The Partnership Combines a Durham-Based Development Powerhouse with a Well-Respected Real Estate Holding Company, Right as the 27-Story Mixed Use Building Breaks Ground
DURHAM, N.C., May 25, 2022 /PRNewswire-PRWeb/ -- Austin Lawrence Partners, a locally based and nationally recognized private real estate development firm, and Global Holdings Management Group, a private real estate investment firm, announce today their joint venture partnership for The Novus, a new luxury residential offering in downtown Durham's Five Points district.
Austin Lawrence Partners and Global Holdings Management Group, two visionaries who are drawn to downtown Durham's authenticity and history, are keenly aware of the growth trajectory of the Bull City. In fact, the Urban Land Institute named Durham the No. 1 market for real estate investment in 2021. Both firms live out a similar philosophy for developing and investing in buildings with a long term, lasting mindset, which will ultimately improve the communities at large.
"Our love and commitment to Durham runs deep, so we would only work with an investment partner we felt genuinely cared as much as we do. We've found that in Global Holdings," said Jane Hills, ALP's co-founder. "The wide variety of iconic projects within their portfolio showcases their care and precision, and we're looking forward to continuing the development of The Novus with them by our side."
Global Holdings Management Group's Vice President and Head of Multifamily Properties, Josh Feder, echoed that sentiment: "Austin Lawrence Partners has been an unparalleled visionary in revitalizing downtown Durham, and The Novus project continues that work. We are looking forward to the ways Durham will continue to grow with this partnership."
No strangers to Durham, Austin Lawrence Partners' founders Jane and Greg Hills, as well as both of their children, are all connected to Duke University in many different ways. Austin Lawrence Partners also developed Unscripted Hotel Durham, the firm's inspired renovation of one of the city's most iconic buildings - the former Jack Tar Motel, and One City Center, ALP's first residential high rise in downtown Durham with luxury condominiums, apartments, retail and offices. The firm officially announced plans for The Novus in October 2021.
Based in New York City, but as their name suggests, with a global presence, Global Holdings Management Group was looking for a unique and exciting opportunity to expand into the Southeast, and this joint venture marks their entrance into the Triangle market. The firm was immediately drawn to the small community feel of Durham, as well as its incredible diversity of people and remarkable assets, including strong educational institutions, an award-winning food scene and plentiful entertainment options. Global Holdings Management Group also recognizes the deep connections, care and relationships Austin Lawrence Partners holds in Durham, which is a natural fit for its own vision and mission.
Together, Austin Lawrence Partners and Global Holdings Management Group foresee The Novus playing a key role in the continued activation of the Five Points district of downtown Durham, spurring robust job creation and stimulating social activity and economic growth in the community.
Started in October 2021 and breaking ground in May 2022, The Novus development project will be constructed in two phases. Phase One encompasses the mixed-use high-rise, with estimated completion by the end of 2024. Phase Two plans and completion dates will be announced in late 2022. Reservations for condominiums at The Novus are currently available and information on the apartment rentals will be available in the coming months.
For further information or to make a reservation, visit http://www.thenovus.com. For more information about Austin Lawrence Partners and its development work, visit http://www.austinlawrencepartners.com. For more information about Global Holdings Management Group and its investment work, visit http://www.globalholdings-mgmt.com.
About The Novus
Coming to downtown Durham, NC in 2024, The Novus is a 27-story luxury high-rise developed by Austin Lawrence Partners, boasting 54 for-sale condominiums and 188 rental apartments as well as ground-floor retail. Currently under construction, the upscale condos and apartments at The Novus will showcase unique architectural and interior design, ushering a fresh paradigm of luxury living into the heart of one of the Southeast's fastest growing metros. The distinctive and purposeful combination of features and location will afford The Novus residents flexibility, accessibility, and time-saving convenience: true markers of luxury for urban dwellers balancing life and work today. The Novus' mission is to show how luxury can be reinvented, while bringing charm to downtown.
To learn more about The Novus, visit http://www.thenovus.com.
About Austin Lawrence Partners
Austin Lawrence Partners (ALP) is a nationally recognized, privately owned real estate development firm with more than 35 years of experience in real estate acquisition, development, property management, asset management, research, interior design, marketing, and sales. With offices in both Durham, NC and Aspen, CO, ALP has developed a diverse portfolio of over 30 assets totaling over 3 million square feet, including more than 2,000 multi-family units, across the United States. While specializing in multi-family residential, ALP has experience in development across multiple asset classes including hospitality, single-family, office, retail, land development/subdivision, historic preservation, and mixed-use. For more information, please visit http://www.austinlawrencepartners.com.
About Global Holdings
Global Holdings Management Group exclusively develops, advises and manages the real estate assets of Global Holdings Group, a private real estate holding conglomerate that specializes – directly and with strategic partners – in large scale iconic office buildings, hotels and luxury residential developments, as well as investment and development assets in prime locations across North America, the United Kingdom and Europe. Global's current portfolio consists of over 10 million square feet of real estate, comprising over 100 properties and 2,500 hotel rooms. Global's New York City properties include Class A office buildings such as 120 Park Avenue, 99 Park Avenue, 410 Park Avenue and Nomad Tower (1250 Broadway), 875 Third Avenue, and iconic residential developments such as 15 Central Park West, the Greenwich Lane, 520 Park Avenue, 18 Gramercy Park and 50 United Nations Plaza. Global launched a multifamily strategy in 2018, currently comprising over $1 billion of assets, such as 1W60th and Anagram Nomad. For more information, please visit http://www.globalholdings-mgmt.com.
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SOURCE Austin Lawrence Partners