Raleigh's next high-rise apartment features a gym and rooftop club

An 18-story apartment tower featuring a Life Time fitness club is coming to Midtown Raleigh, developer Dewitt Carolinas said Monday.

Why it matters: The $1 billion development — called The Exchange Raleigh and located east of North Hills on St. Albans Drive — is one of the biggest real estate investments made in the city in recent years.

• Its first phase, a 12-story office tower, is expected to be finished this spring. The new residential tower is being billed as the second phase of the project.

What's next: Construction on the tower is expected to start later this year, a spokesperson for Raleigh-based Dewitt Carolinas said.

• The tower is still under design but is expected to include 18 stories and more than 250 apartments, ranging in size from 650 to 1,550 square feet. Rental rates were not yet available.
• The bottom three floors of the building would include an 80,000-square-foot Life Time health club, a luxury gym that typically features a pool, spa, coworking space and a cafe. Memberships at its current Raleigh gym start at $179 a month.
• Life Time would also operate a "beach club" on the rooftop of the building.
• The building could be completed in early 2027, per Dewitt Carolinas.

The big picture: Raleigh has experienced a huge apartment building boom since the pandemic, with a record number of units under construction.