Local real estate developer East West Partners and real estate private equity firm Northridge Capital have broken ground on the Liberty Warehouse project in the Central Park neighborhood of downtown Durham.
Liberty Warehouse will include 247 Class A multi-family apartments and 24,000 square feet of retail space on Foster Street across from the Durham Farmer’s Market. The old Liberty Warehouse was demolished in the fall, with the historic brick facades along Rigsbee Avenue and Central Park being saved and incorporated into the new building. Many of the interior elements of the building were also preserved and will be re-purposed in the new building.
Northridge Capital is providing equity for the project, while debt financing is being provided by Fifth Third Bank. Construction work is being managed by Raleigh-based Clancy & Theys Construction Co.
Site work began in February and the project is expected to be completed in August 2016.