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.
In case you missed it, the official groundbreaking ceremony for CAPTRUST Tower at North Hills took place on Tuesday. Over 200 people came to see Kane Realty, Duke Realty, CAPTRUST Financial Advisors and local officials broke ground on the 17-story mixed use development, which will offer 300,000 square feet of premium rentable office and retail space when it opens in fall 2009.
Key speakers at the event included:
John Kane, CEO, Kane Realty Corp.
Denny Oklak, CEO, Duke Realty
The Honorable Charles Meeker, Mayor or Raleigh
Harvey Schmitt, president, Greater Raleigh Chamber of Commerce
Jeff Sheehan, senior vice president of Raleigh operations, Duke Realty Corporation
While we weren’t able to attend due to conflicting plans, please see below for a great picture of the groundbreaking:
From left: Jeff Sheehan, Duke Realty senior vice president of Raleigh operations; Andrew Kelton, Duke Realty executive vice president – East Region; J. Fielding Miller, CAPTRUST Financial Advisors founder and CEO; Denny Oklak, Duke Realty CEO; John Kane, Kane Realty chairman and CEO; Mike Smith, Kane Realty president and COO; Harvey Schmitt, Greater Raleigh Chamber of Commerce president and CEO; The Honorable Charles Meeker, mayor of Raleigh; Joe Bryan, chairman of the Wake County Board of Commissioners.
The North Hills Buzz crew was out and about early Saturday morning and decided to check out the construction work on North Hills East. We’ve started a gallery where we’ll be putting construction progress pictures. You can check out the first set of pictures here.
It will be interesting to see how this
will turn into this
Again, here are the first set of North Hills East construction pictures for February.
The Lassiter at North Hills will be a collection of 49 condominiums ranging from $490k to over $2.5 million (according to their website). North Hills Buzz is planning on devoting some time/research into discovering why they haven’t started building The Lassiter yet and when they plan on starting. We have a few theories and facts, but before we dive in, does anyone have any knowledge of this subject? Feel free to post a comment here or use the contact form if you don’t want your comment to be seen. Also, if you’re with Kane Realty and have something to add we’d love to hear it.
If you haven’t noticed yet, Midtown and Bar 115 has been closed because they’re re-modeling the restaurant. According to 115midtown.com, they’re redoing their website, too. The grand re-opening (of both the restaurant and the website) will be January 28.
I’m curious to see what changes they make. I actually have only eaten there once, but when I did, the food was great.
Check out our page about Midtowne and Bar 115 to see more information about the restaurant (hours, contact info, etc). Some of this may change once they reopen, and if this happens, we’ll change our information, too.
Feel free to share your thoughts about Midtowne with North Hills Buzz (but only if they’re good-just kidding). We really do enjoy hearing what you think.
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It looks like we might not be getting a publicly financed parking deck over at North Hills East, which is a project across the street from the new North Hills mall.
Developer John Kane wants tax breaks totaling more than $100 million over 20 years to build a parking deck for the area.
The proposal calls for the deck to be paid for with a public financing tool called TIFF financing. However, Charles Meeker has said that TIFF financing should only be used for projects in blighted/undeveloped areas.
Unfortunately North Hills doesn’t fall into this category.
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