Big Durham multi-use project gets an anchor
UNH InterOperability Lab signs lease in $30m Madbury
University of New Hampshire officials have signed a 20-year lease that will make its InterOperability Lab the anchor tenant in a new $30 million development poised to enhance and expand downtown Durham.
Madbury Commons recently received final town planning board approval for the mixed-use development on 2.6 acres in the heart of downtown. Plans call for 126 apartments housing 525 students and 45,000 square feet of commercial space. The IOL will occupy 25,000 of those square feet with other parts of the university’s commercialization efforts occupying another 10,000.
Construction will begin in May and the building is expected to open for the fall 2015 semester.
“The university is pleased to play a role in this project,” said Marc Sedam, executive director of UNH Innovation. “Locating the IOL downtown will allow for better integration and more opportunities for collaboration with the broader campus. In addition, the many companies the university works with and startups it creates will have an opportunity to eat and shop close to work which helps support the local economy.”
Madbury Commons will be located near the Peter T. Paul College of Business and Economics. It replaces two fraternity houses and an outdated housing complex known as The Greens, with the main entrance for the IOL on Pettee Brook Lane.
“We are excited to welcome the IOL into Madbury Commons as our anchor tenant for the next 20 years,” said Ken Rubin, president of Golden Goose Capital, the developer, which owns and manages student housing properties near universities.