Hines and partners to build 69-acre mixed-use project in North Carolina, US
May 10, 2019 – Real estate firm Hines and co-developer Columbia Development Group have partnered with USAA Real Estate for the development of Fenton, a 69-acre mixed-use district in the Town of Cary, North Carolina.
The project will include 2.5 million ft² of retail, office, restaurant, hotel and multifamily space. The first phase will include a Wegmans store covering an area of 99,000ft² along with 263,000ft² of specialty and experiential retail, a movie theater and food hall, a 146,400ft² loft office, 350 apartment units and a 175-key hotel.
To be located along Cary Town Boulevard at I-40, Town of Cary, Wake County, the development is in close proximity to the Research Triangle Park, a regional job engine, along with several other residential neighborhoods and public and private schools.
Hines senior managing director Kurt Hartman said: “Fenton will create a unique, compelling destination for Triangle residents, with uncommon synergies between residential, office and experiential retail, and will fill a dining and entertainment void in the rapidly growing, affluent Cary market.”
Cary Mayor Harold Weinbrecht said: “We are thrilled to have been chosen as the home for Fenton and can’t wait for all the jobs and opportunities it will bring to our community for decades to come.”
With its cosmopolitan mix of shopping, dining and entertainment, Fenton has claimed to have attracted notable tenants such as Crawford Brothers Steakhouse, Superica Tex-Mex and Honeysuckle Gelato.
Columbia Development principal Abbitt Goodwin said: “On behalf of the Columbia Development team, we would like to extend our deepest gratitude to the State of North Carolina, the State Property Office, the Town of Cary, Wegmans, and entitlement team of Parker Poe Adams & Bernstein, McAdams, Drake Commercial Properties and Wakefield Beasley & Associates for their tireless efforts in assisting us to bring this project to fruition.
“We are humbled and grateful to have attracted world class partners in Hines and USAA Real Estate to take the next steps in creating a region-shaping project for generations to enjoy.”
Hines and Columbia Development engaged HFF to raise capital for the project. Ground breaking of the project is expected to take place this summer, with the opening scheduled for the fall of 2021.