Raleigh, N.C. — CVS Health has committed to a 20-year lease as the first retail tenant at Stanhope, a new upscale, off-campus student housing community at North Carolina State University that will open in summer 2015.
CVS will occupy 12,226 square feet at the corner of Hillsborough Street and Friendly Drive as part of the 20-year deal, with a tentative opening of August 2015. The store will include a pharmacy, drug store and light grocery items. The remaining 12,744 square feet of retail space is expected to be leased by merchandise shops and restaurants.
The upscale student community will continue the revitalization of Hillsborough Street with 822 beds, 25,000 square feet of retail space and a focus on green living at NC State University.
Kane Realty Corporation, a Raleigh-based development and management company focused on mixed-use properties, began construction on the $78 million, 822-bed project this past spring.
“The addition of CVS as an anchor tenant in our retail space at Stanhope is an exciting piece to the entire revitalization of the area,” said John Kane, CEO of Kane Realty Corp. “We are looking to add retailers who deliver what students want and need to offer the perfect mix to our one-of-kind student living experience.”
Located within walking distance to NC State University and less than one mile from Meredith College, Stanhope is situated at 3001 Hillsborough Street. Named to honor the historic Stanhope neighborhood, the mixed-use community will offer students a wide range of amenities, including an oasis saltwater pool with splash deck, outdoor courtyards with televisions, fire pits, grills and open green space, integral parking deck, hi-tech cyber lounge, study lounges on each floor, art studio, two-story game room, fitness center with cardio mezzanine and two tanning rooms, ground level retail, restaurants and services and more.
The community is focused on green living, offering electronic car charging stations, recycling rooms on every floor, a bicycle storage room, energy efficient windows, sustainable landscaping design with organic fertilizer and LED lighting used throughout the grounds and more.
Residents will be able to choose from a variety of floor plans including studio, one-, two-, three- and four-bedroom options. The individual apartments will come fully furnished and will include televisions with cable and HBO, Energy Star appliances, granite countertops, wood plank style flooring, smart key unit entry system, washer and dryer and more. The entire property is also equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff.
Kane Realty Corporation has hired Asset Campus Housing to manage the residential community.