Trammell Crow Company (TCC), its residential subsidiary High Street Residential (HSR) and co-development partners, AECOM-Canyon Partners and HM Partners, have announced the start of 400H, a mixed-use development in Raleigh, N.C.
Financing for the development was provided by Vancouver-based QuadReal Property Group.
The 365,000-square-foot, 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 luxury residential units and 16,000 square feet of ground-floor retail space.
Construction will commence in August 2021 and is scheduled for completion in the fall of 2023.
Located at 400 Hillsborough Street, 400H is at the center of downtown Raleigh’s four primary districts, including the retail and entertainment district of Glenwood South, the burgeoning Warehouse district, the State Government Complex and Raleigh’s traditional downtown office core along Fayetteville Street. 400H is within walking distance of many shopping and dining destinations, including the award-winning Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the State Capital’s Government Complex.
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 MidAtlantic operations, commented, “400H will deliver a unique mix of office, residential and retail space. Our residential offering on floors 10 through 20, our elevated pool and SkyHub amenity on the 9th floor with indoor/outdoor space affording views of the skyline, and upper floors with differentiated amenities will provide future residents with a luxury urban high-rise experience in one of Raleigh’s most active and walkable neighborhoods.”
Woody Coley, Senior Vice President for TCC who oversees office, life science and industrial development in North Carolina and will lead the 400H office and retail asset management effort with HM Partner’s Gregg Sandreuter, stated, “We are excited to develop again in the Raleigh market and add to the city’s expanding skyline, encouraging more employment and residential life downtown. The scale and vertical mixed-use design of 400H celebrate the city’s national prominence, its dynamic market growth, its highly educated workforce, and vibrant Hillsborough Street location.”
Distinctive attributes of 400H include 14- to 20-foot floor-to-floor heights, full-height glass windows, unrivaled parking ratios of 4-to-1,000, and various branding opportunities based on office tenant square footage. Outdoor seating is planned for several restaurants located within the retail space and will complement the pedestrian-friendly neighborhood.
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, is providing joint venture equity capital as well as best-in-class construction expertise to the project.
“This joint venture with Trammell Crow Company, High Street Residential, and AECOM-Canyon Partners is an exciting combination of our firms’ unique skill sets, capabilities and business philosophies, and together we have positioned the project to appeal to both discerning residents, employers and the incredible intellectual talent pool in the Research Triangle,” said Gregg Sandreuter, Managing Partner with HM Partners.
The TCC and HSR project development team of Rich McPhillips, Jerry Ricciardi, Marie Karl and Ben Schon, working from the firms’ MidAtlantic office in Washington, D.C., are responsible for the management and execution of the development, including coordinating the deal capitalization, design oversight, management of entitlements with the City of Raleigh and construction and project management through completion and stabilization of 400H.