Kane Realty is partnering with Federal Capital Partners to build a 400-unit apartment complex in the Ramblewood neighborhood near North Hills.

The project, which involves tearing down the 1960s-era Lantern Square apartment complex, is expected to begin construction in the third quarter of this year, the companies announced Friday.

The deal represents a family reunion of sorts for the Kane family, as one of North Hills developer John Kane's son, Bryan Kane, heads up FCP's Triangle office.

It also marks FCP's fourth investment in the Triangle over the past 14 months. Late last year the Washington-based firm paid $35.25 million for the first phase of the West Village development in downtown Durham.

Kane Realty and Concord Hospitality Enterprises expect to break ground any day now on a new Hyatt hotel on the east side of Six Forks Road in Raleigh's North Hills.

A joint venture between the two companies paid $2.89 million for a 1.15-acre parcel in North Hills East last month.

Developer John Kane said today that the project has secured a construction loan and will begin soon. The project is expected to be completed sometime in the spring of 2013.

The new hotel will be a 137-room Hyatt House, the new extended-stay brand that is replacing the Hyatt Summerfield Suites brand.
 

Slate Pharmaceuticals, a small private drug company that markets a testosterone medication, is moving from Research Triangle Park to the CapTrust Tower at North Hills.

Slate officials said in a release that the move will double its footprint, although the company declined to disclose the exact square footage it will occupy.

The 275,000-square-foot, 17-story CapTrust Tower was developed by Kane Realty and Duke Realty.

It opened in 2009 and is now 71 percent leased.

Slate, which was founded in May 2006, markets Testopel, a long-acting testosterone medication that has been approved by the Food and Drug Administration.

The company's founder and CEO, Bob Whitehead, was previously president and chief operating officer of Auxilium Pharmaceuticals, a company that focused on urology and men’s health.

The developer behind Raleigh's North Hills wants to install a transit system within the development that would shuttle people around in elevated, battery-powered vehicles.

Kane Realty announced Tuesday that it is partnering with ULTra PRT on a feasibility study to see if the company's transit system could be used in North Hills.

PRT, or Personal Rapid Transit, uses 4-person vehicles on elevated tracks to transport people short distances. Users would be able to take the cars, on demand, to the station of
their choice within North Hills.

The system would address an issue that North Hills is likely to face as it continues to expand: How to conveniently and efficiently get people across Six Forks Road and to areas east where Kane hopes to expand in the future.
 

The CapTrust Tower at North Hills has leased nearly 19,000 square feet to two new tenants.

Wasserman Media Group is moving into 10,294 square feet on the 10th floor. NovaQuest Capital Management will occupy 8,586 square feet on the building's ninth floor.

Wasserman Media Group is a global sports and entertainment company based in Los Angeles.

NovaQuest Capital Management manages investments in the biotech and pharmaceutical sectors. 

Developed by Duke Realty and Kane Realty, the 275,000-square-foot, 17-story CapTrust Tower opened in 2009.

It is home to some of the priciest office space in the Triangle with asking rates above $30 a square foot.

The building was 67 percent occupied in the fourth quarter of 2010, according to a Grubb & Ellis Thomas Linderman Graham survey of the Triangle office market.

Developer John Kane announced today that he has withdrawn The Cardinal at North Hills application with the state Department of Insurance so that the project can be redesigned.

The proposed continued care retirement community has been seeking approval from the department since February.

The department has made a series of requests for more information from the developers. The most recent request was made just last week.

Kane and David Falk Jr., a managing partner with the real estate firm Drucker & Falk, said today that the redesign is being done in response to changing economic conditions since the project was first proposed in 2007 and 2008.

The redesign will include lowering entrance fees and providing more flexible contract options for residents. The Cardinal was charging residents entrance fees that range from $367,000 to more than $1 million.

Kane and Falk did not give a timetable for when they would resubmit The Cardinal's application with the state. They did say it would be a fast turnaround.

"The timing will be sooner rather than later for release of new design details for the project," they said.
 

The N.C. Department of Insurance has requested more information from The Cardinal at North Hills, the proposed continued care retirement community that is seeking regulator approval to start construction.

"It’s my understanding that we’ve received some of what we requested, and anticipate the rest is forthcoming soon," said Kristin Milam, spokeswoman for the Department of Insurance.

The department was required to respond to The Cardinal's latest preliminary certification application by Wednesday.

No new deadline has been set for when regulators may make a final decision on The Cardinal's application.

"The sooner we hear back, the sooner we can move forward with our review," Miam said. "I know that completing the review process is a priority for us."

Construction of The Cardinal can't begin until the Department of Insurance approves its application, something the project's developers have been seeking since February.

The department has made a series of requests for more information from the developers, a process that the department says is standard when evaluating CCRCs.

The Cardinal is being developed by John Kane and David Falk Jr., a managing partner with the real estate firm Drucker & Falk.

Kane is the developer behind the revitalization of Raleigh's North Hills mall.
 

Some winners of iconic trophies -- think Emmys or Oscars -- reportedly find creative spots for their awards, such as on a nightstand or in the master bathroom (to preen over them frequently). Some use them as bookends or doorstops.

John Kane plans to treat his Thad Eure Jr. Memorial Award with a bit more respect. The Raleigh developer received the bronze, foot-tall statue of Sir Walter Raleigh last week at the Greater Raleigh Convention and Visitors Bureau 24th annual luncheon.

Kane wrote in an e-mail that he plans to put the award in the North Hills offices of his company, Kane Realty, "as it is a tribute to our entire team."

The award is given by the bureau each year to an individual who has made significant contributions to Wake County’s hospitality industry.

PricewaterhouseCoopers is leaving downtown Raleigh for North Hills.

The consulting firm has signed a lease for 15,000 square feet in the CapTrust Tower, said Jeff Sheehan, a senior vice president at Duke Realty in Morrisville.

PwC will occupy half of the 12th floor. The company is leaving the Wachovia Center.

The 275,000-square-foot, 17-story CapTrust Tower opened last year. It is home to some of the priciest office space in the Triangle with asking rates above $30 a square foot.

North Hills is getting a bowling complex.

Triangle entrepreneurs Chris Angel and Alan Fluke announced today that they will open Sparians Midtown Bowling Boutique in a space on the first floor of the Park & Market apartment building.

The complex will take up about 30,000 square feet -- the second largest retail space in North Hills -- and will include a restaurant with indoor and outdoor seating and a bar.

“Although bowling will be the primary attraction, our main focus will be on creating a vibrant atmosphere with appetizing food, unlimited fun and impeccable service," said Fluke, managing partner and COO.

Sparians will feature 18 bowling lanes and two private suites with six lanes to accommodate group functions. Sparians will also allow Nintendo Wii and Xbox games to be played on large TV’s and projection screens.

Construction has yet to begin on the space, which will be across from Bruegger’s Bagel Bakery and the Captrust Tower.