Developers are nearing the start of construction on one of Raleigh’s largest commercial mixed-use developments.
Raleigh developer Dewitt Carolinas has secured a $ 40 million senior loan to support the first $ 1 billion construction of the Midtown Exchange office, retail and residential development in the Midtown neighborhood north of downtown finance, announced the commercial real estate company Avison Young.
The extensive development, which was first announced at the end of 2019, has been in the works for a long time. Midtown Exchange will span approximately 40 acres and in its first phase will feature the first of two 12-story office towers.
The project should have more than 300,000 square meters of commercial space when it is completed by the end of 2022, the developers previously announced to The News & Observer.
The construction of a residential high-rise should also begin by the end of the year.
The entire expansion will take seven to ten years.
Upon completion, Midtown Exchange will include 790,000 square feet of office space; 1,275 residential units between apartments and condominiums; 300 residential units for senior citizens; 300 hotel rooms; 125,000 square feet of retail and restaurant space; and a convention center. The development is also expected to include 7 hectares of green space as part of a park within the site.
“It is very rare to have a project of this size in a dense and urban setting, especially in such a rapidly growing market,” said Wes Boatwright, director of Avison Young, in a press release.
The location is located at 900 St. Albans Drive, at the intersection of St. Albans and Benson Drives, near the intersection of Wake Forest Road and the northeast I-440 Beltline.
Near the I-440 corridor, the North Hills District is owned by Kane Realty Corp. adjacent to Midtown Exchange. Kane Realty announced last year that North Hills would see major expansions.
Dewitt Carolinas is optimistic about the future office property market, CEO Todd Saieed previously told The News & Observer.
“We still believe that the demand for corporate relocation in the Raleigh area is and will remain strong, so we are quite optimistic about the absorption and creation of office space,” Saieed said.
A number of major technology and life science companies announced plans to come to Wake County this year, including Apple’s plans to build a campus on the east coast in Research Triangle Park.
Experts say this will drive more companies into the triangle in the long run, The N&O reported.