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Jun. 28, 2013

Kane Realty Plans $82M Office High-Rise in North Hills

by Adriana Pop, Associate Editor

Kane Realty is planning to develop an 18-story office tower at North Hills in Raleigh. According to the NewsObserver, the company expects to break ground on the $82 million project by December.

Scheduled to open in the fall of 2015, the 300,000-square-foot high-rise will be located on Six Forks Road between the 17-story CapTrust Tower and the First Citizens Bank building.

Kane is developing the office project without having pre-leased the space.

“There is a lot of demand and there’s not much out there space-wise for Class A space over 25,000 square feet,” CEO John Kane told the newspaper. “We feel very confident that, bringing this to market now, it’ll be very successful.”

 The Triangle Business Journal reports that the new high-rise known as Tower Two will feature 10 floors of office space above seven levels of parking, retail and restaurant space. Duda Paine Architects of Durham is the project’s designer.

Kane Realty has also co-developed the 300,000-square-foot CapTrust Tower, which opened in 2009 and is nearing full occupancy. The company has partnered with Duke Realty of Indianapolis to build the high-rise. In February, KBS Realty Advisors purchased the property for $98.4 million.

Kane’s other projects in Raleigh include a 214-unit apartment complex to be built next to Harris Teeter and the Park & Market apartments, as well as the $40 million Hyatt House hotel. Developed in partnership with Concord Hospitality Enterprises, the property is scheduled to open in July.

Photo credits: Kane Realty Corporation

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