Capitol Broadcasting, which ownsWRAL-TV5, has proposed investing $161 million to revitalize the old American Tobacco Plant. CBC's plan includes offices, shops, restaurants and a theater.
"This project will transform downtown Durham," says Mike Hill, Capitol Broadcasting Attorney. "If American Tobacco happens, the downtown Durham that people will experience five years from now will be nothing like the downtown Durham that exists today."
Durham County commissioners have already given their unanimous support to the new plan.
"The county has definitely said that we want to participate in the project, and we enthusiastically endorse the project," says county commissioner MaryAnn Black.
Company leaders say they are hoping the city will help fund parking decks for the project.
Construction is slated to begin in this fall.