July 18, 2017

Dewitt Carolinas Announces Plans for a 40-Acre Mixed Use Development Along St. Albans Drive

A $16.25 million, 18.8 acre acquisition contiguous to corporate headquarters has developers underway with long held vision

July 18, 2017 – Raleigh, North Carolina — Dewitt Carolinas today announced plans for a 40-acre master planned development in the heart of Raleigh’s thriving midtown as it closed on the purchase of 18.8 acres near its North Hills headquarters. The 40-acre tract, a prime location bordered by St. Albans Drive, includes 20 acres Dewitt acquired in 1998 when establishing One Renaissance Centre which serves as the company’s headquarters. Combining the two properties brings Dewitt Carolinas closer to realizing a vision nearly 20 years in the making. The commercial mixed-use project will accommodate office space, retail and dining storefronts, hotels, multi-family and senior living residences, with green space and water amenities as central features of the development plans. The new acreage was purchased for $16.25 million with the financing facilitated by CresCom Bank.

Todd Saieed, CEO of Dewitt Carolinas, Inc., said, “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. 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.” The purchase was financed through CresCom Bank.

CresCom Bank President and CEO David L. Morrow added, “CresCom is excited about entering the Raleigh market through our relationship with these well-known, successful developers in such a high profile location. Our presence will be further enhanced via the recently announced acquisition of First South Bank. We look forward to being an important part of this thriving community.”

Midtown Neighbors Endorse and City Council Approves
On May 2, 2017, Dewitt Carolinas, Inc. received unanimous approval from the Raleigh City Council to rezone the property. The approved zoning is a combination of CX-20-CU and CX-7 CU, allowing Dewitt Carolinas the flexibility to develop projects with heights ranging from seven stories to 20 stories. Contributing to the City Council’s approval was the endorsement and enthusiasm for the project expressed by the Midtown Community Advisory Council. Over 18 months, senior staff from Dewitt Carolinas worked in close collaboration with the council and its immediate neighbors to address concerns over height, noise, signage, light, traffic, parking, building uses and setbacks culminating in 18 specific conditions applicable to the property under the new zoning.
Patrick Martin, chairperson of Midtown Citizens Advisory Council, stated: “Dewitt Carolinas took an unprecedented collaborative approach from the beginning and through a series of meetings and public hearings we reached consensus on a package of development conditions. It was truly a pleasure to deal with this developer and we look forward to their future endeavors.”

A reflection of vision … and patience
Since the original property purchase along Benson Drive in 1998, where the company developed One Renaissance Centre for its corporate headquarters, partners Todd Saieed and Ven Poole have envisioned a mixed-use project that took full advantage of the land’s topography, mature trees, natural water feature and mid-town location. The area surrounding that property has seen some $1 billion-plus in real estate projects with apartments, banking headquarters and signature hotels all contributing to a new and thriving urban vibe. As it’s completed, the extensive new development will provide a cohesive community that addresses continued demand for office space, retail locations and multi-family residential properties with the distinct amenity of cultivated and extensive natural green space.
“Through the steady engagement of our legal, design and banking team, we are in a position of tremendous opportunity. Now, it’s time to execute,” said Mr. Saieed, adding, “We look forward to working with the City of Raleigh in planning for the future, identifying opportunities and considering options as we work to achieve this long-held vision.”