Spent a few years in Durham and loved it. These photos indicate that it has changed a lot in the six years I've been away, but it was abundantly clear from my time there that the place had a long-term commitment to play to a major strength (adaptive reuse of great historic building stock).
A few things worth mentioning:
The American Tobacco Trail is a 22 mi rail-to-trails project that runs through downtown. It seems to be constantly expanding and connecting to a really interesting regional network of trails.
http://www.triangletrails.org/Downtown Durham is home to Merge Records
http://www.mergerecords.com -- one of the longest standing and most successful independent record labels of all time. It grew from documenting the local college music scene to releasing grammy-winning records.
The map above indicates it, but it should be clear that Duke University's East Campus is immediately adjacent to the downtown's northwest. Town-gown relations haven't always been great (understatement?), but the University finally seems to have figured out that working well w/ Durham is important. Plus, several formal Duke Basketball stars were behind some of the downtown revitalization efforts (via Blue Devil Ventures and w/ mixed success). One of them (Christian Laettner, the most hated figure in college basketball history -- and the opposite for Duke fans) now calls Jax home.