News from the Region

News

Developer reveals more plans for $250M Seaboard Station in downtown Raleigh

Washington D.C. developer Hoffman & Associates has filed plans for the the second part of the first phase of its huge mixed-use project in downtown Raleigh.

On Thursday, the company filed site plans for Seaboard Station – Block B. The plans call for 449,554 square feet of mixed-use space set to feature 299 luxury apartments as well as retail and restaurant space. It’s one of two parcels that make up the first phase of the Seaboard Station project.

Block B will be made of one 7-story building with a subterranean parking deck, according to the filings. The development will require the demolition of around 22,000 square feet of existing space and will be situated on 3.6 acres at 18 Seaboard Ave.  The new residential apartments will feature 231 one-bedroom units, 65 two-bedroom units and 3 three-bedroom units.

Apartments will be luxury rental units. Rental rates have yet to be determined.

Hoffman & Associates submitted plans for Block A last year. Those plans call for 311,400 square feet of mixed-use space with 96 apartments, 150 hotel rooms and around 10,300 square feet of restaurant and retail space.

Company Executive Vice President John Florian says they expect to begin work on Block A in the third quarter of this year, with Block B set to follow a few months after that. In all, the Seaboard Station is expected to be built in three phases totaling 800,000 square feet. The investment is estimated to be around $250 million.

A mixed-use developer that has built high-end projects across Washington D.C. has major plans to redevelop Seaboard Station in downtown Raleigh.

Florian says the company has yet to set a timeline for future phases.

Hoffman & Associates has developed high-end, mixed-use and residential buildings throughout Washington D.C., including a $2.5 billion waterfront development south of the National Mall known as the Wharf.

Seaboard Station is the company’s first project outside of D.C. Hoffman & Associates expanded to the Triangle in 2018 and last year announced plans to open an office in Raleigh, making the city the company’s second market with a permanent presence.

In addition to its massive Seaboard Station development, the company has also been pursuing the GoTriangle’s bus station and tower project. And last fall it began negotiations with the authority as GoTriangle’s preferred development partner. The Raleigh City Council voted to approve the rezoning request for the Tower project to allow for development up to 40 stories. No detailed timeline has been released, but construction is planned to begin sometime next year as required by terms in a $20 million federal BUILD grant.

Source: Triangle Business Journal