Developer wants to remake Cary’s Waverly Place. First, the public gets its say.
A developer is planning a massive makeover for Waverly Place, a popular outdoor shopping center in Cary.
But first, the public will have its say.
This Thursday, the Cary Town Council will hold a public hearing during its regular meeting at Cary Town Hall, 316 N. Academy St., at 6:30 p.m.
Houston-based Hines, the developer behind the town’s Fenton project, is asking the council to rezone a portion of Waverly Place for a mixed-used development.
They want to build up to 750 apartments, and an additional 30,000 square feet of commercial space with buildings up to seven stories.
The redevelopment would largely focus on 7.74 acres of the 22.5-acre property at 2001 Kildaire Farm Road, including two parking lots and the CMX CinéBistro. This site is within one of Cary’s “destination centers” as identified in the Imagine Cary Community Plan.
The developer has promised to limit the size of 10% of the units to ensure a mix of housing types, and “a commitment to workforce housing,” according to its application.
Hines declined to comment ahead of the hearing.
According to the Urban Land Institute, workforce housing is defined as housing affordable to households earning between 60% and 120% of the median household income (AMI). In Cary, it’s $113,782, according to Point2Homes, so it would target middle-income workers earning between $68,269 to $136,538.
Katie Drye, Cary’s assistant planning director, said officials are expected to forward the request to the town’s planning and zoning board.
“Staff will provide a recommendation on the request when the case returns to council for action,” she said in an email.
Revitalizing Waverley
Waverly Place, which opened in 1988, is anchored by Whole Foods Market and features a lawn for concerts and other events.
Hines bought the 22.5-acre property from Dallas-based Northwood Retail for $88 million in 2022.
The acquisition was influenced, in part, by the company’s “positive” experience developing Fenton, Hines’ managing director, Paul Zarian, said at the time.
“The prospect of continuing to invest in Cary was compelling,” he said, describing the shopping center as a “core asset” surrounded by “excellent demographics.”
As malls struggle nationwide amid the rise of e-commerce, Waverly Place joins a growing list of malls across the Triangle that are being redeveloped to survive.
▪ Northgate Mall in Durham closed in 2020 and is now being redeveloped.
▪ In 2021, Cary-based Epic Games purchased Cary Towne Center for $95 million, then demolished it to make room for its new headquarters. Three years laters, however, plans have stalled.
▪ University Place in Chapel Hill and The Streets at Southpoint are also being transformed into mixed-use developments with residential, office and retail components.
Hines, meanwhile, is growing its presence in the Triangle.
It opened Fenton in 2022, its 92-acre mixed-use district featuring retail, office, restaurants, a hotel and apartments. Today, it covers a wide expanse of Cary Towne Boulevard near its intersection with I-40 and continues to attract new businesses.
