RALEIGH – Plans for new $1 billion development in North Raleigh were unveiled this morning. Midtown Exchange will be a 40-acre mixed-use complex located along St. Albans Drive just east of North Hills, west of Wake Forest Road and north of the I-440 Beltline.

Dewitt Carolinas is the developer.

The project is to include what Dewitt calls a “premier convention center” and nearly 800,000 square feet of office space.

Also planned are a hotel, shops and restaurants as well as townhomes and condominiums.

The development is the latest in a series of projects that are transforming much of Raleigh, especially downtown and across North Hills.

A map provided by Dewitt Carolinas shows where its new development will be located.

“We are excited about this opportunity to be a part of Raleigh’s continued growth and prosperity by introducing an inspired new community to the list of the region’s growing accolades,” said Todd Saieed, CEO and co-founder of Dewitt Carolinas, in a statement.

“Midtown Exchange embodies our vision for a home grown, collaborative community that will be the gathering place for many generations to come.”

Dewitt says it has been acquiring land for the development since 1999, closing on the various parcels in 2017.

Highlights of the project as cited by Dewitt:

• 790,000 square feet of Class A office space
• A convention center with rooftop dining and entertainment, featuring exceptional views of downtown Raleigh
• Over seven acres of green space with water features and park amenities that will tie into the city’s existing greenway
• 125,000 square feet of retail and restaurant space
• 300 hotel rooms
• 1,275 apartments, condos and townhomes
• 300 senior living Units

Dewitt Carolinas has developed more than 200 projects across the Carolinas over the past two decades.