When Turnbridge Equities purchased Cary Towne Center in 2019, the developer saw the potential to transform the space from an old mall into something new.
Recently-released plans boast a revitalization of the 87-acre lot into Carolina Yards, a mixed-use facility where Cary residents can live, work, eat and shop all in the same place.
“Our belief with mixed-use is that people more and more want to live or work where they can also shop, dine and recreate,” said Jason Davis, Turnbridge Equities managing director. “We see it certainly on the office side, where employers are looking to enhance employee attraction and retention. We find that locating within mixed-use is very helpful in that regard, especially with the younger workforce.”
The project is expected to break ground in February, demolishing the existing shopping center and beginning construction on the “urban core” of the massive facility, including part of its hotel, office, retail, residential and green spaces. While Cary Towne Center was built around indoor shopping, Carolina Yards will have walkable streets and outdoor areas that will serve a variety of purposes throughout the day.
Ted Boyd, Town of Cary director of economic development, says the project will be a different kind of experience and development for the Town.
“It offers a different element without erasing the fabric of what Cary is,” Boyd said. “For those who still enjoy the more suburban nature of a residential neighborhood and being near some shopping, that’s great and there’s always that option. It’s just adding another layer of options for people to live, work and enjoy.”
When talking about what mixed-use facilities can add to a community, Davis compared Carolina Yards to another Turnbridge Equities project recently completed in Austin, Texas. That project brought a new magnetism to the area and attracted new businesses, he says.
Office space and apartments are planned at Carolina Yards, part of a trend toward mixed-use developments.
Cary Towne Center has struggled in recent years, losing its JCPenney, Sears, Dillard’s and Macy’s anchor stores in the last five years. Repurposing the property is part of a new era of development in Cary, with the town turning toward redeveloping existing areas.
“I’d say this is probably one of the most interesting development times in Cary,” Boyd said. “I would say the last big development piece that launched was probably in the ’50s or ’60s when RTP started to come to the area. I think that’s when Cary started to take off in a development form. I think we’re at that next period, but it’s going to be a different type of development pattern that will complement what’s already been created.”
For more information about Carolina Yards, visit carolinayards.com.
