Developer interest in downtown Cary redevelopment project ramps up
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A map of the town-owned properties Cary wants to redevelop. Photo: Town of Cary
Earlier this summer, the town of Cary sent out a call to developers asking how they would potentially redevelop 28 acres of town-owned land in its downtown, including the town hall campus.
- In return, developers appear to be leaping at the opportunity to get in on the action.
Driving the news: On Monday, the town released applications from 18 developers who have expressed interest in working on the downtown project.
- Among them is a veritable who's who of the Triangle's most influential developers in recent years.
Why it matters: Downtown Cary, once a sleepy corner of the Triangle, has turned into one of the hottest real estate markets in the past few years, with new projects, apartments, businesses and a park springing up.
- But the town-owned properties could represent the biggest development there yet.
Details: The applications largely do not get into specifics on what could be built on the town-owned land. Rather, they are attempts to show why each developer has the track record and financial means to take on a transformative project.
Among the 18 applicants:
- Kane Realty, the prolific Raleigh firm behind North Hills and many other projects.
- Hines, the developer behind The Fenton.
- Loden Properties, the Raleigh team planning to redevelop Cary's South Hills.
- HM Partners, the Raleigh group building the 400H tower in downtown Raleigh.
- Hoffman & Associates, the D.C. company developing Seaboard Station and the Raleigh Union Bus Station.
- And Charlotte's Lincoln Harris, which is working with N.C. State to build its "Innovation District."
What they're saying: Ted Boyd, Cary's director of economic development, said the town will review the applications over several months.
- "I had no idea what to expect," Boyd said of the call for applications. "But I am very impressed with the calibre and quantity of the teams who responded.
- "We see this as a once in a lifetime opportunity to effectively complete Cary’s downtown grid — transforming the municipal campus and town hall from an island to become an integral part of the town’s urban fabric," LODEN Properties partner Henry Ward told Axios of the project.
What's next: The town has no timetable yet for when it will respond to the applications but Boyd said it will include extensive engagement with town residents in the coming months.