Dewitt Carolinas just closed on a crucial $40 million loan to start construction on one of the largest developments North Carolina has seen in years.
The new development will be called ‘Midtown Exchange‘, and will be located on a 40 acre piece of land in the heart of Raleigh’s midtown area.
When finished, it will include, 790,000 square feet of Class A office space, 31,500 square feet of convention center with rooftop dining and entertainment, 7+ acres of greenspace with water features and park amenities that will tie into the city’s existing greenway, 25,000 square feet of retail and restaurant space, 300 hotel rooms, 302 condos and townhomes, 823 apartment units, and 450 senior and adult living units.
Historic records show the site is where the historic Isaac Hunter’s Tavern once stood – the tavern where many believe modern day Raleigh was born.
In honor of the historic tavern, the development will include an underground speakeasy surrounded by waterfalls:
“This acquisition comes as the result of a long term and firmly held vision to which the Dewitt Carolinas team has been committed for nearly 20 years,” said Dewitt’s CEO Todd Saieed. “We have been persistent and strategic in assembling this property, pursuing the zoning required and earning the trust of our neighbors, City Council and business partners.”
What do you think about the new project?