Kane Realty Corp. has announced plans for a $1 billion mixed-use development in Raleigh, N.C., that will bring new multifamily, office and retail space alongside a recently built apartment community. The North Hills Innovation District (NHID) will feature more than 500 apartment units upon completion, along with an office building and food hall across a 33-acre site.
The project’s first phase, Vine North Hills, was completed last year and move-ins began in August. Located at 500 St. Albans Drive, the community offers 326 units ranging from studios to two-bedroom layouts along with a handful of three-bedroom apartments. Phase II will start with Channel House Apartments, a 200-unit Class A property that is slated to break ground this summer. Kane Realty noted to Multi-Housing News that the project cost is roughly $75 million, and completion is estimated for the summer of 2023.
The new community at 4321 Lassiter at North Hills will offer studio, one-, two- and three-bedroom apartments with sustainably sourced interior finishes, energy-efficient lighting and appliances and smart thermostats, according to the website for Channel House. The project will also include 13,358 square feet of ground-floor retail designed for breweries, restaurants and “micro-retailers and makers.”
NHID’s second phase will include North Hills Tower 5, an 18-story office project, as well as a two-story, 20,000-square-foot food hall. Kane Realty expects to break ground on the office tower in late fall 2021 and on Phase III next year. In addition to the buildings, NHID will feature expansive green spaces, including walkable trails connecting to the Capital Area Greenway System, wetlands and creek beds and a series of pedestrian bridges and landings.
Redeveloping the City of Oaks
Located in the city’s upscale North Hills neighborhood, NHID sits near Interstate 440 and will offer quick access to the Raleigh-Durham International Airport and Research Triangle Park. Kane Realty, a real estate development and management firm helmed by Chairman & CEO John Kane, last October released a $350 million revitalization plan for North Hills’ Main District, located on the site of a former JCPenney store.
Elsewhere in Raleigh, Kane Realty and FCP redeveloped a former warehouse site into a mixed-used property, The Dillon, which the partners sold for $236 million last November. An institutional client advised by MetLife Investment Management acquired the downtown asset, which includes 271 apartment units at 401 W. Hargett St.