Urban development in Cary?

[Brendan]

I don't know exactly what this will mean to Waverly Place, but the retail center was recently sold to Northwood Investors on January 6th.

 

From the press release:

 

“We are pleased to add Waverly Place to our retail portfolio and are excited about the long-term prospects in the region,” said John Kukral, President and CEO of Northwood Investors.  “Our experienced team looks forward to enhancing the property and tenant-mix to provide the local Raleigh-Cary community with a unique dining, shopping and entertainment destination.”

Northwood Investors owns several other retail properties in North Carolina including Blakeney and Blakeney Crossing, which encompass more than 500,000 square feet of retail space, and a number of residential properties through its partnership with Northwood Ravin including The Vue, a 50-floor luxury high-rise located in Charlotte.

 

 

I wish Northwood had bought Waverly about 7 years ago. I've always been VERY impressed with Blakeney Shopping Center in Charlotte.  I see it as what Park West Village in Morrisville was SUPPOSED to be before they dumped the mixed-use, gridded streets for outparcel shopping strips, outparcel restaurants and a slew of big box stores. It's completely unwalkable unless in "The District" area, which is pretty nice and appears to be expanding.  But I digress.

 

I really wonder what Northwood will do to Waverly Place.  Their retail mix is still pretty damn boring. Going to be interesting in 2015 as Cinebistro - upscale restaurant and theater ($$) opens, along with Red, Hot & Blue which opens later this month. T.Mac's has been a great addition to Waverly and is likely bringing more traffic than all the new stores on top side of WP.

 

Press Release: http://waverlycary.com/northwood-investors-purchases-waverly-place/

 

Northwood Investors: http://www.northwoodinvestors.com/

[Jones_]

They have so many more parking lots than their retail mix would ever require that I'm thinking building on half of a couple of them and then making Collanades a pedestrian strip with some new retail abutting it (built on say the central parking lot) and putting in raised crosswalks to the out parcels and wide sidewalks with benches and such along it. 

[Brendan]

I think that's a great idea.  Plopping down a Starbucks right across from T.Mac in the existing parking lot would be very popular.  Have some outside tables and seating.  Sort of like the one at North Hills. 

[Jones_]

I think that's a great idea.  Plopping down a Starbucks right across from T.Mac in the existing parking lot would be very popular.  Have some outside tables and seating.  Sort of like the one at North Hills. 

Actually Starbucks is exactly what I had in mind...I don't personally drink their coffee but it seemed very Cary-esque....North Hills would be a good place to copy design wise since their layout obviously works. The demographic is essentially the same. 

[Jones_]

I got excited for Cary for a second until I saw that the building appears to be set back from the street for parking. http://www.bizjournals.com/triangle/blog/real-estate/2015/02/cary-developer-proposes-changes-for-chatham-street.html

[orulz]

I got excited for Cary for a second until I saw that the building appears to be set back from the street for parking. http://www.bizjournals.com/triangle/blog/real-estate/2015/02/cary-developer-proposes-changes-for-chatham-street.html

The building that is set back from the street behind parking is the existing one with Just Tires in it (205 E Chatham). The new building will be built to the sidewalk. The article mentions that it is a 3-story office building but the site plan says 2 stores. A 2-story single use office building is better than what's there right now but still not particularly exciting.

[Jones_]

Oh gotcha. Chatham Street looked more like a paring lot. I'd never looked for Cary site plans online before so thats good to know they're out there. Yeah I would also agree it's actually not exciting at all. Hip roofed, heavy eaved buidlings don't really scream urban. 

[Brendan]

That is absolutely a horrible design for a street-facing retail space.  Looks like a boring building that holds medical offices.  Snore.  DT Cary is hopeless.

[Brendan]

On my way to take my daughter to Cary High School over the past year, I've noticed the construction of a massive building at the corner of Old Apex Rd. and Maynard Rd.  Further research shows that this is Phillips Chatham Pointe, a mixed-use development, featuring 59 apartments and 10,000 square feet of ground floor commercial space when finished later this Spring.

 

VERY odd location for something like this.  The lower level retail looks rather bland in the rendering on the site below. Not sure what kind of retail would make it in this location. ($15/sq ft)

 

http://www.phillipsdevelopment.com/phillips-development-realty-begins-construction-on-mixed-use-phillips-chatham-pointe/

 

Here's a property brochure with more info: http://bit.ly/1A3NJMG

 

More pix and article: http://www.phillipsdevelopment.com/developments/current-projects/phillips-chatham-point/

[Jones_]

Half baked as it always comes to pass, I guess I should appreciate Cary at least giving it a try. For instance they certainly didn't need to have sidewalk facing town homes along Chatham between High House and the traffic circle but either the developer or the Town requiring the developer to do so resulted in it happening. Much better than say the St mary's town homes on the edge of downtown Raleigh, in a regular street grid, still all being faced inward towards their parking lot. 

If Cary would just abandon the bland design standards, maybe they'd end up with a notable build out in some areas. 

[Brendan]

[ctl]

That's funny. And I wonder if Triangle Town Center has the same destiny.

 

Crabtree and Southpoint appear to be viable - for now. Don't know enough about Northgate to say.