DeWitt Carolinas is preparing for the groundbreaking of an $1 billion, 40-acre development in Raleigh.
The Exchange Raleigh mixed-use development will include one million sq. ft. of offices, 300 hotel rooms, more than 1,000 apartments and a four-acre park, the developers said in a May 12 announcement.
They said groundbreaking and vertical construction is expected to begin in June.
“With onsite infrastructure in place, we have created building pads that are ready for vertical construction, allowing the multi-family, commercial and retail projects to proceed more quickly and in tandem,” said Dewitt Carolinas CEO Todd Saieed.
Build-out will take between seven and 10 years.
The Exchange Raleigh has a total estimated value of over $1 billion with an expected 7–10 year build-out timeframe.
The first stage of the project includes two connected 12-story mirror office buildings, described as 1000 Social and 2000 Social, with a skybridge connecting the structures.
“We are eager to begin construction on the office tower and create what will undoubtedly be a world-class business address in a thriving urban development,” Saieed said.
Together, the two towers will have about 700,000 sq. ft. of Class A office space, he said. The first building, 1000 Social will have 333,000 sq. ft. of offices, 20,000 sq. ft. of retail, and 7,500 sq. ft for meetings and AV conferences.
As the second tower is completed, plans include 125,000 sq. ft. for retail and restaurant space and the park. As many as 1,275 apartment units are planned and there will be 300 hotel rooms.