Kane has many avenues to recapitalize. In the past they have sold off earlier developments (like Stanhope, or pieces of North Hills) to raise capital to continue building elsewhere. Once some of the things under construction are complete and have been occupied for a year or so, they will likely be sold - and development will move forward.
They won’t sell everything, and I’m not exactly sure how they decide what to sell, but that’s been their MO so far and I expect it to continue.
Only if the economy crashes will the Fed change course that much. CRE maybe the crack in the economy that causes the change in i-rates. 400H will be the last (office) for a while. If you knew where rates were going, you would be partners with Kane or relaxing in the islands.
Imagine what this site would look like today if the City Council had voted to support a soccer stadium a few years back…
They had put it on state owned land making it entirely that soccer guy. The city offered some of Dix Park for it. Raleigh had it just an ill experienced owner.
Would probably look the same. Not sure what the City Council has to do with it.
There would have been less cash left for the actual pro team we do have that just signed a 20 year renewal + the MLS franchise still would have gone to Charlotte, leaving the City at large with an expensive new home for the minor league team, while jeopardizing a bunch of other stuff.
Ps even if public funds were committed to this it probably wouldn’t have started construction yet, see e.g. the new City Hall building
If we had a stadium plan…we would have had a team. But alas, Raleigh must be the largest City in American with ZERO sports stadiums of any kind downtown
Was about to post a grumpy cat or something in response to this but then I decided to do some research, and it turns out that:
While there are a number of cities larger than Raleigh that don’t have top-tier pro teams downtown (Austin, San Antonio, Kansas City to name a few) nearly all of them have either:
The possible exceptions I can find:
Las Vegas is much larger, and does not have a big arena or stadium near downtown, but their facilities are near the strip, which is their main attraction, so not sure it should count.
Norfolk belongs to a larger MSA and has no top level sports facilities anywhere at all in the city - but they do have the Tides which are a AAA baseball team, who play in a downtown facility comparable to the Bulls in Durham. ODU has some facilites too, but they’re kind of far from downtown, and all less than half the size of pro facilities.
Providence (MSA slightly larger than Raleigh) and Richmond (MSA slightly smaller) are two other peer cities that don’t have pro-tier facilities anywhere in the city, and their biggest university facilities are smaller and more basic than Norfolk.
I would say, though, that we are pretty unique, for being a city that:
This is the part I am giving thumbs down. Tepper already had a damn stadium built and ready, alongside his billions upon billions of spending cash. We had neither. Plan or no plan, we were never getting MLS. Get over it already lmao
Malik proposed MLS move way before Tepper was in the picture…well maybe not way before but far enough “Before” he was a threat of any kind all the same. MLS is nothing but a pyramid scheme. They were desperate to appear legit. You either needed a stadium or a plan for one. Raleigh provided neither.
The City leadership sat on their hands & wouldn’t make a decision. Wake County funded a bunch of suburban nonsense with funds available & then you had a bunch of ‘gentrification nonsense’ that Baldwin & Co were not willing to call BS on…so they sat on their hands when they could have been bold & took a 1st mover advantage.
But that ain’t how Raleigh rolls…
So you’re mad that the City took too long and didn’t trump Tepper/CLT to be first in line for the ponzi scheme? And as a result this development project is going to be delayed?
I agree that the City creates a bunch of drag but I’m really sensing a lot of inconsistency here.
Ps I thought you were a Republican so I’m surprised you’re mad that the City didn’t make a several hundred million dollar gamble on the premise of “build it and they will come”
At least our State Capitol building is downtown…ahem Oklahoma City.
I’d never throw shade at the Oklahoma Capitol from here. It makes ours look like a dollhouse!
The OK capitol building, no matter how big, has possibly the worst context of all of the capitol buildings nationwide. I’ll take our city with its capitol at the very center.
I know, I’ve been there, and I’ve got to say I love the big, imposing state capitals that make you feel like state government isn’t a throwaway thing. Grandeur can be good.
Would it be a lot better if it was sited like Texas’ or Massachusetts’? 100%.
Would I prefer it to NC’s? Honestly, yes.
My favorite in terms of design is actually Nebraska’s. Marvelous art deco.
No one likes it on here, but I’ll still throw out the NY state capitol as being appropriate for a large state.
I know it gets hated on by some of you, but imagine this at the end of Fayetteville St instead of what we have. All you’d need is some string lights and a streetcar/trolley going up and down between it and the Gucci store at the opposite end, and you’d have that classy big city we all want.
That isn’t the problem with Albany… these beauties are:
Oh the dystopia! of it all!
There’s lots of problems with Albany… Lol
Relevant recent video:
Spoiler: Raleigh came in at number 5 on his list; Oklahama City at number 3.
