Durham's billion-dollar downtown

(10/23/07 -- DURHAM) (WTVD) -- The City of Durham is in the middle of a billion-dollar downtown makeover.

Some of the work has already been done, but there are a lot of big new additions to the Bull City on the horizon.

Work is either under constructions or in the planning stages -- like the performing arts center. It's soon showcase everything from dance recitals to rock concerts.

The Suntrust Building, which is a downtown fixture, is expected to be turned into a 110-room hotel building. Greenfire Development is expected to oversee that renovation. The company is one of several private entities to invest millions in Durham.

"Eight to nine years ago we had so many buildings for sale, so few buyers," Spokesperson Bill Kalkhof, Downtown Durham Inc., said. Now I take at least three calls every week from people wanting to buy buildings in the city center district and we have nothing for sale."

By 2010, $1 billion will have been spent on renovations and new constructions. And the new streets of Durham are expected to lure new businesses downtown.

The housing market is expected to pick up as well with many new lofts under construction in existing building.

The performing arts center will have more than 2800 seats and is expected to be finished next May.

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