Assignment
Redevelop the under-utilized property of the former Methodist Retirement Home on Erwin Road in Durham, North Carolina, across the street from Duke University and its massive medical center and research campus.

Objective
AACRE Properties negotiated the purchase of 18.5 acres on Erwin Road near Duke Medical Center in 2000. The first phase of this high-density, mixed-use development is 351 loft-style apartments that cater to graduate students and faculty of Duke University. As project developer AACRE Properties handled all of the entitlements including rezoning for the high density mixed use. Site plan approvals based on phased construction and master planning. AACRE Properties has partnered with The Hanover Company of Houston, Texas, for development of The Lofts at Lakeview. Construction will start in the Spring of 2005 for an exciting second phase, a 125,000 square foot retail, office and residential building.

Opportunities/Challenges
The site was originally developed with an 80,000 square foot assisted living building, a 65,000 square foot nursing home, 47 apartments and 15 duplex units. All of the improvements except the duplexes must be demolished in phases to make way for the new project. The property was improperly zoned and required over a year of planning and lobbying to obtain entitlements.

Results
Lakeview Park will be one of the densest mixed-use projects in the region, with fitness/jogging trails throughout the site, and uses in the development that include residential, service, retail and office.