A large development proposed for fast-growing Cary includes a hotel, office space and hundreds of new residences.
CREA, a real estate firm in Austin, Texas, has filed a new rezoning request for two properties on Regency Parkway in Cary to allow for a mixed-use development, currently called Holt, with up to 750 multifamily units, 120 hotel rooms and up to 360,000 square feet of office space.
The nearly 50-acre property runs along the south side of U.S. Highway 1 and is currently zoned for general commercial and residential. The requested zoning is for a planned development, according to Town of Cary records.
The rezoning application indicates the office space would be spread across multiple buildings. Fifty of the multifamily units will look like low-rise townhouse villas and will all include a charging station for electric vehicles. A greenway would run through the property along with at least 3.5 acres of community green space. The multifamily residences would sit on 14 acres while the hotel and office space would be on seven acres.
The wooded property at 8200 and 8400 Regency Parkway is 48.11 acres total. The total assessed value for the properties is $2.1 million. The land is currently owned by two individuals. Regency Park borders the land on two sides with Regency Lake to the south. It is across from Koka Booth Amphitheater and close to offices and hotels.
“CREA has spent the past several years looking for the right opportunity in the Triangle and feels that now is the perfect time to bring this long dormant site to life,” CREA Principal Luke Kline said.
The company declined to give further information regarding cost and timeline of the project.
CREA is a real estate firm that develops and acquires residential and mixed-use communities in 17 markets, but focuses primarily on Austin, Denver, Nashville, Tennessee and Raleigh. CREA currently owns one property in Raleigh, Regatta at Lake Lynn apartments. Regatta is a 396-unit apartment community that CREA acquired in November 2019.
The Regency Parkway area has seen significant commercial growth with office buildings and business parks popping up in the area. Regency Office Park was renovated in the past few years allowing for more companies to move in. Veloxis Pharmaceuticals was one of those firms, taking 28,000 square feet of office space at 2000 Regency Parkway in early 2021. And Garmin (NYSE: GRMN) has leased the top two floors of Regency Creek I.
There will be a virtual neighborhood meeting about the rezoning request for neighboring property owners at 6:30 p.m. on Oct. 12.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 1, 2021) and Privacy Policy and Cookie Statement (updated July 1, 2022). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.
About Author
