WASHINGTON, Dec. 14, 2018 /PRNewswire/ -- PN Hoffman, the developer of premier urban communities across the Washington Metropolitan Area including the $2.5 billion Washington, DC, waterfront neighborhood The Wharf, along with William Peace University and TradeMark Properties today announced PN Hoffman's purchase of Seaboard Station in the north end of downtown Raleigh. The expansive $250 million project will be built in three phases and consist of approximately 800,000 square feet of mixed-use space at full build-out.
"We're excited about joining the Raleigh community. And, we're honored to have been selected by William Peace University on the redevelopment of Seaboard Station," said Monty Hoffman, Founder and CEO of PN Hoffman. "PN Hoffman has a long history of enhancing neighborhoods by contributing and working with existing communities throughout the development process and we're eager to kick off Seaboard Station. Local developer, John Florian of the Florian Companies and friend for over 30 years, knows the market well and joined us to help run our North Carolina office. This will be the start of several new developments in the Raleigh-Durham area," Hoffman added.
"Seaboard Station is a part of the University's rich history, and this transaction supports its bright future," said Brian C. Ralph, Ph.D., president of William Peace University. "Together with TradeMark Properties, we have ensured that the property, its tenants and the neighborhood remain in great hands with PN Hoffman. We're pleased to welcome our new neighbors, and look forward to seeing what the future holds for Seaboard Station."
As detailed in PN Hoffman's proposed multi-phased development plan for Seaboard Station, the project's approximate 800,000 square feet of mixed-use space will consist of ground-level retail, multi-family residential and hotel uses.
Additional details include:
- Approximately 650 Apartments
- Approximately 150 Hotel keys
- Approximately 90,000 square feet of new retail space and a total of 135,000 SF of retail space at full build-out
In 2013, William Peace University purchased Seaboard Station as a strategic investment to enhance the local community surrounding the University. Since that time, Seaboard Station has seen a resurgence of the north end of downtown Raleigh. In March of this year, William Peace University, in partnership with TradeMark Properties, announced they were seeking a buyer and partner for the nearly seven-acre Seaboard Station site. PN Hoffman's offer was selected from among 13 offers received by the University due to the developer's unique and expansive redevelopment proposal, centered around new density and mixed-uses intended to enhance the downtown community as well as the campus community.
"TradeMark Properties is proud to have represented William Peace University in the acquisition in 2013 and now, in the disposition of the Shops at Seaboard Station," said Billie Redmond, Founder of TradeMark Properties. "The significant value increase is a clear indication of the robust urban market in downtown Raleigh. We look forward to continuing our management and leasing role with PN Hoffman and their plans to enhance the center and surrounding community."
The project team is comprised of PN Hoffman's office with William Peace University serving as an active voice throughout the future development. The selection process and sale by William Peace University to PN Hoffman is a significant milestone paving the way for a vibrant new place in downtown Raleigh.
For more information please visit www.PNHoffman.com.
Since 1993, PN Hoffman has developed numerous extraordinary upscale condominium and mixed-use communities in the Washington D.C. area. Its award-winning designs and transformative developments elevate neighborhoods and provide special places where people live and enjoy. Careful planning and neighborhood outreach ensure that PN Hoffman developments vitalize urban landscapes bringing renewed life to communities. PN Hoffman is the managing member of Hoffman-Madison Waterfront, a joint venture of PN Hoffman and Madison Marquette, which is developing The Wharf, a $2.5 billion, 3.2 million sq. ft. neighborhood on one mile of Washington, DC's southwest waterfront. Additional information can be found online at www.PNHoffman.com and www.wharfdc.com. Other current and recent developments include VIO, 525 Water, The Bower, Waterfront Station II and Seaboard Station.
William Peace University
Founded in 1857, William Peace University is located in the heart of downtown Raleigh, North Carolina. Its mission is to prepare students for careers in the organizations of tomorrow. Known for its nationally recognized internship program, high quality faculty, and immersive learning environment, students experience tremendous success as more than 96 percent of the university's graduates are placed in jobs or graduate school within one year of graduation. WPU also has an innovative School of Professional Studies which offers accelerated degree programs for adult professionals looking to advance their careers. The programs are nationally recognized for their affordability and flexible format, allowing working adults to take courses online, or on campus in the evening and on weekends. For more information on WPU, please visit www.peace.edu.
TradeMark Properties offers a full range of real estate and investment advisory services. From acquisition evaluation and due diligence tasks, through value enhancement and disposition strategies, TradeMark guides its clients through every phase of real estate investment opportunities. Partnering with strategic alliances, TradeMark offers coordination of services such as equity development, financing, credit management, architectural and engineering services, development or project management oversight, and relocation services. TradeMark is organized around advisory services, such as sales, leasing, and asset management, including facility management and maintenance services. Its advisors are market experts in their areas of industry specialization, which include commercial leasing of office, industrial, retail as well as multi-family and investment property sales.
SOURCE PN Hoffman