D.C.-based Hoffman & Associates, previously PN Hoffman, has purchased a 7-acre site in downtown Raleigh, North Carolina, from William Peace University, and plans a $250 million development.
Hoffman & Associates will also open a new office in Raleigh this fall, in addition to its current headquarters at The Wharf.
“We are entering an exciting new chapter in our company’s history with our expansion outside of the greater D.C. area along with the building of large-scale communities across different markets,” said Monty Hoffman, founder and CEO of Hoffman & Associates.
The Raleigh development, called Seaboard Station, will be built in three phases and include 800,000 square feet of mixed-use development when it is completed.
The “PN” in the previous PN Hoffman name was a reference to Hoffman’s former development partner Pete Nazelrod. Hoffman recently told the Washington Business Journal that the two remain best friends, and he kept the PN to honor him even after Nazelrod left the firm full time a decade ago.
PN Hoffman teamed with Madison-Marquette to form Hoffman-Madison, which broke ground on The Wharf in 2014. Phase One opened in 2017.
Hoffman broke ground on Phase Two earlier this year. Phase One encompasses 2 million square feet of residences, offices, hotels and retail. When Phase Two is completed, the $2.5 billion, mile-long Wharf will include more than 3.5 million square feet of development.
PN Hoffman was founded in 1993 with a single townhouse renovation in Logan Circle. It has gone on to build over 70 mixed-use developments in D.C.
Hoffman’s current projects in the D.C. area include a large, mixed-use development called The Little City Commons in West Falls Church.
