Kane Realty Buying Up More Property Downtown

From the News and Observer...

Kane Realty Corp. could transform another part of downtown Raleigh, as the company has 6 acres under contract near Union Station.

The under-contract property is two blocks south of Kane Realty’s The Dillon project, a 17-story office and residential tower in the Warehouse District. The property, on Cabarrus Street, is currently owned by the construction company Clancy & Theys, and is made up primarily of surface parking lots and 1- and 2-story buildings.

For Kane, it’s an opportunity to buy a large tract of land in a part of Raleigh where that is becoming increasingly harder to find, said John Kane, CEO of Kane Realty.

“What’s not to like? It’s great,” Kane said of the property. “It’s downtown, and is a big tract of land right next to where the train station is getting to be completed.”

The proximity and success of The Dillon, Kane added, was also a motivation for securing the property. Kane wouldn’t disclose the price of the property, though that will become public once the deal officially closes. Wake County records show that the property has an assessed tax value of more than $7 million.
“The lease up (at the Dillon) is going very well,” Kane said. “The market is there for more of that. We are very bullish on the area.”

Kane said he envisions the property becoming a dense mixed-use property, which means Kane will need to apply for a rezoning. The company will likely apply for that rezoning later this year, he said.

“It will be very different than The Dillon,” Kane said. “More than likely it will be office and residential, with maybe some restaurants and street-level retail.”
— Zachary Eanes - N&O
Brent Woodcox