Ms. Jheri Worldwide, Staff Writer
The City of Durham has chosen The Peebles Corp., a Florida-based real estate firm, to redevelop its former police headquarters property downtown. This decision marks a significant step forward for the four-acre site, which has been vacant since 2018.
This news comes fresh off of Don Peebles masterclass in real estate development during Invest Fest 2024. “If you plan ahead, get good people around you, you can execute very well,” Peeble shared his story of being a developer since the age of 26, and the lessons from his close relationship with Mayor Marion Barry. We learned about how his biggest losses empowered his biggest gains including the story behind his private club in Miami, The Bath Club with memberships at $100,000 a year. He explains how venture capitalists use pension funds raised by black labor but rarely fund black initiatives, “$87 trillion invested in venture capital and private equity… less than 1.3% is invested in firms owned by women or people of color combined. That’s inequitable and unfair.”
Per Axios, The Peebles Corp.’s proposed plan includes a mix of residential, commercial, and hospitality components. The existing police headquarters building, designed by architect Milton Small in 1957, will be preserved and converted into a hotel. Two additional buildings will be constructed on the site, featuring 380 apartments (including 92 affordable units), a 100-room hotel, retail space, lab space, and ample parking. The project is estimated to cost $285 million and will receive a $3.8 million subsidy from the city. The affordable housing portion will be funded through a 4% low-income housing tax credit. While the city and The Peebles Corp. are still negotiating the final terms of the agreement, the goal is to enter into a ground lease rather than sell the property.
“If we work together we would already have tremendous progress. Take our shot and not be afraid to take our shot. Capital is allocated so disproportionately against us. The power of change is within us,” Peebles implored during his Invest Fest fireside chat, the Peebles Corp. has a track record of successful development projects across the country, but this would be its first venture in the Triangle region. The company is also involved in a large-scale public-private partnership in New York, Boston, DC, Atlanta, Miami Beach, and Charlotte, although that project has faced delays.
“I want people to understand what we’re capable of. My grandfather was a janitor at a school we couldn’t go to in Virginia … It requires hard work and passion.” The redevelopment of the former police headquarters property is expected to contribute to the continued revitalization of downtown Durham and provide much-needed affordable housing options.
