In case you missed the news, since obviously the IKEA fell through, this is the new project: Carolina YardsAfter years of planning and preparation, the developers leading the transformation of the Cary Town Center have announced plans to break ground early next year.
On Thursday, developers Turnbridge Equities and Denali Properties revealed the name for the upcoming mixed-use urban hub with 4 million square feet of space: Carolina Yards.
"It's going to be a total transformation," said Jason Davis, managing director for New York City-based Turnbridge Equities. "In its place we’ll have an urban street grid much like you find in downtown Raleigh and downtown Durham."
Plans for the Carolina Yards call for 1.2 million square feet for office use, 360,0000 square feet for commercial retail, 450 hotel rooms, 1,800 multifamily and townhouse units and over 10 acres of open space. The project is situated on 87 acres at 1105 Walnut St. in southeast Cary.
“Leveraging our deep history in retail, we are focused on transforming struggling retail properties into highly engaging mixed-use environments to enhance and better serve communities,” said Adam Williams, founder and CEO of Denali Properties. “Carolina Yards is emblematic of that vision, reflecting a quality mix of commercial, residential, hospitality and civic offerings within an urban, walkable setting lined with vibrant streets and open spaces.”
See AlsoFurniture Store in Charlotte, NCThe developers plan to demolish nearly all of the existing mall space following the holiday season – the existing Dave and Buster's and Belk buildings will remain. Davis said the mall is currently about 60 percent occupied.
After the demolition, the plan is to start on the first phase in February in the hopes of completing construction on that phase in late 2022 or early 2023. That first phase will feature each of the uses planned for the development.
Davis said the name, Carolina Yards, addresses the Triangle as a whole and emphasizes the development's outdoor amenity spaces and walkability.
"We tried to find something that spoke broadly to the region and the Triangle, and it really does operate as a whole," Davis said. "People that live in Cary are just as likely to go to a restaurant in Cary as they are in Raleigh, Durham or North Hills."
And as the project has evolved, the company has made changes to accommodate the post-Covid world, including extensive outdoor space and outside terraces in office buildings.
"We have a unique opportunity to be one of the first projects in the Triangle to be a truly post-Covid design," Davis said. "We'll have curbside pickup and drop off. We’ll have around 100 surface parking spaces outside store fronts; a lot of outdoor dining. People really enjoy outdoor dining."
Planning and design firms on the project are: Gensler, Sasaki; Little Diversified Architectural Consulting; McAdams; and Hord Coplan Macht. Within each firm, the companies worked to maximize variety in the buildings planned for the project.
“Each building was designed by a separate architect. It creates this feeling that it's something that evolved over time rather than a project that got delivered altogether,” Davis said.
CBRE was brought on as a predevelopment consultant earlier in the project. The company is now handling marketing and the tenant search, with retail consulting and leasing by CBRE’s Cori Nix, Kerri Dunlevy and Charlie Coyne and office leasing by the CBRE Raleigh investor leasing team.
Coyne said they expect a wide range of local and national tenants from smaller shops and boutique fitness to chef-driven restaurants and more.
"Our design is very authentic, and the focus is on being really approachable (for) professionals, millennials, college students – really everybody," he said. "We have a sort of marquee brewery tap room space. There's over 10 acres of outdoor green and open space."
The project will feature several office buildings with creative office space designed to accommodate everything from a growing startup to a major corporate headquarters.
"The location is right off I-40, and you're really in a central location in the Triangle," said Brad Corsmeier, executive vice president of CBRE Raleigh's Advisory & Transactions Services group. "This offers an opportunity for uniquely designed office in a dense mixed-use environment."
The companies held a Zoom call with local entrepreneurs on Wednesday to show what the project will have to offer. Developers have yet to reveal any tenants, but said they hope to make announcements in the near future.
“We are strong believers that tenants and guests are looking for authentic experiences," said Andrew Joblon, founder and managing partner of Turnbridge Equities. "As we did at our Music Lane project in Austin, Texas, where we attracted SoHo House, Equinox, Gensler, Deloitte, Lululemon, Everlane, and Sweetgreen to an emerging retail street and established it as Austin’s premiere high street, we’ll seek to bring together a best-in-class mix of retailers, hospitality concepts and office tenants at Carolina Yards.”
Turnbridge Equities and Denali Properties bought the 87-acre Cary Towne Center site in 2019. The property is also the site of the Town of Cary’s planned $193 million indoor sports complex. That project has been delayed due to plummeting hospitality revenue as a result of the pandemic.
In addition to Carolina Yards, Turnbridge is also working on redeveloping the site of The Creamery building in Raleigh's Glenwood South.
