The Hillsborough Street area adjacent to North Carolina State University is revitalizing, and it’s pulled in a newbie to the student housing sector. Kane Realty Corp is developing a $78M, 822-bed community that’ll deliver next summer; CEO John Kane tells us it’s been a really tricky process. The site had been an ugly gravel parking lot, and had just undergone a tough rezoning battle. That’s when Kane came on board, and realized the planned development didn’t pencil out financially. The team had to go back to the City of Raleigh and get permission to rezone again—only eight months had passed, and the city typically requires two years between zoning applications.
Once that passed, the new development was unanimously approved. The new community, Stanhope, is steps from NC State but also only a few blocks from Meredith College. John says it’s just part of a larger redevelopment in the area, which had become a little tired. Hillsborough Street expanded and added roundabouts, and a new hotel is going in nearby. Stanhope’s amenities really set it apart, including a salt pool with splash deck, tanning rooms with stand-up beds, art studio, and two-story game room. It’s fully furnished and includes in-unit washer and dryer, and it’s got 25k SF of ground-floor retail and restaurants.
Stanhope is also focusing on sustainability, with recycle rooms on every floor and electric car charging stations. Asset Campus Housing will manage the community, while Kane will lease/manage the retail. John says the project is a great one to bring him into student housing. Besides being so appealing because of its location, John’s father, father-in-law, and son all went to NC State, which gives the deal a real emotional connection.
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