Raleigh’s Seaboard Station set for $250M development, after William Peace sells property
The northern edge of downtown Raleigh is set for more transformational development, after William Peace University said it has found a buyer for the Seaboard Station property.
PN Hoffman — a developer known for building The Wharf property in Washington, D.C. — has purchased Seaboard Station from the university for $34 million, according to Wake County records, and plans to build a $250 million mixed-use project there.
The 800,000-square-foot development will be built in three phases and include 650 apartments, a 150-room hotel and 135,000 square feet of retail space.
“Great things are happening here at William Peace University,” said university president Brian Ralph in a statement. “We are proud to confirm the sale of Seaboard Station, which we invested in five years ago for the University, to PN Hoffman. ... The buyer’s vision for the future of this property will help enhance the student experience at William Peace University.
William Peace University bought the Seaboard property back in 2013, and earlier this year it partnered with Trademark Properties to find a buyer. PN Hoffman’s bid was selected from 13 offers, according to the university’s release.
Proceeds from the sale will go into an endowment and pay for facilities and programs for students. The university bought the property for around $20 million from Gregory & Parker. “The significant value increase is a clear indication of the robust urban market in downtown Raleigh,” Billie Redmond, Founder of Trademark Properties, said in a statement.
The university bought the Seaboard property, after the previous owners filed for bankruptcy. The university invested one-third of its $33 million endowment to acquire the center, The News & Observer reported at the time.
“We’re excited about joining the Raleigh community,” Monty Hoffman, CEO of PN Hoffman, said in a statement. “And, we’re honored to have been selected by William Peace University on the redevelopment of Seaboard Station. 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.”
Hoffman added that the Seaboard investment will be the start of several new developments in the Raleigh-Durham area.
John Florian of the Florian Companies, is also a part of the deal, according to the release.
This story was originally published December 13, 2018 at 5:54 PM.
