Kane Realty is calling dibs on the ‘final piece’ of the puzzle in Midtown Raleigh
For nearly two decades, Kane Realty has worked to transform Raleigh’s North Hills into a mixed-used innovation district.
Now the city’s most prolific developer is vying to purchase “the final piece” of the puzzle.
The firm confirmed that it’s making a “very competitive offer” for the 27.89-acre site between Interstate 440 and St. Albans Drive at Wake Forest Road in Midtown Raleigh.
Real estate brokerage JLL listed the property earlier this month. Marketed as Midline Raleigh, it sits adjacent to Kane Realty’s North Hills Innovation District and The Exchange Raleigh, a billion-dollar mixed-use project developed by Dewitt Carolinas.
Bonner Gaylord, Kane’s chief operating officer, wouldn’t discuss exact figures or say if they’re facing much competition. But he said the firm was in the “best position” to develop this site “contiguous and consistent” with the existing North Hills.
“No one else has the ability to connect this parcel with what has been developed to date,” Gaylord said in an email.
Despite higher interest rates and uncertainty in the market, the firm remains successful in starting new projects, he added, which is “an attractive differentiator.”
Triangle Business Journal first reported the listing.
A closer look
The property is an assemblage of five parcels, according to JLL’s marketing materials. It has an assessed value of around $67 million and is zoned commercial mixed-use up to 20 stories. That allows for up to 2,146 residential units, 531,000 square feet of office space, 45,895 square feet of retail and a 180-room hotel.
JLL said it already generates “substantial incomes from its existing assets” totaling around $3.6 million. That includes 365-unit The Pointe at Midtown apartments, which has 92% occupancy, and the Grove Towers office buildings, which has 85% occupancy, JLL said.
JLL’s Teddy Hobbs said they’ve taken the property to market “unpriced.” “We anticipate a closing in 2025,” he said.
In 1999, Kane Realty purchased the old North Hills mall. Since then, he’s worked to revitalize this pocket of Raleigh into a “live-work-play” complex. Where once stood the mall’s last relic, the JCPenney building, he’s built a 12-story mixed-use redevelopment featuring new retail, residential and office space options.
Around the corner, he’s developed the 33-acre North Hills Innovation District. It features a 17-story tower, Tower 5, delivered in 2024, alongside 1,500 apartments and 60,000 square feet of ground-level retail.
This story was originally published March 17, 2025 at 6:30 AM.
