Apple may have hit pause on its in Research Triangle Park. But it hasn’t stopped out-of-state property developers from moving in. The most recent example: a land deal in nearby west Cary.
Fort Lauderdale-based recently purchased six parcels — totaling 19.5 acres of mostly wooded land — at 7216 Carpenter Fire Station Road, according to filed in July. it sold for $12.
5 million. It’s across the street from , a new 20-acre park; and about a 15-minute drive north to Research Triangle Park. In this fast-growing western corridor of Cary, it’s a “prime piece of land,” said Seth Avant, ZOM’s senior vice president of the Carolinas.
ZOM is planning called Azalea at the Park. It will bring 315 apartments, 15 townhomes and 3,000 to 5,000 square feet of retail space. Azalea at the Park will feature studios, one-, two- and three-bedroom apartments — ranging from 575 to 1,250 square feet.
The 1,500-square-foot townhouses will offer three bedrooms, three bathrooms and attached garages. Among the community’s amenities: 15,000 square feet of community gathering space, a 10,000-square-foot clubhouse and access to Morris Branch Greenway. Renderings are not yet available.
Leasing rates are also to be determined. Ground breaking is slated for early 2026. It’s expected to be complete by early 2028, Avant said.
The project adds to ZOM’s growing real estate portfolio in North Carolina. It’s currently building , a new rental community that will bring 248 luxury apartments to the city’s downtown. In 2022, it delivered the mixed-use mid-rise development , with 203 apartments and 14,000 square feet of retail space in Charlotte’s SouthPark, which is adjacent to SouthPark Mall.
Studios start at around $1,543, according to . A three-bedroom, two-and-a-half bathroom starts at $5,283. “With this acquisition, we remain focused on building in neighborhoods that are thriving, such as the Town of Cary,” Avant said.
Cary’s meteoric rise It’s the latest in a string of projects proposed for west Cary after Apple in 2021 for a campus in Research Triangle Park, just around the corner. hasn’t impacted , say experts. Or projects in the pipeline.
David Ferrell, a longtime Cary resident and property developer, is building on a 103-acre site after the Town Council recently . Heritage Capital Partners is planning on a vacant 46-acre site along N.C.
Highway 55. Arizona-based homebuilder Taylor Morrison is also bringing 190 two-story homes to the corner of Gilmore Bridge Drive and Morrisville Parkway. Cary’s housing market, meanwhile, remains “very competitive,” according to .
The median sale price of a single-family home was $654,000 in June, up 4.5% since last year. Homes receive three offers on average and sell in around six days, Redfin found.
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