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PN Hoffman acquires site for $250M redevelopment project in Raleigh, NC

PN Hoffman Inc. is planning a $250 million overhaul of the aging Seaboard Station retail property in Raleigh, N.C., after buying the site for $34 million from William Peace University, the Triangle Business Journal reported.

Hoffman's multi-phase redevelopment for the approximately 7-acre property involves expanding the shopping center to 800,000 square feet from less than 100,000 square feet and adding about 650 apartments, 150 hotel rooms and 90,000 square feet of new retail space, the report added, citing company officials.

The Washington, D.C.-based real estate developer intends to break ground in 20 months, subject to rezoning approval from the city.

TradeMark Properties Inc., which worked with the university on the sale transaction, will remain as manager for the property.