RALEIGH, N.C. — A partnership between national health club chain Life Time (NYSE: LTH) and locally based development firm Dewitt Carolinas has broken ground on Life Time Living at The Exchange Raleigh, a luxury multifamily tower anchored by an 80,000-square-foot Life Time athletic club and a 40,000-square-foot rooftop beach club. The companies plan to invest more than $200 million into the 20-story tower, according to Triangle Business Journal.
The residential project represents Phase II of The Exchange Raleigh, a $1 billion, 40-acre master-planned mixed-use development in the state capital’s Midtown neighborhood.
The development team, along with construction manager Consigli Construction, is aiming for both NGBS Green and Fitwel certifications for the project, which is set to deliver in fourth-quarter 2028.
“By bringing Life Time’s incredible athletic country club and luxury living model to our community, we are delivering on our promise to make Midtown Raleigh a destination unlike any other,” says Todd Saieed, CEO of Dewitt Carolinas.
Life Time Living at The Exchange Raleigh will offer 289 luxury apartments ranging in size from 610 to 2,040 square feet. Units will come equipped with blackout curtains , walk-in closets, work-from-home space and stainless steel kitchen appliances.
The Life Time athletic club will span four levels and include dedicated studios and spaces for barre, cardio, high-intensity training, reformers, strength training, Pilates and yoga, as well as spaces for recovery and massages. The gym will also offer coworking spaces and a full-service Kids Academy.
The beach club will be situated on the rooftop of the tower and include a leisure swimming pool, a six-lane lap pool and four pickleball courts.
Other components of the larger Exchange Raleigh mixed-use development will include up to 990,000 square feet of offices, up to 1,275 residential units, 300 hotel rooms and 125,000 square feet of shops, restaurants and service retailers, as well as four acres of activated park space. Dewitt Carolinas is planning to deliver the 1000 Social office tower at the development in 2028.
“Raleigh is an ideal market for this next chapter of growth, and together with Dewitt Carolinas and The Exchange Raleigh, we’re proud to continue expanding this proven Life Time ecosystem,” says Parham Javaheri, who holds the titles of executive vice president, president of real estate and chief property development officer at Life Time.
Life Time is based in Chanhassen, Minn., and has 195 athletic clubs and more than 50,000 team members in the United States and Canada. The company operates four athletic clubs in the Raleigh market — Cary, which opened in 2007, Apex (2011), Raleigh (2015) and Alston Town Center (2026).
The Life Time Living brand debuted in Coral Gables, Fla., in 2021 and now has locations in Massachusetts, Nevada and Connecticut, with more on the way in Pennsylvania and Arizona. Each Life Time Living location is connected or adjacent to a Life Time athletic club.
Life Time’s stock price closed on Monday, Nov. 2 at $43.82 per share, up from $24.87 a year ago, a 76.2 percent increase.
— John Nelson