A joint venture has started work on a 365,000 sq. ft., 20-story tower in Raleigh.
Trammell Crow Company (TCC), its residential subsidiary High Street Residential (HSR), and development partners AECOM-Canyon Partners and HM Partners are building the mixed-use project named 400H. QuadReal Property Group from Vancouver, Canada has provided the financing for the tower that will include 150,000 sq. ft. of office space, 242 residential units and 16,000 sq. ft. of ground floor retail.
Construction starts this month and is scheduled for completion in the fall of of 2023.
AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon Partners Real Estate, the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset management firm, is providing joint venture equity capital and construction expertise, the statement said.
Josh Dix, principal for TCC and HSR who leads the residential and mixed-use business in North Carolina as part of the firms’ recently expanded MidAtlantic operations, said in an Aug. 17 statement: “400H will deliver a unique mix of office, residential and retail space. Our residential offering on floors 10 through 20, our elevated pool and SkyHub amenity on the 9th floor with indoor/outdoor space affording views of the skyline, and upper floors with differentiated amenities will provide future residents with a luxury urban high-rise experience in one of Raleigh’s most active and walkable neighborhoods.”
“This joint venture with Trammell Crow Company, High Street Residential, and AECOM-Canyon Partners is an exciting combination of our firms’ unique skill sets, capabilities and business philosophies, and together we have positioned the project to appeal to both discerning residents, employers and the incredible intellectual talent pool in the Research Triangle,” said Gregg Sandreuter, managing partner with HM Partners.
The statement says HM Partners has played a vital role in downtown Raleigh’s growth over the last decade, having developed SkyHouse, Edison Lofts, The Depot, Powerhouse and The Dawson, as well as a host of suburban commercial properties.
The TCC and HSR project development team of Rich McPhillips, Jerry Ricciardi, Marie Karl and Ben Schon, working from the firms’ MidAtlantic office in Washington, D.C., are responsible for the management and execution of the development, including coordinating the deal capitalization, design oversight, management of entitlements with the City of Raleigh and construction and project management through completion and stabilization of 400H.