PHILLIPS DEVELOPMENT TO BUILD $30 MILLION MULTIFAMILY COMMUNITY IN DURHAM

DURHAM, N.C. — Phillips Development & Realty has purchased 44 acres in Durham for the future development of Phillips Research Park, a $30 million, 344-unit garden-style community, from two individual sellers, for a total of $3.8 million. Jovan Group sold 42 acres, and Wood Partners sold 2 acres. The three-story, Class A apartment community will feature one-, two- and three-bedroom units, ranging from 778 to 1,188 square feet. Amenities will include a 5,200-square-foot clubroom featuring a library, media room, business center, fitness room and resort-style pool. A land tract of 20 acres will be preserved for jogging and biking. Construction is slated to begin in the fall and complete in first quarter 2010. The property is located at 1561 Ellis Rd., in close proximity to the Research Triangle Park and Highway 147. Tampa, Fla.-based Chancey Design Partnership is the project architect.