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Kane Realty unveils Raleigh mixed-use project

Canal house. Rendered courtesy of Kane Realty

Kane Realty Corp. announced plans for a $ 1 billion mixed use development in Raleigh, NC that will include new apartment, office and retail space in addition to a recently built residential complex. When completed, the North Hills Innovation District (NHID) will include more than 500 residential units, plus an office building and food hall on 33 acres.

The first phase of the project, Vine North Hills, was completed last year and moving in began in August. Located at 500 St. Albans Drive, the community offers 326 units that range from studios to two-bedroom layouts, as well as a handful of three-bedroom apartments. Phase II begins with Channel House Apartments, a 200-unit Class A property set to break ground this summer. Kane Realty told Multi-Housing News that the project cost about $ 75 million and is estimated to be completed in the summer of 2023.

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The new community at 4321 Lassiter in North Hills will offer studio, one-, two-, and three-bedroom apartments with sustainable interiors, energy-efficient lighting and appliances, and smart thermostats, according to the Channel House website. The project will also include 13,358 square feet of retail on the first floor, designed for breweries, restaurants, and “micro-traders and manufacturers”.

The second phase of NHID includes North Hills Tower 5, an 18-story office project, and a two-story, 20,000-square-foot food hall. Kane Realty expects the groundbreaking for the office tower in late autumn 2021 and for Phase III next year. In addition to the buildings, NHID will feature extensive green spaces, including walkways that connect to the Capital Area Greenway System, wetlands and creek beds, and a number of footbridges and landings.

Redevelopment of the city of oaks

Canal house. Rendered courtesy of Kane Realty

Located in the city’s upscale North Hills neighborhood, the NHID is close to Interstate 440 and provides quick access to Raleigh-Durham International Airport and Research Triangle Park. Kane Realty, a real estate development and management firm led by Chairman & CEO John Kane, released a $ 350 million revitalization plan last October for the North Hills Main District, located on the site of a former JCPenney Business is located.

Elsewhere in Raleigh, Kane Realty and FCP converted a former warehouse into a mixed-use property, The Dillon, which the partners sold for $ 236 million last November. An institutional client advised by MetLife Investment Management acquired the downtown property, which comprises 271 residential units at 401 W. Hargett St.

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