Kane Realty sets its sights on Cary
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A rendering of the Flatiron Building. Photo: Kane Realty
Raleigh's most prolific developer, Kane Realty, is betting big on Cary.
Why it matters: Kane Realty, known for its work in North Hills and downtown Raleigh, is proposing two significant projects in Cary, one that would add to the growth of downtown Cary and another that seeks to transform an aging office building.
Driving the news: The two projects would add nearly 500 housing units to the fast-growing town and is Kane's biggest investment in Cary in recent years.
Zoom in: The first of the projects is a seven-story, mixed-use apartment building in downtown Cary called the Flatiron.
- The building, which would be built at 602 W. Chatham St., sits at the west entrance to downtown Cary, in an area that has seen an influx of investments in recent years after the construction of Downtown Cary Park.
- Its Kane's first residential project in downtown Cary and would include 213 apartments and more than 5,000 square feet for restaurants or retail.
- The company is partnering with Mackenan, another local developer that has been assembling parcels in that part of Cary.
The other project is a partnership between Kane Realty and Highwoods, the Triangle's largest office landlord.
- The two companies are proposing a redevelopment of an office building at 7001 Weston Parkway into an apartment building. The company calls the building there, built in 1998, as obsolete in today's office market.
- The companies' plan calls for turning the building into a five-story apartment while keeping the parking lot and trees along the edge of the property as a buffer between the building and nearby neighborhoods.
- The building would have 275 apartments — 5% of which have been proposed as affordable housing — ground-floor retail space and a greenway connection along Weston Parkway.
What's next: Kane and Highwoods have filed a rezoning request for the Weston Parkway project, which the Cary Town Council will need to weigh in on.
