John Kane, manager of Kane Realty Group, developer of North Hills, has set his sights (sites?) on downtown Raleigh.
According to records obtained by the INDY this week from the City of Raleigh, Kane offered to purchase the city-owned land at 301 Hillsborough Street—a parking lot across the street from the Dawson Condominiums and Campbell University law school— for $3.1 million early last August. In the purchase agreement, Kane Realty says it intends to develop the site “with a full-service grocery store.”
“Once the purchase agreement is executed, the purchaser shall work in good faith to obtain approvals, commitments and a lease from the grocery store tenant,” Kane’s letter of intent, addressed to City Manager Ruffin Hall, states. (Documents at the bottom of the post.)
In July, another real estate management organization called the Lundy Group, Inc. offered to the purchase the land from the city for $3.08 million, without any stipulations.
Last month, Raleigh’s City Council voted to rezone property at 301 Hillsborough Street-to allow for a 20-story project.To the ire of affordable housing advocates, the city decided to open a formal bidding period and will, presumably, sell the land to whomever makes the best offer. Council has not yet authorized the required, formal bidding period.
Did Kane’s offer sway the Council’s decision to sell to the highest bidder, and forego their future bargaining power with a potential developer? Will downtown Raleigh finally get its centrally-located grocery store? Will John Kane Realty be the conveyor of development to downtown Raleigh henceforth forever and ever?
Stay tuned; your move, Council.
