RALEIGH, N.C. — Dewitt Carolinas Inc. has unveiled the master plans for development of Midtown Exchange, a $1B mixed-use project in Raleigh that will feature residential, office, hotel, entertainment and retail components.
The development will be built on a 40-acre lot just outside Interstate 440, north of downtown Raleigh, and will comprise 790,000 square feet of Class A office space, 125,000 square feet of retail and restaurant space, 300 hotel rooms, 300 senior living units and 1,275 residential units. The residential component will include apartments, condominiums and townhomes, but how the units will be divided was not disclosed.
The site will also include a large convention center with rooftop dining space and more than seven acres of green space with water features. Local newspaper North State Journal reports that the office space will comprise two office towers connected by a sky bridge between the two top floors. Those two floors and the sky bridge will make up one large office space, intended to attract a major corporate headquarters tenant.
“We envision Midtown Exchange to be a destination unlike any other in Raleigh,” says Todd Saieed, CEO and co-founder of Dewitt Carolinas Inc. “This will be a place where family entertainment converges with high-end offices and high-rise living, world class conferences and inspiring outdoor spaces. We are excited about introducing this urban enclave to Raleigh’s thriving future.”
The site houses the historic location of Isaac Hunter’s Tavern, where, according to local legend, members of the 1791 General Assembly of North Carolina often met to discuss plans to adopt the Constitution of the United States and build Raleigh as a new state capital. North State Journal also reports that artifacts from the original tavern will be on display in an underground speakeasy bar within the modern development.
Dewitt Carolinas is working with HPA Urban Architecture to develop the master plan for Midtown Exchange.
Dewitt Carolinas began acquiring the property in 1999 and completed the land assemblage and acquisition in 2017 for $16.2 million. Midtown Exchange is planned in close cooperation with the city of Raleigh with community input, and construction of the project is slated for completion within five to 10 years. Financing for the project was not disclosed.
— Alex Patton