The project, on 95 acres at the northeast corner of Cary Parkway and Chapel Hill Road, is a joint venture being undertaken by Sarasota, FL-based Casto Lifestyle Properties and Cary-based First Carolina Properties. It will include 750,000 sf of retail and restaurant space, 50,000 sf of office, 140 hotel rooms, and 350 traditional and "main street over retail" residential units. Project plans call for the establishment of districts within the project. Each district will have an architectural theme with common features to create uniformity.
The project is expected to be completed in fall 2009. A general contractor has not yet been named for the project, but the architect is Raleigh-based Cline Design. GlobeSt.com first reported on the project in May.
Casto Lifestyle Properties vice president of leasing Diane Caulson tells GlobeSt.com that the original plans called for more residential units but were changed due to recommendations of the board. "We traded off some residential units for green space," she says.
Leasing efforts for the project have started for the project. No signed leases are yet in place for the retail, but there are letters of intent for approximately 300,000 sf . The project will be anchored by a 185,000-sf tenant, which has not yet been named. No signed leases are yet in place for the office space and a hotel operator has not yet been named, although developers are in discussions with several potential operators.
"This will be the first true mixed-use development in this market," Caulson says.
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