Maybe he’ll sell it to his son? Didn’t his son develop the Weld projects?
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No doubt that the company will go on. I am just saying that with this acquisition, will John Kane ever oversee the development of SH3 himself?
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Yes it’s planned but pending better interest rates, per a TBJ article I recently saw.
Just thinking from a cash flow standpoint and the strengths of each development company. Maybe his son is better suited for the SH3 site and that gives Kane Realty some capital for North Hills.
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It’s gonna be awhile before that happens.
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TBJ with Crabtree news. Belk is giving back the Men’s Store space near center court; main store is adding men’s + wine/coffee by November. Since the men’s store is only one floor of the former Thalhimer’s space, it’s only 70K sq ft – good size for a junior anchor. Macerich EVP: “We have strong interest from a number of retailers, including first-to-market concepts, for the Belk Men’s space”.
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Ahh, memories. First, Thalhimer’s was acquired by Hecht’s. Crabtree began an expansion in 1993 that included a new Sears (now being reused as Dick’s). The old Sears was converted to shops on the west end of the mall – that’s why there are apparently redundant escalators – and Hecht’s built a new store on the extended west end that was originally ground-level parking. In the mid-2000s, Macy’s acquired Hecht’s. Lord and Taylor took over the original Thalhimer’s space until they closed the store. Belk got the upstairs for the men’s store.
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That’s a good summary.
In my mind I still imagine walking through the old North Hills Mall. My favorite store there was The Bentwood in the 80s.
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Some recent pics from NHID as my wife forced us to walk there in 20F weather. 
Food at Good Graces was pretty good. I don’t think there’s much new and exciting to show here except you can walk on all of the bridges now which is fun. I imagine recent weather has slowed progress bit.
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I took some too and that area is really shady and lots of ice (on Monday) but will be perfect in the warmer months with shade. I literally bumped into the sign that said Not Open Construction Zone but kept walking!
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As to how the Triangle Town Center Saks (even owned) hasn’t made the list of closed stores is astounding!
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just goes to show that there’s money being spent in Raleigh.
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I would guess it comes down to rent/lease locations vs. owning the space at TTC, and not competing with any Nieman Marcus locations.
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Agreed. Came here to say the same thing. I suspect the ones closing are not buildings they own, and can actually save them more $ by breaking their lease and shutting down compared to properties they own outright, like we learned they do at TTC. They’re hemorrhaging cash, seems like they’re going after the low hanging fruit.
The Richmond location is in a dying mall that has only one anchor left after Saks leaves. These places are living on borrowed time unless they can reinvent themselves.
Drove by Crabtree over the weekend and the Dick’s “experience” store that’s under construction where Sears used to be seems to be trying to draw attention to itself….They are building an awkwardly HUGE, enormously tall facade on the east and west faces (facing the parking deck and facing Edwards Mill). It just screams “hey look at me” Very over the top and unnecessary in my opinion, but I guess they have to really attract shoppers to spend or it’s another anchor that’s toast.
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Yeah, really makes me wonder how bad sales must be at those other locations. In Boston, Philadelphia, NNJ, and Phoenix it’s just the weaker of two stores that’s closing; it’s Birmingham, Columbus, New Orleans, Richmond, and Tulsa that they’re leaving entirely, and the Triangle is larger and wealthier than all of those markets. (Well, Columbus is pretty close, but the S5A there is definitely in a second tier mall.)
Also, TIL that Saks was founded not on Fifth Avenue, but on Pennsylvania Avenue in DC. It wasn’t until 59 years later that they opened at Fifth & 50th.
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Yep, these locations are not surprising aside from suburban Philly (that store is one of the oldest in the company and was supported by a large, aging wealth in the area) and Boston, which definitely competes with the much large Saks across the street.
A couple of these are relics of the mid-90s early 2000s economic boom – Columbus was at a mall that was not the main player, but it preceded the main player by a few years. Tulsa was an oil boom product. New Orleans is a bit surprising given the investment made to the store following Katrina.
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This one’s for @StreetviewRDU !
The new bank going up on the corner of St Albans and Wake Forest Rd (in the parking lot of the Hilton). Best thing I can say is that at least it’s not a 1-story building 
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Figured ya’ll would appreciate this - Kane was recently interviewed by TBJ on their podcast, just dropped this morning. I’m listening now. I’ll update the post if he drops any gems that we already don’t know about.
Update:
- Kane says he’s working hard on DTS & building a $250m soccer stadium there
- Confirmed 12-15k capacity to start with. Using Kansas City USWL stadium as a model, since theirs is doing really well and is/was built to be expanded in the future.
- Working on financing for stadium, will open in late 2028/early 2029
- Other development will come BEFORE stadium, Kane is working on that right now.
- When asked about recent his real estate sales (Peace Apartments, office buildings, etc.) he says he didn’t want to actually sell these properties, but since he was a part-owner and his financial partners (who owned the majority) wanted to sell, he was essentially forced to sell those properties. But he didn’t actually need that extra capital to finance any of his upcoming developments.
- As stated previously in other threads, DTS development should start development by the end of this year. I’m assuming this interview is where that quote came from.
- Starting 5 projects in the new Midline Raleigh (North Hills extension) development in 2027/2028. Mostly mixed-use residential + a hotel.
Bottom Line Triangle: John Kane on Downtown South and North Hills, and a look at wage growth
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Great to hear this “from the horse’s mouth”! I’m even more excited about seeing this development and BRT down that way evolve the DoSo area. Thanks for the report!
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I think the city could cover the $250 million maybe, they might have enough money in the tourism tax fund to support that. As for other projects It’s unfortunate he sold them.