A planned mixed-use development with between 500 and 625 multifamily units can move forward in a town west of Raleigh after the Cary Town Council approved rezoning for the project.
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The council voted unanimously in favor of rezoning three parcels across from the Alston Town Center on Highway 55 to make way for apartments, up to 200K SF of office space and 55K SF of retail, the Triangle Business Journal reported.
Raleigh-based developer Capitol Commercial LLC won approval four years after applying for a mixed-use designation for the project, which was originally zoned for office and research and development. The project will span 22.7 acres at 1629 Petty Farm Road, 4404 Highway 55 and another parcel on Highway 55.
Capitol has updated its project plans to span seven stories instead of 10, following local feedback. Other changes the developer made include adding electric vehicle charging spaces and requiring at least 5% of the housing units to be affordable.
The site is located in a rapidly growing part of northwest Cary, which earlier this year saw the addition of several retail options and an upscale fitness club, according to TBJ. It is one of the most high-demand submarkets in the Research Triangle, largely thanks to its proximity to Research Triangle Park.
Mixed-use development has helped to bolster the Raleigh-Durham retail market and remains “an important long-term theme for the market,” a second-quarter Colliers report said, “particularly as traditional office-oriented districts continue to evolve toward live-work-play environments.”
Raleigh-Durham’s retail market has one of the strongest vacancy rates in the U.S., posting 3.0% in the second quarter, according to a Q2 Avison Young report. The national retail vacancy rate held at 4.4% in the second quarter, according to Colliers.
Among recent mixed-use developments underway in the region is The Integral Group’s $343M project in downtown Durham, which will feature local retailers like Black Farmers Market.
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