Local News

Durham Housing Authority Subsidiary Finalizes Golden Belt Complex Sale

Posted July 14, 2006 3:19 a.m. EDT

— Development Ventures, a subsidiary of the Durham Housing Authority, has finalized the terms of the sale of the Golden Belt Manufacturing Complex to Scientific Properties.

Development Ventures' board voted 6-0 on Wednesday to approve the sale for $2.625 million. The board had granted preliminary approval recently.

Andrew Rothschild, the owner of Scientific Properties, plans to develop the former tobacco complex into a mixed-use campus for business and residential. Scientific Properties is also involved in three other projects in Durham