It will include 650 apartments, a 150-room hotel and 135,000 square feet of retail space.
But it also means Harris Teeter won't be coming to Seaboard.
Harris Teeter declined when Hoffman offered a smaller format store, said a spokeswoman for the project.
PN Hoffman purchased Seaboard from William Peace University for $34 million and plans to convert it into a $250 million project.
Here’s a rendering of how Seaboard Station in Raleigh will look after PN Hoffman purchased it from William Peace University. The sale also means the Harris Teeter will no longer go in this area, a spokeswoman for the project said. Details 5:30p #ABC11 pic.twitter.com/nNZBMybRW5— Gloria Rodriguez (@GloriaABC11) December 14, 2018
The developer is behind The Wharf property in Washington D.C., a $2.5 billion waterfront neighborhood.
It will be built in three phases, with the groundbreaking expected around August 2020.
"PN Hoffman has a long history of enhancing neighborhoods by contributing and working with existing communities throughout the development process and we're eager to kick off Seaboard Station," said Monty Hoffman, Founder and CEO of PN Hoffman.
"Great things are happening here at William Peace University," said Dr. Brian C. Ralph, president of William Peace University. "We are proud to confirm the sale of Seaboard Station, which we invested in five years ago for the University, to PN Hoffman. PN Hoffman is a premier real estate developer that has led the development of several well-known projects in the Washington, D.C. area. The buyer's vision for the future of this property will help enhance the student experience at William Peace University."
But some regulars at Seaboard are afraid the shopping center will lose its charm.
"It makes me a little bit sad," said Sandra Sotelo-Miller. "I really like the stores that are here. It feels very quaint."
"I don't know that we necessarily need more apartments and the businesses that are closing here -- hopefully will be able to go somewhere else," said Liz Grandchamp. "I'm all about Raleigh growing, but you got to remember the small businesses around here as well and supporting the economy and the people that have been there already before we keep adding more and more."