Business Briefs

Self-Help to redevelop section of downtown Durham

Posted October 8, 2012 12:55 p.m. EDT
Updated October 8, 2012 1:14 p.m. EDT

— Credit union and community lender Self-Help has acquired several properties along West Chapel Hill Street in Durham, which it plans to redevelop to revitalize the area, officials said Monday.

"We hope to help catalyze economic development in the area and thereby help strengthen the surrounding neighborhood by expanding economic opportunities,” Self-Help Vice President Tucker Bartlett said in a statement.

The properties total about 2.3 acres and stretch from a city-owned parking lot on the south side of West Chapel Hill Street to wrap around the corner of Kent Street.

Self-Help has engaged two Durham-based firms, DTW Architects and Planners and landscape architects Coulter Jewell Thames, P.A., to begin site planning and to determine what type of development would make best use of the site.

“This is the first step of what will be a multi-year process,” Paul Brown, project manager for Self-Help, said in a statement. “Redeveloping an urban site such as this involves a host of complex issues. That said, we feel that we can manage these issues going forward."

Self-Help has had preliminary discussions with possible tenants, but Brown said the organization doesn't expect to announce any agreements until 2013.