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RTP makeover in progress
Submitted by Andrew Campbell on Sat, 09/04/2010 - 8:41am.
The Research Triangle Foundation will update RTP's master plan, the first major land planning review effort since the park was established in 1959. The 7,000-acre research center was shaped by sprawling, single-use development requirements that intended to make the park more competitive at a time when companies were relocating from urban areas to suburban office parks. However, over the past 50+ years, the apetite of major employers in RTP has changed and companies can now choose to relocate to new commercial space in Downtown Raleigh or Durham. With one of the highest vacancy rates in the Triangle, RTP is searching for a solution.
Real estate investors and major employers both agree - RTP must update it's state bylaws that limit parcel use, requiring approval by the state legislature. Zoning changes would also need approval from Wake or Durham county officials as well as existing RTP tenants.
