Epic Games buys Cary Towne Center! (Star: landlord, closing, shop)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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TOC wants a pedestrian bridge between the two.
I think I would like to see a cable lift or gondola.
Or.. a zipline system.
It seems like that got dropped somewhere along the way. A provision for a landing spot for it at Fenton doesn't appear to be in the Fenton development agreement. The greenway will apparently eventually the existing small tunnel under Cary Towne Blvd, but it's not in a great location for connecting the actual developments.
Chances of a bridge also seem lower if CTC becomes a corporate campus. Epic might like it to enable its employees to access Fenton more easily, but there would be a lot less traffic and forth for the general public.
But for a little bit of timing, Cary could've had Wegman's anchoring the 87-acre CTC site -- fronting three major roads, with two traffic signals in place, and surrounded by other commercial, residential, and schools. (Yes, Wegman's would've been happy to join Belk; the Wegman's nearest me is in a Maryland lifestyle center which opened in 2010 with it and JCPenney as anchors.)
Meanwhile, the 92-acre Fenton property would make a great trophy corporate campus for Epic: it's hilly and scenic with a wooded ridge overlooking Walnut Creek, adjacent to a giant multi-sport recreational park with rugged trails, has limited access points, and IIRC was long zoned O&I anyhow.
For that timing error, I will squarely blame CBL. They were completely blind to any possibilities other than having a regional mall at that location, and resisted any approach other than swapping out anchor boxes. It took years of coaxing by the town to get them to acknowledge the mall should be opened up, and by that point the Fenton PDP had been negotiated and Wegman's lease signed. They couldn't even admit they lacked the capacity to redevelop the site until the bank forced their hand by calling default.
Having these uses in more appropriate places also would've saved town taxpayers some coin, as a good chunk of the 2019 bond issue is going to road improvements to get retail customers into Fenton. Those wouldn't be necessary if the retail traffic were at CTC, where road capacity is already mall-sized.
Having these uses in more appropriate places also would've saved town taxpayers some coin, as a good chunk of the 2019 bond issue is going to road improvements to get retail customers into Fenton. Those wouldn't be necessary if the retail traffic were at CTC, where road capacity is already mall-sized.
I feel for the parents eventually in the lines of minivans at nearby Adams Elementary navigating the shoppers headed for Wegmans and the workers going to Epic.
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Quote:
Originally Posted by K4GPB
I feel for the parents eventually in the lines of minivans at nearby Adams Elementary navigating the shoppers headed for Wegmans and the workers going to Epic.
At the very least it seems like a very unconventional choice for a corporate campus. $20M would probably get you 100 acres on Davis Drive in RTP, which isn't all that far away. Or $50M for the state property at the intersection of Edwards Mill and NC54. But like I said earlier in the thread, with a privately owned company they can do whatever they want. Tim Sweeney could decide to make the site his personal estate if he wanted to, and if he thinks it's worth it then that alone makes it a very good deal for him.
Doesn’t Tencent own almost half of Epic? While a lot of their focus is Big Tech, they have recently been investing in brick and mortar real estate opportunities both at home in China and elsewhere. The plan may not be to use all of it for Epic. Could be an opportunity for some of the other Tencent holdings, or maybe just a mixed-use real estate play with a sale/lease-back by/to Epic for a portion.
Doesn’t Tencent own almost half of Epic? While a lot of their focus is Big Tech, they have recently been investing in brick and mortar real estate opportunities both at home in China and elsewhere. The plan may not be to use all of it for Epic. Could be an opportunity for some of the other Tencent holdings, or maybe just a mixed-use real estate play with a sale/lease-back by/to Epic for a portion.
40% of Epic Games. So not a controlling stake but vast amount of wealth is being transferred to China.
quote: Belk expects to complete the financial restructuring transaction through an expedited "pre-packaged" reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company expects the transaction to be completed by the end of February.
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