North Hills East construction under way
Developer John Kane said about $550 million in construction is already under way on projects including St. Alban’s residential building that will contain retail stores below, and the Renaissance Raleigh Hotel, a 10-story Marriott hotel set to open in December.Posted — Updated
Developer John Kane planned to preview the project and plans for expansion on Thursday.
Last year, Kane asked the city to underwrite a parking deck for North Hills East. The tax-increment financing Kane requested would have required the city's borrowing the money, then repaying the loan with revenue generated from higher tax valuations on the project and nearby properties. The city would have paid more than $140 million over the 20-year life of the loan.
In addition to the building projects, Kane Realty has partnered with Root Elementary Magnet School to provide a satellite campus. The corporation will provide acres of undeveloped land so the school can begin renovations on its 50-year-old facility during upcoming school year.