US-based real estate firm Hines and Columbia Development have begun construction on a 69-acre mixed-use development, dubbed Fenton, in Cary, North Carolina.
Situated along I-40 and Cary Towne Boulevard, an interstate interchange that occupies a central location in the Triangle, Fenton will become Cary’s first vertically integrated, mixed-use project.
The first phase of the project will offer about 345,000ft² of restaurants, shops, and entertainment space, 200,000ft² of office space and a 175-key boutique hotel.
It will also include a 357-unit luxury apartment community, known as The Canopy at Fenton.
Hines director Paul Zarian said: “Fenton is pressing forward, and the start of vertical construction places us one step closer to achieving our vision of creating an urban, pedestrian-focused destination to live, shop, dine and work in the heart of the Triangle.
“Fully capitalising the project and securing commitments from retailers during a pandemic reflects significant confidence in the project, particularly its open-air design and modern mix of uses. We look forward to seeing this memorable project rise in the months ahead.”
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By GlobalDataHines announced that Arhaus is set to open a new location at Fenton mixed-use project. Arhaus is the family-owned and operated home furnishing retailer with over 70 locations in the US.
About 73% of the retail portion of the project has already been leased or under LOI at the start of the construction.
The project is expected to be open by spring 2022.
Hines chairman and CEO Jeff Hines said: “In addition to street-level retail and restaurants, this development will create an employment hub buzzing with young and seasoned talent alike, along with year-round residents who are just steps from office and entertainment.
“These integrated living and workspaces, paired with Fenton are merchandising mix, urban design, active restaurant patios and gathering areas programmed with events will create a walkable and welcoming community from morning to night, Sunday to Sunday.”
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Work begins on Fenton mixed-use development in Cary, North Carolina. (Credit: Hines)
