Dewitt Carolinas unveils master plan for $1bn mixed-use project in US

WCN Editorial Team 15 Nov 2019 NORTH AMERICA BUILDINGS

US-based real estate firm Dewitt Carolinas has unveiled a master plan for a 40-acre mixed-use destination, dubbed Midtown Exchange, in Raleigh, North Carolina.

Estimated to cost more than $1bn, the project will include a mix of residences, workspaces, a convention centre, hotel, central green space, shops and restaurants in Raleigh's midtown area.

Dewitt Carolinas CEO and co-founder Todd Saieed said: "We are excited about this opportunity to be a part of Raleigh's continued growth and prosperity by introducing an inspired new community to the list of the region's growing accolades.

"Midtown Exchange embodies our vision for a home grown, collaborative community that will be the gathering place for many generations to come."

The project will comprise a 790,000ft2 of Class A office space, a convention centre with a rooftop dining and entertainment.

Midtown Exchange will also comprise more than seven acres of green space with water features and park facilities that will connect the project with the city's existing greenway.

Dewitt Carolinas said that the project will transform the current undeveloped property into a flourishing urban destination comprising 21st Century architecture and urban green space with interactive water features.

The development will include 125,000ft2 spaces for retail and restaurant, 300 hotel rooms, 1,275 apartments, condos and town homes along with 300 senior living units.

Saieed added: "We envision Midtown Exchange to be a destination unlike any other in Raleigh.

“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.”

Dewitt Carolinas said that it has started acquiring the property in 1999 and completed the land assemblage and acquisition in 2017.

Based in Raleigh, Dewitt Carolinas is a real estate development company specialised in developing large scale mixed-use, office, retail and multifamily development, construction management, property management and leasing.


Image: Rendering of Midtown Exchange mixed-use destination in US. Photo: courtesy of Dewitt Carolinas, Inc.

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