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I don't see any way that Epic is interested in building residential and retail, but as has been discussed, they mention the ability to move quickly based on existing entitlements, so it's unclear what their plan is. If they wanted just the office component of Carolina Yards, I would think they would have partnered with Turnbridge by either leasing or buying out just certain parcels, rather than buying the whole site for themselves.
As for the athletic facility, there will be some everyday fitness services, but the larger goal is for it to serve as an event destination...regional youth basketball/volleyball tournaments, etc. It doesn't seem like it would serve super well as a corporate fitness center. That said, I'm hopeful that at a minimum they're willing to sell off that piece of the property to the town. Even better would be a partnership to boost the facility's services that are relevant to Epic...large and small scale e-sports, potentially space for keynote presentations, etc.
Epic doesn’t but certainly their development partner is capable. Whether they’d want that I don’t know, but it’s certainly a big piece of property. Would be a good way to make money.
I think he's positive on Epic staying/expanding in Cary (yay tax base!), but disappointed in this specific plan to displace Carolina Yards. Seems like even he and the town were a bit blindsided by it.
the story broke on a Sunday afternoon less than 48 hours ago, having happened on NYE. The transaction does not seem to have posted online yet. Someone saw the actual deed that was recorded to determine the revenue stamps would be my guess.
Seems certain that Cary wasn't advised/tipped off in any way, not that they should have been necessarily.
the story broke on a Sunday afternoon less than 48 hours ago, having happened on NYE. The transaction does not seem to have posted online yet. Someone saw the actual deed that was recorded to determine the revenue stamps would be my guess.
Seems certain that Cary wasn't advised/tipped off in any way, not that they should have been necessarily.
Mayor said he learned about it in December, so that suggested to me he had some advance notice that it was in the works. Just not a lot of it.
Epic doesn’t but certainly their development partner is capable. Whether they’d want that I don’t know, but it’s certainly a big piece of property. Would be a good way to make money.
What development partner? Everything I've seen indicates Epic is alone on this.
Yeah, so what happens with the Belk building now? Believe it has a tax value of $6 million or so if I recall correctly, but now it's sitting on land without a lease.
Yeah, so what happens with the Belk building now? Believe it has a tax value of $6 million or so if I recall correctly, but now it's sitting on land without a lease.
$6 million building, but no land value to Belk.
It is part of the 87 acres that Epic purchased.
Now....
I wonder what the arrangement for tenancy is for Belk? Month to Month?
What development partner? Everything I've seen indicates Epic is alone on this.
Capital Associates has developed the buildings for Epic’s current campus and represented them as agents in this transaction. Doesn’t seem crazy to think that they might use them again to develop the buildings on this site as well. Most companies, unless they are large with a corporate real estate department will pay a company with the expertise to do all the work to go from raw land (or in this case land with old buildings) to final product. It is a lot more involved than just calling a couple of general contractors and saying build me a building.
Capital Associates has developed the buildings for Epic’s current campus and represented them as agents in this transaction. Doesn’t seem crazy to think that they might use them again to develop the buildings on this site as well. Most companies, unless they are large with a corporate real estate department will pay a company with the expertise to do all the work to go from raw land (or in this case land with old buildings) to final product. It is a lot more involved than just calling a couple of general contractors and saying build me a building.
Thanks, didn't realize they were involved with Epic's current campus development and thought it was just a representation situation on the new deal.
Epic will certainly bring on a developer, but figured a more substantial arrangement would have been set up beforehand as a partnership to acquire the property if that's the direction they were looking to go.
But I'm no CRE expert, so don't listen to me...
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