Research Triangle Foundation Leaders Transition After 2017 Overhaul
Jonathan Pruitt has taken over leadership of the Research Triangle Foundation, succeeding Scott Levitan, who led the park starting in 2017, axios.com reported. Levitan stepped down after overseeing a shift in the North Carolina research park’s financial model and physical layout. Pruitt most recently served as the chief operating officer at The University of Texas System.
During Levitan’s tenure, the park transitioned from a financial structure dependent on periodic land sales to one relying on ongoing operating revenue. That shift led to the creation of The Frontier, a flex office and co-working community that now houses a third of the park’s companies. Levitan noted that the park’s traditional design featuring walled-off large campuses was no longer competitive, prompting the board to launch the downtown Hub RTP development.
Transitioning Hub RTP and Commercial Real Estate Pressures
Hub RTP has signed several big-time restaurants, added apartments, and secured its first office leases, though commercial real estate remains in a difficult spot. Levitan compared the current development stage of Hub RTP to graduating elementary school and heading to junior high. Efforts to build a hotel within the new downtown district have faced challenges, as commercial real estate is in the doldrums.
The changing demands of the workplace and the R&D model also sparked the development of RTP 3.0, an initiative giving landowners greater flexibility to build mixed-use spaces within the park. While high-tech and research-and-development projects have defined the park for its whole life, projects like those from Fujifilm and Amgen couldn’t fit in RTP, leading them to go to the halo counties.
Regional Transit and Future Growth Plans
Transportation infrastructure around the Research Triangle Park faces pressure as the region expects an influx of a million people alongside declining gas tax revenue. GoTriangle is currently advancing a mobility hub in the park with the goal of connecting RTP via bus rapid transit, while the NCDOT explores an Amtrak station adjacent to that.
The Research Triangle Foundation faces the responsibility of developing last-mile solutions to move people from those transit nodes to destinations across the park. Meanwhile, questions remain about whether major technology investments like an Apple campus will open in the next decade, though Levitan noted he expects a large AI company to open an office in RTP or RTP adjacent.
Frequently Asked Questions
Who succeeded Scott Levitan at the Research Triangle Foundation?
Jonathan Pruitt, who previously served as the chief operating officer at The University of Texas System, succeeded Levitan.
When did Scott Levitan begin leading the Research Triangle Park?
Levitan took the job leading the park in 2017.
What transportation projects are planned for the park?
GoTriangle is developing a mobility hub in RTP to connect the area via bus rapid transit, and the NCDOT is looking at an adjacent Amtrak station.