Research Triangle Park – a storied past sets up a bright future
Over 375 companies and 55,000 employees call the nation’s largest research park home, yet the best is yet to come. Research Triangle Park’s new downtown hub marks a new chapter in a storied legacy of one of the country’s most innovative business regions.
As Research Triangle Foundation of North Carolina (RTF) prepares to celebrate its 65th anniversary as stewards of Research Triangle Park (RTP), the bold vision of the Park’s founders remains stronger than ever.
“Create a thriving business environment, promote economic development and facilitate strategic partnerships that benefit everyone.”
RTF’s Mission for RTP
Through fostering innovation, collaboration and strong business practices, RTP has become a tremendous success story and continues to rank as one of the top destinations for businesses to thrive and grow.
There are several key factors that brings the best and the brightest companies to RTP:
- The State of North Carolina stays committed to growth by investing significant resources in road and infrastructure improvements.
- North Carolina offers a considerably lower cost-of-doing-business compared to more traditionally industrialized regions across the country, making it an attractive prospect for companies seeking cost-effective operations.
- The presence of a diverse range of educational institutions, including the founding Tier-1 research universities, historically Black colleges and universities (HBCUs), and community colleges provide companies with a steady stream of graduates and continuing training programs.
- The universities and affiliated hospitals in the region are eager to partner with industry on translational research efforts.
- The Triangle is situated in the geographic center of the United States East Coast, providing accessibility and connectivity across the nation.
To welcome the next generation of innovators, RTP is evolving to help companies reimagine their campuses, enhance research and development (R&D) efforts, attract talent, meet new workforce demands and create inviting communities. Hub RTP – the Park’s new $1.5 billion downtown development spanning 100 acres – is opening this year.
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History of RTP: Innovation born out of necessity
Turning vision into reality: How Research Triangle Park revitalized North Carolina’s economy
In the 1950s, the state’s three principal industries – tobacco and agriculture, furniture manufacturing and textiles – were in decline and graduates of local universities were leaving the state in droves in search of better jobs. Recognizing the proximity of the three Tier-1 research universities, Duke University in Durham, North Carolina State University in Raleigh and The University of North Carolina at Chapel Hill, business leaders set sights on the area in the physical center of the institutions with the bold vision that this barren land could jump-start the state’s economy. Over time, more than 200 contiguous tracts of land that were not incorporated into the municipalities of Raleigh, Chapel Hill or Durham were purchased and became Research Triangle Park.
The early adopters that started the wave of major R&D companies relocating to RTP were Chemstrand and IBM, while two national laboratories, the National Institute of Environmental Health Sciences (NIEHS) and Environmental Protection Agency (EPA) were also attracted to the Park.
Fast forward several decades, and many of these qualities remain top selling points for RTP today. Additionally, it became clear that the Triangle market needed more spaces for entrepreneurial communities.
RTP 2.0: Building momentum
A new era begins with Hub RTP, the new downtown
Recognizing the shifting workforce lifestyle across the country, the Foundation set out to design and develop Hub RTP, a 100-acre urban downtown district designed to bring people together to work, shop, drink and dine for the first time in the Park’s history.
It all started in 2015 with Frontier RTP, where a former IBM campus was transformed into a hub for start-ups and small businesses. This initiative set the stage for the area’s ongoing growth, including the development of Boxyard RTP in 2021, a unique venue offering dining, retail and entertainment. These early efforts have paved the way for the new downtown district —a destination currently under construction.
Frontier RTP
In 2015, the Foundation retrofitted a former IBM campus for start-up and emerging company occupancy. This became the Frontier RTP campus, which today hosts some of the regions most promising startups and small businesses. The ‘cheap and cheery’ renovation strategy and ongoing investment in innovation community programming allowed the Foundation to offer space at below market rents to attract tenants and workers who did not previously have access to the larger, private “research estates” that were RTP’s foundational campus offerings. The Frontier RTP campus currently houses one-third of the total number of companies with a footprint in RTP, offering free coworking, meeting space and networking opportunities for entrepreneurs.
Boxyard RTP
In 2021, the Foundation developed Boxyard RTP to provide a vibrant food, beverage and entertainment venue to support Frontier tenants and the broader RTP community. This shipping container structure featuring hyper-local restaurant and retail concepts proved that residents of the Triangle area were willing to venture to RTP for experiential activities, dining occasions and live entertainment. It also served as a beta-test for Hub RTP, the Park’s new $1.5B downtown destination that is currently under construction on an adjacent parcel owned by the Foundation.
Hub RTP
In 2024, we will also welcome RTP’s first residents with MAA Nixie beginning pre-leasing for more than 400 thoughtfully designed apartment homes. Around the same time, Alamo Manhattan will begin construction on a Marriott-branded Renaissance RTP hotel. Along with developer White Point Partners, we will complete construction on the mixed-use epicenter Horseshoe at Hub RTP. Longfellow Real Estate Partners recently unveiled Via Labs at Hub RTP as the new name and brand for its life sciences development.
At full build out, Hub RTP will feature up to one million square feet of modern office and lab space, a 279 Marriott hotel, 1,200 luxury apartment homes, and 50,000 square feet of restaurants and retail, connecting to 16 acres of greenspace and over 20 miles of trails.
RTP 3.0: Building for the future
RTP and the Triangle region are at another historic inflection point. With Hub RTP firmly in the center, we are looking forward to the continued RTP growth over the next 5 decades.
While the greater Triangle region currently boasts a population of two million, projections indicate a staggering 50% increase over the next 20 years. Densifying RTP with residential, retail, public and more intensive commercial offerings is the most sustainable strategy to accommodate this projected growth. This is a unique opportunity among emerging regions to grow inward and reduce inexorable sprawl.
Working in close coordination with county, city, university and RTP company partners, the Foundation is actively shaping RTP 3.0, a collaborative planning process to set a 50-year vision for RTP.
Forthcoming zoning reforms and amended land use covenants aim to set a precedent for strategic growth in several ways:
- Bolster tax revenues to support enhanced public services and help justify regional transportation investments.
- Generate private sector incentives to support equitable growth, including affordable and workforce housing, accessible open space and other amenities to ensure that benefits of RTP accrue to all residents of the region.
- Enhance opportunities for investments among our sponsoring research institutions and corporate partners in scientific research, upholding a critical part of the Foundation’s mission.
- Identify policies, incentives or requirements for critical community needs such as affordable housing, sustainability efforts, open space and recreation areas, public uses, and university-related research and innovation initiatives.
Summary
Fueled by collaboration among businesses, industries, and academic institutions, RTP remains an epicenter of innovation with a mission for fostering economic opportunities throughout North Carolina.
Through the decades of growth and change in the Park, one constant remains – the people who contribute their time, ideas and talents are the ones paving the way for a promising future. Today, more companies than ever call RTP home, setting the standard in life sciences, biotech, healthcare, semiconductors, and information technology industries. Hub RTP opens the door for the nation’s leading organizations and emerging startups to join in as well.