37.8 Acres in DT Cary to hit the market. $1 Million/acre? (Raleigh: appointed, apartment)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Obviously this is just a vision sketch and not an actual proposal, but here's what was presented for the area in the Cary Community Plan:
That is not nearly dense and/or tall enough to support over a million an acre. At least the drawing. Where the description mentions 6-7 stories possibly higher is in the ball park. Part of the problem is 7-8 stories is a tough nut to crack. It is tall enough that usually you need structured parking and need to start doing certain technical things that drive up construction costs, but not tall enough to really pay for it.
Though of that street alignment is close to, accurate, the two buildings fronting E Charham are going regardless. And even if they kept the single story and just got rid of the mobile home park, I imagine a good number of those businesses die off anyway.
The picture and description don’t line up at all. Picture shoes 2-3 story buildings, big parking lots, no effort at looping in transit, etc. LOL. No way they make $1M/acre work with that much surface parking.
We were just over there the other night, and wife and I were talking about how this spot was ripe for redevelopment. Then, boom, this news. It’s going to be really tricky with the optics of gentrification (pushing out trailer homes and cheap ethnic restaurant businesses). It certainly won’t stop it, though. I’d like to see the town step up and do whatever they can to ease things.
Tried to be clear, but apparently I failed. The image I posted is from the Cary Community Plan that published by the town several years ago as they contemplated what the vast Eastern Gateway area could eventually look like. It was not an actual proposal.
This $1 million/acre thing is what the property owner wants to get for that property. Any buyer is going to propose whatever they see fit for the site that makes the finances work. It will undoubtedly bear little relation to the example that was in the Cary Community Plan other than being a complete redevelopment with a reconfigured intersection for the grade separation. As I (and Sherifftruman) noted, a couple of buildings at the corner will have to go anyway for the new intersection. The preferred Design Concept 1 goes right through the one on the corner and essentially right in front of the one next to it.
The new intersection also poses issues for Patel Brothers across Maynard. Their parking lot is already too small (and regularly generates significant issues on Maynard due to people either not understanding or not caring how right in/right out driveways are supposed to work), and Chatham is going to end up going right through the middle of their lot.
Tried to be clear, but apparently I failed. The image I posted is from the Cary Community Plan that published by the town several years ago as they contemplated what the vast Eastern Gateway area could eventually look like. It was not an actual proposal.
This $1 million/acre thing is what the property owner wants to get for that property. Any buyer is going to propose whatever they see fit for the site that makes the finances work. It will undoubtedly bear little relation to the example that was in the Cary Community Plan other than being a complete redevelopment with a reconfigured intersection for the grade separation. As I (and Sherifftruman) noted, a couple of buildings at the corner will have to go anyway for the new intersection. The preferred Design Concept 1 goes right through the one on the corner and essentially right in front of the one next to it.
The new intersection also poses issues for Patel Brothers across Maynard. Their parking lot is already too small (and regularly generates significant issues on Maynard due to people either not understanding or not caring how right in/right out driveways are supposed to work), and Chatham is going to end up going right through the middle of their lot.
Cary was the one not being clear. They stuck a rendering of 2-3 story buildings under a narrative that is nothing like that. The issue is that people look at pictures.
Morrisville has been doing various small area plans like this and while the consultants and staff have showed some renderings like that, they have also been trying to do more block diagrams to show the actual massing of what they're going for so that it is more obvious.
I am convinced that Design Concept 2 was simply put forward to make it 100% obvious to the railroad that Maynard needs to go under the tracks rather than over. Putting Maynard over would be less disruptive to the railroad, but it's simply not feasible.
I doubt the RR -- in this case, the state-owned North Carolina RR which holds title to the right of way and works closely with NCDOT -- cares much. Trains don't run fast through the Fetner interlocking between Maynard and the Cary station, and westbound freights usually run slow across Maynard anyway because it's at the top of hill. For those reasons, a shoo-fly around a tunnel project wouldn't inconvenience the RR significantly. In either option, all the RR's expenses would be paid by the state or city.
i drove by the site on the way to the Dixie Deer Classic.
in my opinion, the real estate agent is a Superb Sales Rep
to ask and/or get $1,000,000 per acre for this as it sits.
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