Realty Group plans to build two 20-story towers in downtown Raleigh :: WRAL.com

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– Dominion Realty Partners announced Friday that they closed land to build a mixed-use tower in downtown Raleigh.

The land purchase at 700 South Salisbury Street marks Dominion Realty Partners’ fourth development in downtown Raleigh.

Known as Salisbury Square, the development will include two distinct 20-story residential towers containing 600 multi-family units, a 660-space parking deck, 62 residential units and a lot for future hotel development.

“This project will be monumental not only for our company but also for the city of Raleigh,” said Andy Andrews, DRP Chairman and CEO, in a press release. “An incredible amount of hard work has already gone into this project, and we are grateful to the North Carolina Association of Educators for working with us over the past two years as we navigated the uncharted waters of a global pandemic.

“We’re excited to not only continue to contribute to Raleigh’s rapidly changing landscape, but to do so in a responsible and sustainable way.”

DRP did not disclose how high the acquisition costs were.

However, the Wake County Government Department of Tax Administration’s website shows that the total estimated value of the property is $20,330,657: the county lists the property at $20,160,621, and the existing building is valued at $170,036.

The North Carolina Association of Educators Inc. is listed as the previous owner of the property, which is west of the Duke Energy Center for the Performing Arts.

Construction phase one on the 4.9 hectare site is expected to begin in May to erect the first residential tower. Renters will have access to premium amenities including a sky deck patio, pool and uninterrupted city view area.

The units in the Phase 1 tower are expected to be ready by spring 2024.

The Phase One tower will also be the headquarters of Dogwood State Bank.

“Dogwood was founded on a philosophy of providing superior customer and employee experiences in all facets of our business,” said Steve Jones, CEO of Dogwood State Bank. “Being part of the growth of downtown Raleigh while contributing to its vitality and evolution underscores our continued focus on creating these experiences.”

In the second construction phase, a second 20-story residential tower will be added.

Dominion Realty Partners will work with a subsidiary of New York Life Insurance Company, New York Life Real Estate Investors, on the joint venture.

“We are excited to partner with Dominion Realty on the Salisbury Square project, which will deliver premium multi-family homes with some of the highest quality finishes and amenities in the city of Raleigh,” said Kevin Smith, Managing Director of New York Life Real Estate Investors.

J. Davis will serve as project architect, Piedmont Land Design will provide civil engineering services, Uzun + Case will be the structural engineer and Armada Hoffler will serve as general contractor. Justin Good and Matthew Cooke represented the seller in the transaction. Hunton Andrews Kurth’s Richmond office, headed by Andy Tapscott and Johanna Orleski, provided legal services to DRP.

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