Dewitt Carolinas breaks ground on Life Time Living tower
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Rendering: Courtesy of Dewitt Carolinas
Dewitt Carolinas, the Raleigh-based developer behind The Exchange development, broke ground Thursday on its next tower in Midtown Raleigh.
Why it matters: The 20-story Life Time Living tower is the third vertical project to emerge at The Exchange, joining the 1000 Social office building and One Renaissance Center.
- In total, The Exchange is one of the most expensive developments being built in the city.
Zoom in: The 289-unit Life Time Living tower will be notable for its partnership with the Life Time fitness club.
- The Minnesota-based club has recently expanded into designing apartment communities around its gyms. So far it has built seven of them across the country.
- The bottom three floors of the building will include an 80,000-square-foot Life Time health club, a luxury gym that typically features a pool, a spa, a coworking space and a cafe. Memberships at its current Raleigh gym start at $219 a month.
- Life Time will also operate a "beach club" on the rooftop of the building.
- The building is expected to be completed in fall 2028.
The big picture: Steven Beattie, president of Dewitt Carolinas, said his company has been putting together parcels of land since 1999 to ultimately create The Exchange.
- Dewitt views the 40 acres of The Exchange as sitting in a pivotal location between an expanding North Hills and Duke Health's Raleigh hospital campus.
- "I think when the partners first assembled the land here in '99, everybody thought they were crazy. North Hills was the old mall then," Beattie told Axios.
What's next: In addition to the office space it's added, The Exchange has also become a food destination, with restaurants like Peregine and Mezcalito and bars like Capulet and Cafe Royale opening there.
- Dewitt hopes to add a hotel and another office tower around a 4-acre park at The Exchange in the coming years — though the timing will be driven by the market.
