A conceptual study for an “upscale” mixed-use development has received enthusiastic approval from the Cary Village Board.
The approximately 37-acre project will consist of a combination of luxury rental housing and commercial space with amenities such as a dog park, pool house and pickleball courts. The location is east of Route 31, south of the Crystal Lake Walmart Supercenter and north of Hoffman Park. The builder is Milwaukee-based Fiduciary Real Estate Development.
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The first of the two phases will include 216 apartments in 12 two-story buildings with 18 units per building. The second phase will include 180 apartments in 10 two-story buildings. Strategically located one, two and three bedroom floor plans.
The plan is aimed at appealing to young professionals, empty nesters and baby boomers looking for an alternative to single-family homes, according to village documents provided by Fiduciary Real Estate.
“Fiduciary’s market research indicates that there is pent-up demand for new commercial development in the Village of Cary, along with a unique type of new luxury apartment complex,” the developer said in a filing with the village. It is written down. “…many of the multifamily options in the local submarket are older communities with outdated finishes and amenities that cannot meet current market demands.”
The $110 million-plus development is estimated to have an economic impact of nearly $40 million in consumer spending from new residents over 10 years. Impact fee revenue is estimated at approximately $2.7 million, according to the proposed document.
Several board members, along with Village President Mark Kaunick, praised Anthony DeRosa, who presented the proposal to the Village Board at the Dec. 17 meeting, for his comprehensive presentation, calling it impressive.
“This is an exciting opportunity for us,” Kaunick said. “There is a lack of this type of housing in the Village of Cary and bringing it to the western border is an incredible opportunity.”
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Mr. Cornick added that the development would reflect Cary’s quirky and charming exterior, and said the proposal was “something we can support.”
According to a market analysis conducted by Schaumburg-based Tracy Cross & Associates, a third party hired by the developer, the proposed community is unique in its architectural design, cohesive exterior color palette, and The overall functionality has been shown to be “highly attractive”. unit.
The townhouse-style structure will feature a mix of attached and detached garages, as well as surface parking. Renderings showed storefronts along Route 31 and townhouse-style homes surrounding a pool and pickleball court. Several trustees said they liked the look of the exterior, which features a combination of brick and fiber cement finishes and balconies and patios throughout.
DeRosa said the luxury apartment development will include “highest-end on the market” features such as walk-in closets, 9-foot ceilings, stainless steel appliances, full-size washers and dryers, and high-end interior finishes. was said to be included.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/shawmedia/6B6I75I2EVFYLOVTK4FITWMB3A.png "'Upscale' rental community proposed along Route 31 in Cary with pool, shops, pickleball, dog park - Shaw Local 9")
Exteriors of the unit include a fully equipped 24-hour fitness center, media lounge, dog park, car care and dog wash area, and resort-style pool and sundeck. Courtyards and vegetation will be placed along the eastern edge of the development and will act as a buffer to the Cambrian area to the east.
The space is currently zoned as the shopping center’s business district. The developer wants the portion to be rezoned as a planned unit development.
Regarding current zoning, DeRosa said, “There is a lack of demand for big box retail development in today’s market.” This is an addition to the new residential component and will help drive demand for commercial stores as retailers continue to seek rooftop growth. ”
The commercial portion of the proposed development would consist of nearly six acres and potentially include more than 38,000 square feet of new retail space.
Cary Regional Development Director Brian Simmons said next steps include a zoning application process, public hearings and recommendations to the board, which could take up to four months.
