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**Kane Realty Receives Approval for High-Rise Development in Raleigh**
The Raleigh City Council has granted approval to Kane Realty’s ambitious rezoning application, allowing the development of high-rise buildings up to 40 stories across multiple parcels located at Six Forks and Lassiter Mill roads. However, the city has implemented a height restriction, capping the tallest structure at 37 stories.
According to the Triangle Business Journal, the approved rezoning covers six parcels and permits the development of up to 3 million square feet. The project includes a mix of uses: up to 2,521 residential units, 1.67 million square feet designated for office and medical spaces, and approximately 263,465 square feet allocated for restaurant and retail purposes.
As part of the rezoning agreement, Kane Realty has committed to contributing to Raleigh’s affordable housing efforts. A condition of the approval requires Kane to pay $40,000 per unit for up to 1 percent of the approved residential units. This equates to a potential total contribution of approximately $1 million to the city’s affordable housing fund.
The approval marks a major step forward in Kane Realty’s continued efforts to reshape Raleigh’s urban landscape while addressing the city’s housing affordability goals.
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