Thursday, August 14th, 2008
John Kane, CEO of Kane Realty, gave a presentation this morning at the movie theater here to give details of his vision for the expansion of North Hills and The Cardinal (continuing care retirement community) to about 70 guests and prospective residents. Martha Grove Hipskind, director of senior living for Kane Realty (pictured below) was also available to answer questions, and media representatives from NBC17, News14 and ABC were present at the event.
Kane first explained what the area has to offer now and then went into details of the expansion across Six Forks Rd. One major piece of this will be The Cardinal, a retirement community scheduled to open in 2010 which will have 202 residences. Besides the location and partnership with Duke to handle medical-related things, one feature of The Cardinal that is unique is the pricing model, which allows residents to share in the appreciation of their units.
Entry fees for a spot at The Cardinal range from $300,000 to about $1 million. If a resident passes away or decides to move out, 90% of this fee will be returned to the resident or his estate, in addition to 50% of the appreciation. So, if a person buys in for $1 million and decides to move out 10 years later (after the unit has appreciated to $1.3 million), the resident will get back $900,000 plus $150,000 (half of the appreciation). This is a unique model, because the resident is essentially able to minimize risk (don’t have to pay property taxes) but is allowed to share in the profit due to appreciation.
Kane said they have the funding for The Cardinal but need commitments for half the rooms (101) to start building due to regulations. They’ve currently sold 54 spots and offering special pricing and customization options to early buyers.
Once they start building, Kane said it will take about 18 months to complete The Cardinal. He estimated that the community could be available for living in October or November of 2010. As part of the entire expansion project, Six Forks Rd. will be widened in order to ease traffic and provide a safer way of crossing the street for pedestrians.
You can check out the website for The Cardinal at North Hills for more information.
In other news, the News and Observer has reported that “Kane Realty has negotiated “right of first refusal” — deal-speak for dibs — on 65 undeveloped acres east of the intersection” between Six Forks and 440. There are no solid plans yet for what will be built here.
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Saturday, May 17th, 2008
This is part two of my series of posts about The Cardinal at North Hills. I visited the sales office and model on Thursday, May 16, and you can see some facts and my thoughts about the model here:
The Cardinal at North Hills - Visit to the Model Part 1
In this post I’ll discuss a few things that make The Cardinal stand out from other retirement communities. The sales staff was very helpful in giving me this information and answering all the questions I had. If you’d like more information, give them a call at 919-781-2021, visit their website or stop by the sales office, which is across from the dry cleaners and Kerr Drug at North Hills and behind Bonefish Grill.
What sets The Cardinal at North Hills apart from other retirement communities?
Location
The North Hills/Midtown area is close to great shops, restaurants and entertainment options and is less than four miles from downtown Raleigh. Unlike many retirement communities, residents don’t have to take buses to find something to do. It’s easy for people to continue to participate in activities that make them happy. Since this area is in the center of Raleigh and close to the Beltline and I-40, it’s convenient for friends and family to drop by.
Multi-generational aspect
While many retirement communities are set apart and isolated, The Cardinal is situated in the heart of North Hills, which is an entertainment and shopping hub for people of all generations. Residents will probably feel like they’ve moved into a great condo with added benefits, instead of feeling out of touch with what’s going on.
Pedestrian-friendly urban design
There are only a few dozen continuing-care retirement communities that are in a mixed-use area like North Hills in the entire United States.
Emphasis on wellness and fitness
The Cardinal at North Hills encourages active living. North hills restaurants, shopping and other events in the area make it easy to continue to be active. Duke will bring their great reputation and Center for Living to The Cardinal, and the fitness gym/options will be second-to-none. In fact, Duke will provide their expertise in all medical areas and services for the Cardinal.
Variety of care options
Residents can choose from a variety of independent living options or assisted living, skilled-nursing and memory care. Unlike many other places, services can be customized and the level of care can be increased or decreased, depending on your needs.
That’s all for now. Hope everyone has a great weekend!
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Friday, May 16th, 2008
Yesterday I had a chance to visit the sales office for The Cardinal at North Hills, a premium continuing-care retirement community that will open in North Hills in late 2010. The sales office is located behind Bonefish Grill, across from Kerr Drug and the dry cleaners here. I had the opportunity to get some great information about this development and the sales staff was very helpful in answering my questions. Since I can’t possibly cover everything here, I recommend that you stop by the sales office, visit their website, or call 919-781-2021 to get more information about this great retirement community.
The Cardinal at North Hills Facts
Before I get into more detail about my visit, here’s some background information on The Cardinal. This will be one of about 2,100 full-service continuing-care retirement communities in the entire United States. A continuing-care community caters to those who want to maintain their independence and high-standard of living, while having the flexibility to choose different care options for themselves or their partners, with the option to get more health services and care, should the need arise.
The Cardinal at North Hills will have 202 one and two-bedroom residences, with 12 different floor plans to choose from. Units range in size from just under 900 square feet to almost 2500 square feet. The actual structure for the living areas are divided into two main sides. One side will be L-shaped and have seven stories; the other side will be rectangular and have six stories. One thing that impressed me (there were many) was that every unit has a terrace or balcony.
The Cardinal at North Hills will have a partnership with Duke for medical care and services, a primary-care clinic, and a personal concierge to help residents choose the right doctor, insurance, etc. Other features include underground parking (no ugly parking garages will be built at North Hills East), a state-of-the-art fitness center, various dining options (not to mention the many restaurants in this area) and gardens. There will also be a convenient front entrance for drop-off and pick-up (see picture below).
My first impression on seeing the model
“When can I move in?” I joked. Probably not for another 50 years, unless I start dating someone that’s over 62 years old (at least one resident in each unit must be at least 62). So, I have some work to do…
The model (which is very nicely decorated) is a 2-bedroom, 2-bath that is just under 1,500 square feet. I was impressed with the small touches, such as sliding doors to the bathroom, rails in the shower and bathroom for easy access and support, a main room with a lot of open space and a kitchen with nice counter tops. Overall, the model was very luxurious and felt more like a high-end condominium, than a residence at a retirement community.
Stay tuned for part 2 of my visit to the model of The Cardinal at North Hills. I’ll be covering more about what sets this retirement community apart from other communities.
If you have any questions or comments about The Cardinal, feel free to post them here. But you’ll probably get better answers by visiting the sales office, their website, or calling them for more details.
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Friday, May 9th, 2008
The Cardinal at North Hills is an assisted living retirement community here at North Hills that is scheduled to open in 2008. In case you didn’t see the article in the N & O, they are now accepting deposits. Spots can be reserved with a 10% deposit.
While many developers in other areas are struggling to find financing, The Cardinal has reportedly closed all construction-related financing–a sign that this area continues to thrive and grow.
From the news release:
“For active adults considering retirement options, The Cardinal at North Hills will meet residents’ every want or need,” said John Kane, Kane CEO. “The Cardinal will combine world-renowned health and wellness services with a multi-generational community that gives residents choices, provides an active urban lifestyle, is close to home, and is located in a place where family and friends will like to visit.”
Through a relationship with Duke University Health System, residents will enjoy convenient access to world-class health care. The Cardinal’s Health and Wellness Center will include the Duke Center for Living, a model program with national and local recognition for excellence that will be managed by Duke. In addition, Duke physicians will serve as medical directors for The Cardinal’s on-site primary care clinic. Cardinal Health Care is also part of The Cardinal’s Health and Wellness Center and will offer assisted living, memory care and skilled nursing. These facilities will provide regular health screenings, a state-of-the-art fitness center, personalized assistance with scheduling hospital visits and educational seminars featuring Duke physicians.
“One of the most notable facts about The Cardinal is the partnerships that have been forged to make certain that it isn’t a typical retirement community,” said David Falk, Jr., co-CEO of Drucker & Falk. “We have a team that can cater to the people and preferences in our region and focuses on the continuum of care and integrated services for senior adults.”
One of the top 10 architecture and design firms in the world, Perkins Eastman, will serve as the community architect. Perkins Eastman will incorporate the latest design concepts to enhance an independent lifestyle for residents while connecting them to the wider community of North Hills. With more than 800 professionals and 10 locations, Perkins Eastman has received national recognition for its sensitivity to seniors and for providing affordable and creative solutions that bridge housing and health care.
The Cardinal will offer a variety of luxurious one- and two-bedroom floor plans ranging from approximately 900 to 2,500 square feet. Features include open kitchen designs and a private terrace for each residence. Floor plans will also offer sunrooms, study rooms, nine-foot ceilings, and high-end designer upgrade finishes such as hardwoods in all common areas and top-of-the-line appliances.
Clancy and Theys Construction Company, founded and headquartered in Raleigh, N.C., will serve as the general contractor and construction manager for The Cardinal.
For more information, visit The Cardinal sales office behind Bonefish Grill in North Hills, call (919) 781-2021, call toll free (888) 781-2021 or go online to www.thecardinalatnorthhills.com.
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