Developer breaks ground on phase 2 of $500 million mixed-use project in Raleigh

0
992

North Carolina Construction News staff writer

Hoffman & Associates has secured approximately $198.9 million in financing for the second phase of its $500 million Seaboard Station mixed-use development in Raleigh and has broken ground on phase 2 – two new apartment buildings with 279 units.

The second phase of the downtown Raleigh project is expected to deliver by summer 2024. It will also include about 55,000 sq. ft. of retail space and a three-star, extended-stay, 149-key hotel that is expected to be announced later this year. At full build-out, the development will offer a walkable core with more than 1 million square feet of mixed-use space.

Phase two includes building two new apartment buildings totalling 279 units and a 149-room hotel along with about 55,000 sq. ft. of retail space, developer Hoffman & Associates said in a news release. More than 490,000 square feet will be developed at full build-out.

The total estimated cost for Seaboard Station has ballooned to $500 million – double the original $250 million price tag announced before the pandemic. Global supply shortages ad construction material price increases have caused the massive price jump.

A groundbreaking was held last week for phase 2 work, as construction of the first phase with multi-family housing, retail and restaurant space at Seaboard Station continues and is expected to be completed in early 2023.

At full build-out, Seaboard Station – located at the northern edge of downtown Raleigh – will have more than 1 million sq. ft. of development.

Community amenities include a fitness center, a yoga studio and private training room with Echelon Smart Mirror; an entertaining kitchen; a gaming and TV lounge; a coworking lounge; a wine lounge and a pet spa. Outdoor amenities will feature a resort-style saltwater pool and sun shelf; poolside courtyard with fire pits, dining area and grills and lounge seating with outdoor TV.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.