2013 Year End Review 2014 OUTLOOK
Letter from the President As the calendar year changes, we look back on a North Hills in 2013 that reflected new energy, continued momentum, and an even stronger activity level. New retailers want to attract the North Hills shopper. New restaurants opened. New development projects started with more in the pipeline. Construction activity is happening all over the place. New patterns for dining and late-night socializing continue to be formed. And we welcomed many more people who have embraced North Hills as their own. In the shadows of construction cranes we continue to see more activity than ever in just about all areas of North Hills: more residents living “above everything they need and want”, more office workers making North Hills their firm or corporate address, more guests filling up hotel rooms and restaurant seats, and more shopping bags. Often referred to as “Raleigh’s Second CBD” (Central Business District), North Hills is a place that is welcoming to all demographics to work, live, dine and shop for the value purchases as well as the occasional splurge. North Hills is the place in the Triangle where we take our “out of town” friends, find the perfect outfit for an upcoming event, entertain our clients and prospective hires, and meet to work on the next deal. We continue to observe that our local economy is showing tremendous strength. The Triangle is attracting newcomers from other states each day. Many of them are relocating from active and vibrant metropolitans. These tier one metro cities are walkable, accessible, and thriving day and night. They arrive into the Triangle looking for “their place.” North Hills fills the void for Raleigh’s newest workers, residents, and guests who are looking for that 24-7 “place”. To have access to an environment where walking is easy between shops and restaurants resonate well with these visitors. Active streets with outdoor dining, late night activity, and a multitude of events all match what they expect to find in thriving new economy destinations. As a company, there was tremendous activity for Kane Realty in 2013 at North Hills: 700+ new residences under construction, the opening of another 140 hotel rooms, the opening of 30,000 square feet of new restaurant space, an additional 15,000 square feet of retail shops, and continued demand for office space. At North Hills there is approximately $750 million in value that has been created from private investments over the past 10 years. It’s no wonder that North Hills has become Raleigh’s Midtown. Looking towards 2014, our outlook for North Hills is very strong. We anticipate the announcement of several new and exciting retailers and restaurants. We also expect to see construction cranes remain visible from the I-440 beltline as we build new residences, offices, and more hotel rooms. Most importantly, we want to remain “THE place to go” for those of all ages to gather with their families, engage in commerce, and celebrate with their friends. We look forward to a meaningful year at North Hills in 2014.
Mike Smith President, Kane Realty
Retail -
Leasing
Welcoming 10 new businesses, North Hills reached 99% occupancy in 2013. The addition of Anthropologie, and its necessary 10,000 SF, required the successful relocation of five current businesses to new spaces.
Saxbys Coffee Since opening January 2014, this coffee bar serves coffee, tea, specialty drinks and made-to-order sandwiches, frozen yogurt, salads, and pastries.
Madison Boutique Providing accessible luxury, this women’s specialty multi-brand clothier opened their 2nd location in North Hills
Chuy’s Eclectic Tex-Mex restaurant based in Austin, Texas featuring fresh dishes made from scratch daily opened at Midtown Park
RETAIL
Retail -
Welcoming 10 new businesses, North Hills reached 99% occupancy in 2013. The addition of Anthropologie, and its necessary 10,000 SF, required the successful relocation of five current businesses to new spaces.
Leasing
Office Depot A unique location with charging stations, tech experts, BluWire, and easy-to-locate products and services
The Cowfish Unconventional restaurant serving a robust menu of burgers, sushi, and a fusion called “burgushi�
High Line Boutique
High Line
Clothing store for men and women, with an emphasis on classic and preppy styles
Boutique
Ideal Image A national leader in laser hair removal
Retail -
Relocations
With very little vacant space, North Hills opened 10,000 SF of space for Anthropologie by relocating five current businesses to new spaces.
BeyondBlue Interiors Local interior design and furnishing relocated and expanded into 4,500 SF
Learning Express Unique, specialty toy store made a new home just around the corner in 2,400 SF
Sleepy’s The Mattress Professionals relocated to a new space occupying 5,000 SF
Serotta’s Family-owned women’s clothier and onsite fur vault has a new home in 1,500 SF
Retail -
With very little vacant space, North Hills opened 10,000 SF of space for Anthropologie by relocating five current businesses to new spaces.
Relocations
ArtSource
A r t SOURCE
Local art gallery upfit a new space and added more workshops and classes in a 2,200 SF
FINE ART GALLERY & FRAMING
BeyondBlue Interiors Learning Express 24
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Under construction for Spring 2014 openings.
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EX IT 8A
Another Broken Egg Café 3,406 SF
EXIT
8B
Award-winning breakfast, lunch, and brunch restaurant offering a menu of 114 varieties.
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Anthropologie 9,976 SF
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This highly sought after brand is for women who express their personal style through their clothing, accessories, gifts, and home décor.
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Century 21 . 1,736 SF
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State-of-the art residential real estate office will be tech-savvy and community-oriented.
PARK DISTRICT
EXI T 8A
EXIT
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Kings . 28,840 SF
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EXI T 8A
EXIT
8B
FOREST
ROAD
The new Boston-based restaurant and entertainment owner of Sparians Bowling Boutique is undergoing a multi-million dollar renovation early this year.
Office -
Leasing
Occupancy has reached 99% with office renewals and expansions, as leasing begins on a new office tower.
CAPTRUST Tower Only 2,831 SF vacant office space available in all of North Hills after the renewal and expansion of Wasserman Media Group and the addition of a new tenant, The Generation Companies.
CAPTRUST Expanded space into 13,497 SF
ABA Expanded space into 32,459 SF
REGUS The Offices at North Hills: 100% leased
Maintains 100% lease & waiting list
The success of CAPTRUST was validated in a financial transaction valued at $328 per square foot. Kane Realty Corporation and KBS Realty Advisors entered into a new partnership in February 2013 to own the tower. Kane Realty continues to lease and manage the Tower.
Office
Occupancy has reached 98% with office renewals and expansions, as leasing begins on a new office tower.
“Kane Realty Corporation to Develop 18-Story Office Tower in Midtown Raleigh” Triangle Business Journal, June 19, 2013
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EX IT 8A
EXIT
• Groundbreaking planned for Q2 2014 • Currently pre-leasing for building completion in 4Q 2015. • 18-story, 300,000 SF Class A multi-tenant office tower -- 10 stories of office -- 7 levels of parking -- 10,000 SF of ground level retail • Uniquely designed by Duda/Paine Architects, Leasing by Synergy Commercial Advisors
8B
-- Curved wall along southwestern face -- Two-floor building cut out -- All glass building exterior • Attracting regional, nations, and international businesses to add 900-1,100 new employees to North Hills • The continued growth of employers calling North Hills “Home” further cements Midtown Raleigh as “Raleigh’s 2nd CBD”
Hotels
Plans for a third hotel at North Hills are underway with an anticipated opening of 140 allsuites property in 2016 across from North Hills Tower II.
RaleighNorthHills.House.Hyatt.com
This high-end extended stay hotel boasts 137 spacious studio, one and two bedroom kitchen suites. • Since opening July 2013, this property has been #1 in Guest Satisfaction Score throughout the HYATT brand • Awarded HYATT University, which is the training location for all new-hires and managers within HYATT • Achieved 100% RevPar (revenue per available room) within four months of opening
RenaissanceRaleigh.com
• Maintains contract with National Hockey League to host all competitors of Carolina Hurricanes • 2013 Four Diamond Award Winner in Hotels for AAA • Listed in 2013 Best Hotels in N.C. for U.S. News Travel • Weekly RLife LIVE Series brings the best new music, entertainment, food and drinks to each unique Renaissance property around the world.
Residential AllisterNorthHills.com
After opening the first building in April 2013, Allister North Hills Apartments is expected to be completed in Q1 of 2014. Now with two amenity buildings each hosting a pool, a clubroom, and a fitness center, Allister is nearly 50% pre-leased with more than 170 residents calling Allister North Hills home. The low-maintenance lifestyle of apartment living paired with the superior location and luxurious on-site amenities come together to create a desirable destination for anyone. Offering studio, 1, 2, and 3-bedroom options within the 14+ acre property, the amenities at Allister are endless:
• Two resort-style swimming pools • Two club rooms • Playground • Multiple outdoor gathering places • Grills • Conference Room • Fitness Center • Media Center • Electric Vehicle Charging Stations
Residential
Residential Located directly on Midtown Park and atop 5,550 square-feet of retail, construction for Midtown Green North Hills Apartments commenced January 2013 is scheduled to open April 2014. Midtown Green’s classically designed exterior will feature rich brick, a pitched roof, balconies with 8’ doors and lush ivy accents. The 214 thoughtfully designed studio, 1 and 2 bedroom residences will offer a choice of interior schemes and views of Midtown Park, surrounding neighborhoods and downtown Raleigh. • Structured parking completed in November 2013 • 214 upscale residences apartments • Two courtyards, including pool • Two-level clubroom with sophisticated design, lighting, contemporary furnishings • High-end interiors 24
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Residential A full-service rental Continuing Care Retirement Community (CCRC) on six acres in the Park District at North Hills offering multiple lifestyle choices designed to promote independence, dignity, and an engaged way of life. • Mix of independent living, assisted living, memory care and nursing care • Offering one, two, and three-bedroom floor plans • Multiple dining venues • Bar and lounge area • Wellness and fitness center 24
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• Kisco’s signature Art of Living WellSM program
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• A full range of social programs
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Cardinal at North Hills, developed by Kisco Senior Living, is 55% reserved and construction is anticipated to begin in March. A sales center is currently open near the site.
Midtown Park Bookended by popular Tex-Mex restaurant, Midtown Park is a 1.25 acre park designed by renowned architect Thomas Sayre. Construction on the large performing stage and interactive fountain will be complete in early February 2014. • A true hub location within North Hills • Tree-lined 100’ x 350’ park • Site of events & community activities including Wellness Wednesday Series, Bluegrass Music Series, Friday Night Tribute Series • Celebration of fun, fashion, music, and community • Available for Naming Rights
Grand Opening Celebration April 25-27, 2014
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Green
Our dynamic growth requires us to employ sustainable principles as we continue to provide urban-style developments.
Charging Stations
Pedestrian-Friendly
North Hills added two level-2 charging stations in 2013, totaling four (4) electric charging stations. In 2014, Advanced Energy awarded North Hills a grant to receive two level-3 charging stations. Level-3 stations provide a full battery charge in 30 minutes.
Using signs with arrows, QR codes, and estimated walking times for pedestrians, Walk [Midtown] was implemented late June 2013. The program aims to improve pedestrian mobility, safety, and health.
Solar Power
G.E.M Vehicles
Partnering with Baker Renewable Energy, North Hills uses rooftop solar panels to generate power for a range of services.
A new 10-passenger electric vehicle was added to our fleet of electric shuttles in 2013, which is used to transport guests throughout North Hills for shopping, dining, and special events.
Property Districts To enhance the wayfinding and unify all three phases of North Hills, in 2013, each area was named and colorized with light pole banners and corresponding property maps.
Lassiter District at North Hills Situated just north of Lassiter Mill Road, this area covers businesses from Traditions by Anna Bridal Boutique to Kerr Drug including Vivace, Lululemon, Panera Bread and Total Wine.
Main District at North Hills Named for Main at North Hills Street, this is the central area from Ruth’s Chris to Bank of America, including Exxon, North State Bank, Target, Regal Cinemas, and REI.
Park District at North Hills With Park at North Hills as a main artery, this area encompasses the property from Bruegger’s Café & Espresso Bar to Chuy’s on the newly constructed Midtown Park.
“Meet me at Starbuck’s?” “Which one?” “The one in the Lassiter District, not the Main District.”
North Hills Mobile App After much anticipation, North Hills will have its very own mobile app, which will be available on both iOS and Android enabled devices, to provide comprehensive information on North Hills.
Planned features: • Map of North Hills -- Points of interest for businesses, events, special offers -- Locations for parking, EV charging stations, ATMS, event venues • Business -- Category listing, description, hours, phone number, location, and directions -- Current special offers and events for each merchant • Event -- Upcoming events, descriptions, and locations -- “Remind Me” button enables push notifications to users day of events • Parking -- Outlines of parking decks, deck entrances, and EV charging stations -- Display images for users to view parking entrances -- Once parked, users can mark their vehicle to easily locate vehicle -- When leaving, app will launch walking directions from users current location back to their vehicle
Midtown Events promises to bring over 350 events to North Hills in 2014, encompassing all the community favorites and more engaging, new programs.
Thursday Nights, April 17 - August 14 This go-to event is on everyone’s social calendar as crowds of over 10,000 flock to the Commons on Thursday nights for this 18-week summer series.
Saturday Mornings, April 19 – November 1 Entering its 7th season, the Midtown Farmers’ Market is home to nearly 50 vendors. This growers-only market provides Midtown residents with produce and proteins, flowers, baked goods and handcrafted items, paired weekly with fitness events and live music.
April 1 – August 29 The youngest North Hills patrons gather on the Commons to enjoy arts and crafts, story time, and of course, playtime with colorful foam blocks and mats.
May 17 With over 140 antique classic cars on display annually at this classic car show, a little bit of history is parked right in our midst.
Midtown Events promises to bring over 350 events to North Hills in 2014, encompassing all the community favorites and more engaging, new programs.
June 1 – 7 Take a week to celebrate and enjoy all things art at North Hills - including the annual photography competition, live performance art, fire dancing, Wine and Design painting classes, chalk art, sand sculpture, live musical and theatrical performances, and more!
Friday Nights August 29 – October 17 With an incredibly well-received first season, this new favorite is back and better than ever with an 8 week series held in the new Midtown Park! Join us on Friday nights to enjoy a myriad of old and new favorites performed by some of the best talent around.
A Feel G o od M usic se r i e s
November 22 The Annual Tree Lighting Celebration kicks off the Christmas season with the lighting of the most magnificent tree in town! Santa Claus makes his way to Midtown, spreading cheer and merriment on this festive day full of fun - sledding slopes, train rides, Christmas crafts, bounce houses, delicious treats, and more!
And Much More... American Cancer Society Walk
American Diabetes Association Walk
Saturday, October 4
Saturday, October 25
Race 13.1 Midtown Race Series
Midtown BBQ & Bluegrass
Free to Breathe Walk & Race
June & September
Saturday, October 11
Saturday, November 1
St. Baldrick’s in Midtown Saturday, April 12
NEW in 2014!
MIDTOWN PARK
GRAND OPENING
CELEBRATION
Midtown Park Grand Opening Celebration April 25 - 27 Join us for a weekend of fun, fashion, music, and community to celebrate Raleigh’s newest performance venue and park.
Midtown Bluegrass Series Third Sundays, May - October The Midtown Bluegrass Series is going to become a fan favorite! Once a month, this new series will boast some of the most talented bluegrass bands from up and down the East Coast, right in our midst, in Midtown Park.
Wellness Wednesday Series
Wellness Wednesday Series Spring, Summer, and Fall Seasons Get fit in the Park! Complimentary wellness and fitness classes will be weekly at Midtown Park. It’s the perfect time and place to experience new classes with professional instruction.
Event Sponsorship Opportunities available for: • • • • • • • •
North Hills Kids Beach Music Series Wellness Wednesday Series Bluegrass Music Series Art Week Friday Night Tribute Series NC Symphony Series Christmas at North Hills
Available for Naming Rights: • Midtown Park
Contact: Dawn Baker | 919-719-5479 dbaker@kanerealtycorp.com Katherine Kane | 919-719-5460 kkane@kanerealtycorp.com
We are grateful for the sponsors and partners that helped make the 325+ events and programming of 2013 possible.
Sponsors & Partners
North Hills proudly partnered with the following non-profits in 2013, to assist them in sharing their story and broaden their audiences.
HOPE FOR HAITI
The Midtown Raleigh Alliance kicked off 2013 with an Economic Update and Coffee Chat with Raleigh Mayor Nancy McFarlane. MRA member companies hosted networking sessions on various topics such as Tax Tips, Social Media, and even cooking lessons. In June, MRA hosted a honored Dr. Powell Graham Fox, Jr., with the Midtown Visionary Award at Duke Raleigh Hospital Gardens. Later in September, the MRA brought the community together for a fun day celebrating our canine companions to raise over $2200 for the Wake County SPCA. There’s something for everyone at the MRA! On December 11th, business leaders from Midtown, Wake County, and as far as Durham came to celebrate the Year-in-Review Holiday Celebration with the MRA. During this A-list event, business leaders were able to network, enjoy a hot breakfast and were treated to a video series documenting the 2013 activities of the Alliance followed by presentations fom John Kane, Mayor Nancy McFarlane and Governor Pat McCrory. Go to MidtownRaleighAlliance.com to view the videos on Midtown.
Social Media
Engaging almost 32,000 followers, North Hills continues to be a powerhouse in the realm of social media in the Triangle.
19,266
1,878
895
Adding hundreds of followers each week and sharing more contests, videos, and insider information will help NH maintain its stake on this popular platform.
NH Kids’ page continues to engage parents through testimonials, parenting tips, photos, contests, and family topics and activities.
Engagement has almost doubled in 2013 after executing a new website and social media strategy including frequent posting of images and new programming.
Twitter @NorthHillsRAL
Instagram @NorthHills_
Pinterest @NorthHills
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906
362
Continuous discussion with followers helps to further the NH brand and the mission of Kane Realty. Active engagement and tweeting images, videos, and new information have helped increase followers by 52% in 2013.
In 11 months, North Hills has nearly 1,000 followers on this image sharing social media platform. Posting images and videos of events, shopping, dining, and interesting perspectives helps to drive traffic on the medium and into businesses.
With a mission to drive traffic into the doors of retailers and restaurants, followers have increased by 40%. High frequency of posting will grow engagement in this female dominated platform.
R aleigh & The Triangle We are fortunate to be in Raleigh. The market fundamentals of Raleigh remained strong through 2013 and into 2014. The Raleigh market has maintained its momentum through the diversity of high-paying jobs from the bio-tech, medical, pharmaceutical industries and growth of the professional service sector. Our city and region is continues to boast numerous accolades.
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Fastest Growing Cities in the U.S.
10 Best Places to Retire
10 Best Cities for Car Drivers
Best Places to Raise Kids in North Carolina
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Best Performing Large Cities in the U.S.
Baby Boomer Boom Town
Best City in America
U.S. City for Business Prosperity
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Hottest Housing Market
Best Cities in America for Small Business
Metros with the Largest Share of College Grads
Top 12 American Boomtowns
2013
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Urban
There is a strong demand for urbanstyle developments. North Hills sets the standard for the Triangle.
also fills. The time saved on typical household maintenance and driving decreases drastically with those that are in urban developments, allowing more time to enjoy the conveniences that North Hills provides after working hours. In the heart of Midtown Raleigh, North Hills’ signature location not only provides easy access to the interstate, but it also provides direct access to the Triangle’s best shopping and dining. This alone makes it a premier location for companies and their employees.
Urban Self Sufficiency With its pedestrian-friendly and sustainable development, North Hills continues to breathe life into Raleigh. This urban lifestyle fulfills the Triangle’s need for a community of convenience with a wealth of shopping, dining, and entertainment within numerous city blocks. There is high demand for urban-style developments and North Hills sets the standard for the Triangle. According to RCLCO Consumer Research, the majority of Generation Y desires to live in a walkable community that provides products they can afford. All demographics are welcome in North Hills, whether for value purchases or occasional splurges. They are willing to pay more for the convenience of being able to walk to work, shop, dine, and entertain. Since 2009, the demand for the urban lifestyle has been increasing, as there are more singleperson households without children than ever before. At least half of the 77% that plan to live in urban developments, will rent for a minimum of three years in a place that affords them the convenience of living above or in walking distance of a mixed-use district, like that of North Hills. A third of the Triangle market is looking for mixeduse communities where they can live in close proximity to their workplace, increasing the demand for rental space, a void that North Hills
As more companies relocate their offices and headquarters to North Hills, the win-win scenario increases for everyone. The working environments are more attractive as employers recruit employees from large cities. Within walking distance, employees have access to gyms, a multitude of dining options for meetings, and gathering places after work. The health, happiness, and productivity of employees improve, as well. Worker retention rates increase because of the irresistible environment North Hills has created with all that anyone could ever want or need just steps from the door. This built-in support for mixed-use developments has been the heart of North Hills’ existence and sustainability. This convenient lifestyle entices more companies and more people to make Midtown Raleigh their permanent residence, with shopping, dining, and services in a pedestrianfriendly district, perpetuating North Hills’ success despite the broader economic challenges that we have faced nationally and in traditional centers of commerce. In the next 10 years, the cash flow of urban developments are expected to surpass that of traditional suburban developments, and districts like North Hills will continue to flourish with office, retail, and rental offerings in over 150 acres of city space.