Home News Realty group plans to build two 20-story towers in downtown Raleigh :: WRAL.com

Realty group plans to build two 20-story towers in downtown Raleigh :: WRAL.com

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— Dominion Realty Partners announced on Friday that it has closed its land to build a multipurpose tower in downtown Raleigh.

Land purchase on 700 South Salisbury Street is Dominion Realty Partners’ fourth Downtown Raleigh project.

The development, known as Salisbury Square, will feature two different 20-story residential towers with 600 apartments, 660-space parking decks, 62 residential units, and parcels for future hotel development. am.

“This project will be a monument not only to us, but to the city of Raleigh,” DRP Chairman and CEO Andy Andrews said in a news release. “This project has already made incredible efforts, and we thank the North Carolina Educators’ Association for navigating the unknown waters of the pandemic over the past two years.

“We are excited not only to continue contributing to the rapidly changing landscape of Raleigh, but also to contribute in a responsible and sustainable way.”

DRP did not disclose the purchase cost.

However Wake County Government Revenue Agency website The total value of the land is $ 20,330,657. The county lists the land as worth $ 20,160,621 and the existing building is worth $ 170,036.

The North Carolina Association of Educators Inc. is listed as the former owner of the land just west of the Duke Energy Center for the Performing Arts.

Phase 1 construction on the 4.9-acre site is scheduled to begin in May to build the first residential tower. Tenants are equipped with first-class facilities such as a skydeck terrace, swimming pool and area offering unobstructed views of the city.

Phase 1 tower units will be ready by the spring of 2024.

The Phase 1 Tower will be the headquarters of Dogwood State Bank.

“Dogwood was founded on the philosophy of providing first-class customer and employee experience in all aspects of our company,” said Steve Jones, CEO of Dogwood State Bank. “Participating in Raleigh’s downtown growth while contributing to Raleigh’s vibrancy and progress highlights our continued focus on creating these experiences.”

Phase 2 construction will add a second 20-story residential tower.

Dominion Realty Partners will partner with New York Life Realty Investors, a subsidiary of New York Life Insurance Company, in a joint venture.

Kevin Smith, Managing Director of New York Life Real Estate Investors, said:

J. Davis will be the project architect, Piedmont Land Design will be the civil engineering service, Uzun + Case will be the structural engineer, and Armada Hoffler will be the general contractor. Justin Good and Matthew Cooke represented the sellers of the transaction. Hunton Andrews Kurth’s Richmond office, led by Andy Tapscott and Johanna Orleski, provided legal services to DRP.

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