Capkov Ventures has acquired all of the necessary entitlements to move forward on a mixed-use project on 99 acres in Hillsborough. In total, the development will have 450 apartments, 205 townhomes, 40,000 square feet of neighborhood commercial space and 200,000 square feet of medical office space. There will also be a public connection to the University of North Carolina and its nearby medical campus. The medical office space will sit directly next to the UNC Hospitals Hillsborough Campus and could eventually include a new hospital. An economic analysis done for Capkov indicated the project could create more than 1,500 jobs.

The rezoning came with a handful of conditions including performing upgrades to the Hillsborough sewer system and making 15 percent of the housing units at Waterstone affordable to those making 80 percent of the area median income.

The developer would most likely start construction in fall 2025. The first portions to be developed would be the for-sale townhomes and medical and commercial side.