Kane pays $6.9M for North Hills land expansion
Developer John Kane has closed on the purchase of one of two parcels on St. Albans Drive adjacent to his newest phases of development at North Hills. With the acquisition, he plans to extend commercial development even farther.
Kane Andrews Acquisition LLC, the ownership entity created by Kane’s real estate development company, paid $6.85 million for the 20.4-acre tract at 600 St. Albans Drive, or $335,620 per acre, according to a deed record filed Wednesday in Wake County.
The undeveloped, wooded property was previously owned and managed by trust accounts representing the heirs of Alexander B. Andrews, Thomas A. Williams and Richard A. Williams.
Kane has also negotiated to take control of another 13.4 acres owned by St. Albans LLC that’s contiguous to the Andrews land and fronts the I-440 Beltline on the eastern edge of North Hills. Kane says he has a long-term ground lease agreement with the owners of the land.
The two parcels had a combined tax value of $4 million, according to Wake County records.
But the St. Albans property has its challenges in regards to the amount of density that could be built. There’s a large power transmission line running through it, plus several creek beds and protected tributaries.
At a meeting with members of the Midtown Citizens Advisory Council in January, Kane explained that much of the land would be used as open space with a one-mile fitness loop and 10-foot multimodal path. He is proposing a cluster of seven- and five-story buildings that would have a mix of commercial and residential uses, like what he’s built at North Hills.
The Midtown CAC voted to endorse Kane’s plans for the project on a vote of 109 people in support and 37 neighbors against. The project would still need city approval.
Representing the sellers in the land sale were Justin Good, Allan Lynch and Jeff Glenn of the HFF commercial real estate firm.