Construction has begun on 400H, a 20-story, mixed-use tower in Raleigh, N.C. Planned by Trammell Crow Co., its residential subsidiary High Street Residential, AECOM-Canyon Partners and HM Partners, the project will feature 242 luxury units topping 150,000 square feet of Class A speculative office space and 16,000 square feet of retail space.
Located at 400 Hillsborough St., the 365,000-square-foot high-rise designed by Gensler is scheduled for completion in fall 2023.
Financing was provided by QuadReal Property Group. Joint venture equity capital is being provided, along with construction expertise, by AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon Partners Real Estate, the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset management firm.
The development is located at the center of downtown Raleigh’s four primary districts: the retail and entertainment district of Glenwood South, the Warehouse district, the State Government Complex and the downtown office core along Fayetteville Street. 400H will be within walking distance of many shopping and dining destinations including Union Station, the Morgan Street Food Hall and a Publix grocery store. It is also near North Carolina State University.
The residences will be on floors 10 through 20. The ninth floor SkyHub will be an amenity level offering indoor and outdoor space with views of the skyline and an elevated pool. Amenities include a fitness and yoga facility with showers and lockers and bike storage. Other features planned for 400H are 14- to 20-foot floor-to-floor heights, full-height glass windows, parking ratios of 4 to 1,000, outdoor seating at several restaurants on the retail level, separate lobbies for residential and office tenants and a 30-foot-wide urban plaza.
Josh Dix, principal for TCC and HSR, who leads the residential and mixed-use business in North Carolina as part of the firms’ recently expanded Mid-Atlantic operations, said in a prepared statement that the residential offerings combined with the amenities will provide future residents with a luxury high-rise experience in one of Raleigh’s most active and walkable neighborhoods. The developers expect 400H to appeal to young professionals as well as empty nesters.
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Greystar will oversee residential leasing and property management. Woody Coley, senior vice president for TCC who oversees office, life science and industrial development in North Carolina, will lead the office and retail asset management with Gregg Sandreuter, managing partner of HM Partners. John MacDonell of JLL will handle office leasing and John Koonce of York Properties will curate the retail leasing.
The TCC and HSR project development team of Rich McPhillips, Jerry Ricciardi, Marie Karl and Ben Schon, working from the firms’ Washington, D.C., office, are responsible for the management and executive of the development, including coordinating the deal capitalization, design oversight, management and entitlements with the city of Raleigh and construction and project management through completion and stabilization.
Earlier this month, High Street Residential broke ground on Corner 63, a seven-story transit-oriented community at 6300 Ninth Ave. NE in Seattle. The development is a joint venture between HSR and a MetLife Investment Management client.
Also this month, TCC and partners CBRE Global Investors and JM Zell Partners announced they are developing a mixed-use project in Alexandria, Va., that will feature a 268,000-square-foot senior living residence with 215 units of independent and assisted housing and memory care and a 115,000-square-foot medical building. The development will also have about 12,000 square feet of ground-floor retail in the medical building.