Two new developments could be coming to Cary that would include up to 488 homes, according to Kane Realty Corporation.
In a news release, the real estate developer announced Flatiron and 7001 Weston. Both developments are still in the proposal phase, awaiting a decision from the Cary Town Council.
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“We think there are housing needs all throughout the Triangle and the Cary community, as well,” said chief development officer Warner Kuppin.
Last year, WRAL News reported the ‘massive housing shortage’ facing Wake County. The developer said these projects will help address that.
"Cary has become one of the fastest-growing communities in the country, and its downtown is transforming just as quickly. Flatiron is an opportunity to help shape downtown with thoughtfully designed, walkable, mixed-use places that create long-term value for the community. 7001 Weston answers a different question—how an established suburban office corridor evolves to help solve a housing problem that wasn't present when it was built," said Mike Smith, Chief Executive Officer at Kane Realty, in the news release.
Flatiron
Kane Realty is working alongside another local developer, Mackenan, to create Flatiron.
Flatiron is a proposed seven-story, mixed-use building on approximately two acres at 602 W. Chatham Street and 523 Old Apex Road.
The project will include 213 apartments above 5,659 square feet of restaurant and retail space, with structured parking.
Resident amenities include a resort-style pool, landscaped courtyard, rooftop amenity deck, community gathering space, fitness center, club room, and coworking lounge.
“We try to do very nice, quality projects that really speak to the community and the locations they’re in,” Kuppin said.
7001 Weston
The 7001 Weston plan calls for a five-story multifamily building at the corner of Weston Parkway and Norwell Boulevard.
Highwoods Properties and Kane Realty are working together to replace an old office building with a new apartment building.
The plan includes:
- Up to 275 apartments
- Preservation of the existing surface parking and mature tree canopy
- A greenway connection along Weston Parkway and pedestrian sidewalks
- 1,500-5,000 square feet of retail, like a coffee shop or small restaurant
As part of the proposal, developers pledge 5% of units would be maintained as affordable for households earning at or below 80% of the area median income for a minimum of 30 years.
According to the U.S. Department of Housing and Urban Development (HUD), here is the 2026 income limit breakdown for the Raleigh-Cary area:
- One person: $74,320
- Two people: $84,960
- Three people: $95,520
- Four people: $106,160
- Five people: $114,640
- Six people: $123,120
- Seven people: $131,600
- Eight people: $140,160
WRAL News asked Kuppin if he believed 5% of units was enough affordable housing, as well as if there is room to designate more units as affordable housing.
“We’re happy with where we're at right now, and as we continue to talk to the town, we'll see where more discussions go,” Kuppin said. “Between the two projects bringing 450+ new homes, we think for sure serves [the housing needs]…We're happy and excited to provide an affordable component.”
Some people expressed concern about preserving the trees in the area and how the new building could impact traffic.
The latest plans for the development show a plan to preserve the trees between the site and already-established neighborhoods. A traffic analysis submitted to the town showed no expected change in traffic.
“We take engagement with the community seriously, and so we're looking forward to more conversations with the town and neighbors to make sure we can hear your concerns and hopefully be able to address that,” Kuppin said.