RALEIGH, N.C. (WNCN) — What do you get when you combine a 40-acre plot of land and $1 billion? A mixed-use development including nearly 1-million-square feet of office spaces, 300 hotel rooms, more than 1,000 apartments and a 4-acre park.
The Exchange Raleigh, formerly called Midtown Exchange, has reached a new milestone.
In a Tuesday announcement from the project’s Raleigh-based developer, Dewitt Carolinas, officials said onsite infrastructure is finished. The next step is groundbreaking and taking the project vertical, which 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.
The Exchange Raleigh has a total estimated value of over $1 billion with an expected 7–10 year build-out timeframe.
Located approximately 1 mile from North Hills, The Exchange Raleigh will be situated off the intersection of Wake Forest Road and St. Albans Drive, across from Duke Raleigh Hospital and adjacent to Holly Park shopping center.
The Exchange Raleigh development was first announced two and half years ago, but Dewitt Carolinas has had possession of the land since purchasing in 1999.
Under construction first: 12-story office tower
A prominent piece of the 40-acre project will be an office tower made up of two connected 12-story mirror buildings.
The building on the left of the below photo, called 1000 Social, will be completed in phase one of construction, while the building to the right, called 2000 Social, will be completed in the project’s second phase along with the connecting sky bridge.
“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,” said Saieed.
1000 Social and 2000 Social will combine to bring approximately 700,000 square feet of Class A office space. Starting out, 1000 Social will deliver the first 330,000 square feet of office space along with 20,000 square feet of retail and 7,500 square feet of meeting and AV conference space.
Dewitt Carolinas has contracted with Brasfield & Gorrie to be the contractor for the construction of 1000 Social and Rule Joy Trammell + Rubio, LLC, of Atlanta is the architect.
Other components to come
Outside of these large towers for businesses, The Exchange Raleigh is also set to be a shopping and dining destination with about 125,000 square feet of retail and restaurant space.
For those looking for some green space to break up the concrete, windows and parking spaces, the project will have three acres of tree preservation, four acres of a dedicated “central park” with water features and a network of trails that will connect to Raleigh’s Capital Area Greenway system via Big Branch Creek.
The project will, of course, host lots of residential space as well. Up to 1,275 units are slated for the project and 300 hotel rooms will be able to accommodate short and long-term stays.