Hoffman & Associates secured approximately $198.9 million in funding for the second phase of its $500 million Seaboard station mixed-use development in Raleigh, North Carolina, and inaugurated the project which will include two new apartment buildings of 279 units.
The second phase of the downtown Raleigh project is expected to be delivered by summer 2024. It will also include approximately 55,000 square feet of retail space and a 149-key three-star hotel for extended stays that will is expected to be announced later this year. . At full construction, the development will provide a walkable core with over 1 million square feet of mixed-use space.
Construction is underway on the first phase, which will be delivered in early 2023, and includes The Signal, a 298-unit apartment building, as well as restaurants and shops along a double-sided corridor with more 18,000 square feet of outdoor seating and sidewalk cafes connected to the neighborhood’s underground parking lot.
Located at 721 Halifax Street, The Signal is now leased and move-in is expected early next year. The building will have studio, one, two and three bedroom layouts and will be managed by gray star. Units will feature open layouts with kitchen islands, quartz countertops, stainless steel appliances, wood floors, tile backsplashes, integrated washers and dryers, and smart home technology with keyless entry and balconies.
Community facilities include a fitness center, yoga studio, and private workout room with Echelon Smart Mirror; an entertaining kitchen; a games and television lounge; a coworking lounge; a wine bar and a pet spa. Outdoor amenities will include a resort-style saltwater pool and sun deck; Poolside courtyard with fire pits, dining and grilling area and lounge with outdoor TV.
Hoffman & Associates, a Washington, D.C.-based leader in mixed-use and residential development in the Mid-Atlantic and Southeast regions, has secured full project financing for united bank. United Bank led the financing operations of the first and second phases. Funding for the first phase totaled approximately $300 million. In addition to united bank, Burke & Herbert Bank, Sandy Spring Bank and Dogwood State Bank, served as union partners for the second phase. Together, they provided the $198.85 million in construction and development funding needed to complete the project.
John Florian, executive vice president of development at Hoffman & Associates, said in a prepared statement that the grand opening of Seaboard Station’s second phase is a significant milestone for the company, its partners and the downtown community of Raleigh.
Hoffman & Associates, which also has an office in Raleigh, has developed more than 75 mixed-use, residential, office and retail projects. The company also has large-scale developments in the Washington, DC area, including Falls Church, Virginia, in a portfolio totaling $6 billion. Hoffman & Associates, in joint venture with Madison Marquette, is developing The Wharf, a $3.6 billion, 3.3 million square foot neighborhood along the Washington, DC waterfront. The partnership, Hoffman-Madison Waterfront, celebrated the fifth anniversary of the first phase of The Wharf and the completion of the second phase of the mixed-use complex last month. The development now has a total of 1,490 residential units between condominiums and rentals. More recently, two new residential properties have opened – a 12-story, 96-unit condominium and a 12-story, 225-unit apartment building.