New major development comes to Cary
Construction begins this month on Fenton, a mixed-use development in Cary.
The project is a joint venture of USAA Real Estate, Columbia Development, and Hines, which has secured a loan of just over $199m from Bank OZK.
The development will be on Cary Towne Boulevard next to the Wake Med Soccer Park and close to Interstate 40. It is 10 miles west of downtown Raleigh. Across the street is the Cary Towne Shopping Center. Such sites often look to banner printing to announce projects and keep the community abreast of their progress.
The site spans 69 acres and will feature in the first phase 345,000 square feet of retail space with a Wegman’s Food Market, 125,000 square feet in size, and a dine-in movie theater, CMX CinéBistro, 36,000 square feet in area, as anchors. There will also be 200,000 square feet of office space, a hotel with 175 rooms, and a luxury apartment community of 357 units to be called The Canopy at Fenton.
The loan was arranged by Jones Lang LaSalle Incorporated (JLL) with headquarters in Chicago. Real Capital Analytics cites this loan as the largest nationwide financing project for a development primarily based on retail since March. Construction is expected to be well underway by the end of this month, with the first phase to be completed in April 2022.
The project is a joint venture of USAA Real Estate, Columbia Development, and Hines, which has secured a loan of just over $199m from Bank OZK.
The development will be on Cary Towne Boulevard next to the Wake Med Soccer Park and close to Interstate 40. It is 10 miles west of downtown Raleigh. Across the street is the Cary Towne Shopping Center. Such sites often look to banner printing to announce projects and keep the community abreast of their progress.
The site spans 69 acres and will feature in the first phase 345,000 square feet of retail space with a Wegman’s Food Market, 125,000 square feet in size, and a dine-in movie theater, CMX CinéBistro, 36,000 square feet in area, as anchors. There will also be 200,000 square feet of office space, a hotel with 175 rooms, and a luxury apartment community of 357 units to be called The Canopy at Fenton.
The loan was arranged by Jones Lang LaSalle Incorporated (JLL) with headquarters in Chicago. Real Capital Analytics cites this loan as the largest nationwide financing project for a development primarily based on retail since March. Construction is expected to be well underway by the end of this month, with the first phase to be completed in April 2022.