Raleigh, NC – May 10, 2022 — In the two and a half years since announcing its 40–acre, mixed-use, billion-dollar masterplan, real estate development firm Dewitt Carolinas, Inc., is nearing completion of the project’s onsite infrastructure and is poised to begin construction on the first of two 12-story office towers. Originally called Midtown Exchange, the project has been renamed The Exchange Raleigh, reflecting its distinction as the capital city’s modern-day crossroads with an eclectic mix of residences, workspaces, greenspace and retail sites. The office tower will be called 1000 Social, in keeping with its planned address, and will establish the project’s overall contemporary aesthetic as a 21st century destination. Dewitt Carolinas, Inc., is a real estate development firm specializing in large scale mixed-use, multifamily, and commercial properties throughout the Carolinas.
“Over the past several years, we have studied mixed-use projects across the country, looking to establish The Exchange Raleigh as a destination unlike any other. With our infrastructure in place, we are eager to begin construction on the office tower and create what will undoubtedly be a world-class business address in a thriving urban development,” said Dewitt Carolinas CEO Todd Saieed. For more information on The Exchange Raleigh visit theexchangeraleigh.com.
The infrastructure phase was extensive with the entire site prepared for the masterplan envisioned. From stormwater and traffic management systems, with all roads, curbs and gutters, to all essential utilities, the site has been engineered for multiple and concurrent building projects. Telecom connectivity is fully accessible throughout the site.
Preliminary engineering and sitework has also laid the foundation for over seven acres of greenspace, including the four-acre central park which anchors the entire project with water features and a network of trails that will connect to Raleigh’s Capital Area Greenway system via Big Branch Creek.
“With onsite infrastructure in place, we have created building pads that are ready for vertical construction, allowing the multi-family, commercial and retail projects to proceed more quickly and in tandem,” said Mr. Saieed. The Exchange Raleigh has a total estimated value of over $1 billion with a 7- to 10-year build-out plan.
Dewitt Carolinas has contracted with Brasfield & Gorrie, one of the nation’s largest privately held construction firms, to build 1000 Social. The 354,000 square foot office building, formerly called MTX One, is on track to break ground in June 2022.
At 12-stories, the building is one of two mirror-image towers that together will comprise The Exchange Raleigh’s office complex. This first tower will deliver 330,000 sq feet of class-A office space, 20,000 sq ft of retail and 7,500 sq ft of full AV Conferencing and meeting spaces.
The architect for 1000 Social is Rule Joy Trammell + Rubio, LLC, of Atlanta. Leasing will be managed by CBRE of Raleigh. For digital renderings and more information about 1000 Social, visit http://1000social.com/or via 1000 Social LoopNet listing.
Dewitt Carolinas Inc. is a Raleigh based full-service diversified real estate company with over 25 years of experience across more than 200 projects throughout the Carolinas. Dewitt Carolinas specializes in office, retail, and multifamily development, construction management, property management and leasing. For more information visit www.dewittcarolinas.com.
Founded in 1964, Brasfield & Gorrie is one of the nation’s largest privately held construction firms, providing general contracting, design-build, and construction management services for a wide variety of markets. We are skilled in construction best practices, including virtual design and construction, integrated project delivery, and Lean construction, but we are best known for our preconstruction and self-perform expertise and exceptional client service. Brasfield & Gorrie has 13 offices and more than 3,200 employees. Our 2021 revenues were $4.2 billion. Engineering News-Record ranks Brasfield & Gorrie 22nd among the nation’s “Top 400 Contractors” for 2021. Brasfield & Gorrie is ENR Southeast’s 2021 Contractor of the Year.
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