Office Tower at $1B Raleigh Mixed-Use Gets Underway – Commercial Property Executive

The Raleigh Stock Exchange. Reproduced with permission from Dewitt Carolinas Inc.

Construction has begun on 1000 Social, the first of two 12-story office towers offering 330,000 square feet of Class A office space at The Exchange Raleigh, a $1 billion mixed-use development in Raleigh, NC DeWitt Carolinas Inc.

The building, which will also feature 20,000 square feet of retail and 5,000 square feet of conference and meeting space, is one of two mirror-image towers being built on-site at 900 Albans Drive, connected by an elevated skybridge and parkland. The first building is scheduled for completion in early 2024. The developer does not plan to start the second tower, 2000 Social, until the first tower is completed.

Originally named the Midtown Exchange, Raleigh-based Dewitt Carolinas had been putting together the lots for the master plan lot for more than 20 years. The developer announced the master plan for the development in November 2019. In April 2021, the Company received a US$40 million senior loan to fund pre-development activities and horizontal infrastructure construction.

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When fully completed, the project will include 790,000 square feet of Grade A office space; 1,275 residential units, including apartments, condominiums and townhouses; 300 hotel rooms; 125,000 square feet of retail and hospitality; and more than 7 acres of green space and park facilities. The other components won’t be built until 2000 Social is complete, and the construction process is expected to take seven to 10 years.

1000 social details

1000 social. Reproduced with permission from Dewitt Carolinas Inc.

Todd Saieed, CEO of Dewitt Carolinas, said in a prepared statement that 1000 Social represents the overall vision for The Exchange Raleigh as a high performing, environmentally conscious community. The modern architecture is offset by ample outdoor workspaces and views of the surrounding 10-acre park. The developer plans to aim for LEED and WELL certification for sustainable performance and design standards that optimize health and well-being.

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The top two levels at 1000 Social will each be 28,500 square feet and will be reserved for a tenant at headquarters. You will be connected to 2000 Social when the second tower is built. The Skybridge and building signage are visible from 1-440, the Raleigh Beltline.

The architect for 1000 Social is Rule Joy Trammell Rubio LLC, of Atlanta. The landscape architect is based in Dallas Studio outside. Brassfield & Gorrie is general contractor. Based in Birmingham, Alabama, the company has offices in the Southeast and South, including Raleigh. Leasing is handled by CBRE by Raleigh.

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Dewitt was co-founded in 1997 by Saieed and senior partner Ven Poole. The Company has developed more than 200 real estate projects throughout Carolina, including Class A office buildings, upscale multi-family projects and mixed-use developments.

The company completed the purchase of a 18.8-acre property near North Hills in Raleigh for $16.3 million in July 2017. The new property is adjacent to Dewitt Carolinas corporate headquarters at One Renaissance Center, a 50-acre property owned by the company since 1998. The combination of the two properties, bounded by St. Albans Drive, allowed the company to complete plans for The Exchange Raleigh. The lots had already been rezoned by Raleigh City Council a few months earlier, giving the developer the flexibility to construct seven to 20 story buildings.

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