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🚀 A $2B Decision That Puts the Triangle on the National Map
Published 14 days ago • 4 min read
Happy Thursday, Triangle!
This week’s updates point to some big, long-term bets across the Triangle, and wait until you see how connected they all are.
UNC is officially reviving plans for Carolina North, reopening a conversation about housing, campus growth, and how Chapel Hill evolves next.
In Holly Springs, a $2 billion biotech expansion is raising the stakes for the region’s life sciences economy.
And in the housing market, Triangle home prices have finally leveled out, giving buyers something they haven’t had in years: time.
Driving the news: UNC-Chapel Hill Chancellor Lee Roberts asked the Board of Trustees this week to approve $8 million in trust funds to restart planning for the long-dormant Carolina North campus: a mixed-use research, housing, and academic site two miles from the main campus.
Details:
The land: 947 acres off Estes Drive and MLK Jr. Boulevard, formerly the Horace Williams Airport.
Phase one: 200-250 acres could be used for academic buildings, student and workforce housing, athletic facilities, and retail.
Funding: The $8M would cover consultants to draft a site plan and develop a project budget.
Transportation: Future plans tie into a proposed federal-funded bus rapid transit line, with a stop at Carolina North.
Why it matters: The Carolina North revival could bring badly needed student and workforce housing to Chapel Hill while addressing campus infrastructure issues and supporting enrollment growth.
It’s a rare chance to build a modern campus with academic, residential, and commercial elements (without relying on local zoning rules).
The big picture: UNC enrolled its largest-ever freshman class this year and has a goal of 5,000 more undergrads over the next decade. Meanwhile, residence halls are aging and student demand for off-campus living continues to rise.
By the numbers:
$80M–$100M: Estimated cost to renovate the existing Dean E. Smith Center.
2,200: Potential new undergraduate beds on Carolina North land.
258 acres: Set aside for conservation at Carolina North Forest.
485: Number of new homes Chapel Hill needs annually to meet housing demand.
Between the lines: A 2023 state law exempts UNC from local zoning rules in key counties — including Orange, where Chapel Hill is — streamlining the university’s ability to act independently of the Town Council. However, collaboration with the town continues on transportation and land use.
The bottom line: Carolina North is back on the table after 15 years of limbo. With enrollment growing and housing in short supply, this could reshape how students and residents live, learn, and move through Chapel Hill.
Driving the news: Biotech company Genentech is expanding its planned investment in Holly Springs from $700 million to $2 billion, boosting expected job creation from 400 to 500 positions.
Details:
Genentech, a subsidiary of Swiss pharmaceutical giant Roche, began construction on the site last fall.
The Holly Springs location will be its first East Coast facility.
The plant will manufacture a range of treatments, including a new weight-loss drug, with full operations expected by 2029.
Why it matters: This move pushes Holly Springs further into the spotlight as a growing hub for biopharmaceutical manufacturing. Local job growth, a deeper talent pipeline, and stronger ties to global healthcare markets mean more opportunities for workers and suppliers in Wake County and across the Triangle.
The big picture: Genentech joins a growing list of biotech giants betting big on the region, including Amgen, Fujifilm Diosynth, CSL Seqirus, and Janssen Pharmaceuticals. Their presence signals long-term confidence in the area’s workforce and infrastructure.
The bottom line: Genentech's decision gives Holly Springs more than just a headline, it’s a long-term vote of confidence in the town’s future as a life sciences powerhouse.
Driving the news: After years of sharp post-pandemic growth, home prices in the Triangle have plateaued. The median sales price has hovered near $425,000 for three years straight, a sign the region may have found its new normal.
Details:
From 2015 to 2021, prices rose sharply, peaking in 2022.
Price growth has since cooled, holding steady through 2025.
Mortgage rates have dipped from ~7% to 6.15%, with forecasts pointing toward 6% in 2026.
Why it matters: For Triangle residents, especially first-time buyers, this leveling out means opportunity. Rising wages and slightly lower borrowing costs are making homes feel more within reach. Stability in the market also gives families time to plan without the pressure of bidding wars.
The big picture: Raleigh landed in the National Association of Realtors’ top 10 hot housing markets in the U.S. More households are now qualifying to buy, thanks to stronger local income and job growth. NAR says a 6% mortgage rate could help 27,000 more Raleigh households afford a median-priced home.
Between the lines: Despite market cooling, homes in sought-after areas still draw multiple offers. But for most, homes are sitting on the market longer, and inventory has grown. Buyers now have more leverage — and time — than they’ve had since 2019.
What’s next: If mortgage rates continue to drop and wages climb, expect a gradual pickup in home sales in 2026. However, rising unemployment or declining rents could soften demand again.
I’m a Raleigh-based agent who’s passionate about real estate, local life, and making homeownership feel easy (and fun!). Subscribe and join 2,000+ readers who get the inside scoop every week!
