The company finalized its deal to purchase the site of a former Woolworth store from the City of Durham in a deal that was negotiated over three years. Greenfire owns several adjacent and nearby buildings and properties.
Greenfire plans a 17-story, mixed-use building for the site where an F.W. Woolworth’s made famous by several civil rights sit-ins once stood. The city tore down the building in 2003. The new structure will include a 5,000-square-foot museum.
Webb-Patterson Properties acquired the property. Carl Webb is the lead developer and is a partner in Greenfire Development. Also involved is developer Zapolski+Rudd.
“This site sits at the core of the downtown. It is clearly a pivotal location and we recognize the potential impact this building can have,” Webb said in a statement. “The acquisition provides a unique opportunity for new construction in the City Center.”
Greenfire expects to begin development of the site in the fall of 2008.
Greenfire’s plans for Durham call for an investment of $150 million over the next several years. It recently purchased the historic SunTrust Tower.