Greenfire Development announced today that it plans to build an 88-unit apartment complex in downtown Durham on land the company owns at the corner of Jackson and Willard streets, adjacent to the N.C. mutual building.
Greenfire's partner on the $10 million project is Armada Hoffler, a construction firm based in Virginia Beach.
The project will also include space for a local education institution and some market-rate housing.
Construction is expected to begin in July and be completed by May 2013, the company reported in its release.
In recent years Greenfire has acquired about 30 buildings in and around downtown Durham.
The company has had some notable successes in rehabilitating historic properties - the Baldwin Building, the Kress Building and Rogers Alley, to name three. But it has failed to move ahead with some key projects.
In May a section of Greenfire's Liberty Warehouse roof collapsed during a thunder and hail storm.
Greenfire is also seeking financing to convert the 17-story SunTrust Tower into a luxury hotel.