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One of the developers behind D.C.'s $2.5B The Wharf megaproject is expanding down the East Coast.
PN Hoffman announced Thursday it acquired the Seaboard Station property in downtown Raleigh, North Carolina, where it is planning a $250M mixed-use redevelopment.
The project will be PN Hoffman's first outside of D.C. The company also unveiled plans to open a Raleigh office and hired Raleigh developer John Florian to lead its beachhead team there. PN Hoffman said it plans to pursue several new developments in the area.
The 800K SF Seaboard Station project, a partnership with William Peace University and TradeMark Properties, will consist of 650 apartments and 150 hotel rooms. It will also add 90K SF of new retail space to the 45K SF of existing retail on the 7-acre site.
William Peace University has owned the property since 2013. In March, it brought on TradeMark and put out a search for a buyer and development partner for the site. It selected PN Hoffman out of 13 proposals.
“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,” PN Hoffman CEO Monty Hoffman said in a release. “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."
PN Hoffman and Madison Marquette in October 2017 delivered the 1.4M SF first phase of The Wharf, a megaproject on a 24-acre site along D.C.'s Southwest Waterfront. The developer also has a large portfolio of completed and in-progress multifamily projects throughout the D.C. area.
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