Thursday, May 26, 2022

Dewitt Carolinas unveils plans for $1B development in North Raleigh

Raleigh-based real estate development firm Dewitt Carolinas Inc. has unveiled the master plans for its $1 billion, Midtown Exchange project in North Raleigh. The 40-acre, mixed-use complex will be located just east of the North Hills shopping center. Plans call for: a convention center with rooftop dining and entertainment; 1,275 apartments and residential units; 300 hotel rooms; 300 senior living units; nearly 800,000 square feet of office space; 125,000 square feet of retail and restaurant space; and seven acres of greenway and park amenities.

[/media-credit] Aerial rendering of the Midtown Exchange project

“We envision Midtown Exchange to be a destination unlike any other in Raleigh,” Todd Saieed, co-founder and CEO of Dewitt Carolinas said in a release. “This will be a place where family entertainment converges with high end offices and high rise living, world class conferences and inspiring outdoor spaces.”

Dewitt Carolinas began purchasing the site’s undeveloped property in 1999 and completed the acquisitions in 2017.

Saieed graduated from UNC Charlotte in 1985 with a bachelor’s degree in Civil Engineering. His partner Ven Poole is an N.C. State University graduate with a bachelor’s degree in in Aerospace Engineering. He is CEO of Raleigh-based Waste Industries Inc., which was acquired by Toronto-based GFL Environmental for $2.8 billion in 2018.

[/media-credit] Rendering of the Midtown Exchange park

Midtown Exchange will add to the company’s 200-plus projects across North and South Carolina over the last 20 years.

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