RALEIGH, N.C. — Kane Realty Corp., a Raleigh-based commercial real estate developer, has joined with Newport Beach, Calif.-based KBS Realty Advisors as a joint venture partner for the development of Park Central in Raleigh.
The development costs for the 16-story, mixed-use tower are estimated to total $100 million, according to Triangle Business Journal.
“We are delighted for our partnership with KBS Realty Advisors to continue with Park Central,” says John Kane, CEO of Kane Realty Corp. “The vision we’ve shared with KBS fulfills the [area’s] demand for an upscale, urban lifestyle that’s rich with amenities. As Raleigh continues to grow, we are proud to provide a vibrant community … for residents and workers to enjoy.”
The 252,204-square-foot high-rise retail and apartment building will be located at the intersection of Six Forks Road and the 440 Beltline in Midtown Raleigh’s North Hills district. Construction is already underway on the project, which is situated adjacent to Midtown Park.
“We truly believe Park Central’s dynamic location within an attractive market like Raleigh, coupled with the luxury style of living we’re offering, will be a very attractive draw to tenants,” says Marc DeLuca, regional president of KBS. “Raleigh has become an appealing location for office tenants, retailers, restaurants, hotels and residential tenants, and we’re pleased to add this to our portfolio.”
Park Central will include a 134-unit residential tower atop a multi-level parking deck. An additional 152 midrise units will wrap around the parking deck. The property will also include 36,400 square feet of ground-level retail and restaurants.
Upon completion in September 2017, Park Central’s residential amenities will include two clubrooms, three exterior courtyards, a sauna, pet spa and concierge services. Select unit amenities will include views of downtown Raleigh, 42inch kitchen cabinetry, walk-in closets, granite countertops, stainless steel appliances, ceramic tile backsplashes, keyless entry systems, built-in wine refrigerators, 10-foot ceilings and walk‑in showers.
Park Central is accessible to all of Raleigh’s major transportation arteries including I-440, I-540 and I-40. The property is also situated within proximity to the area’s major demand and employment drivers, including Raleigh-Durham International Airport, University of North Carolina-Chapel Hill, Duke University and the Research Triangle Park, which houses more than 170 companies including IBM, Credit Suisse and Cisco Systems.
KBS and Kane Realty have previously partnered on the developments of Bank of America Tower and Midtown Plaza, which are also located in Raleigh’s North Hills district. The pair plans to deliver Park Central’s first units in April 2017.
KBS Realty Advisors is a private equity real estate company and investment advisor founded in 1992. KBS and its affiliated companies have completed transactions totaling $31.1 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.
Based in Raleigh since 1978, Kane Realty Corp. has developed several high-end commercial real estate projects in the region, including hotels, apartment communities, mixed-use developments and office buildings.
— John Nelson