where Ponysaurus (Brewing Co.) and some residential has brought some community to an area that has been neglected,” said Howard Lavitt, a co-founder of LRC, adding that he thinks the rejuvenation of the building could be a catalyst for the neighborhood.
WITH GOLDEN BELT ACQUISITION, NEW OWNERS READY $20 MILLION REDEVELOPMENT OF MILL NO. 1
July 14, 2017 | Amanda Hoyle, Triangle Business Journal
Originally, it was the six buildings of the Golden Belt campus in downtown Durham that New York investor Ed Kulik wanted.
But when complications begin to arise with the closing on the property, Kulik says they went with Plan B and instead purchased a former warehouse on the north end of the Golden Belt property that had been turned into studio spaces for artists. New design plans were drawn. A real estate agent was hired.
And then the Golden Belt properties came back to market again and this time Kulik’s firm, LRC Properties, was successful in closing the deal, once valued at $19.5 million, according to county records.
“We all along really wanted to tie these together so it’s one big campus and really make this a cool place,” says Kulik, co-founder of LRC Properties, about their plans to upgrade the Golden Belt campus and invest more than $20 million in the redevelopment of the former Cordoba Arts Center building at 800 Taylor St. next to Golden Belt.
Read the full article here: https://www.bizjournals.com/triangle/news/2017/07/14/with-golden-belt-acquisition-new-owners-ready-20.html