February 26, 2020

GET THE FACTS: Academy Park Development

Some inquiries have been made regarding the Town’s decision to facilitate the design and construction of a mixed-use development downtown at the corner of Walnut and Walker Streets, a project that has been more than three years in the making.

The Town’s actions complied with and supported not only all local and state laws but also the community’s vision and intent for Downtown as expressed in the Imagine Cary Community Plan, which was created by over 1,000 citizens over three years and adopted by the Cary Town Council on January 24, 2017.

Overview

On February 20, 2020 and in support of the Downtown Business Improvement District, the Academy Park Project was approved for Town-owned property adjacent to Cary’s new parking deck, Wake County’s new regional library, and the Downtown Park. The Project involves the sale by Cary of two lots for Academy Park Cary, LLC to build a mixed-use site with retail, office, and multi-family uses as well as public facilities such as streetscapes and stormwater retention. Both lots are being sold for their appraised value and subject to obligations detailed in the Downtown Development Project Agreement and in restrictive covenants that will attach to the lots.

Read an executive summary of the price aspects for the lot sales in the agreement between the Academy Park and the Town of Cary

Read the full agreement between Academy Park and the Town of Cary (101 MB)

Read the Cary Regional Library Commercial Lots Appraisal

Read the February 20, 2020 Academy Park staff report

Watch the February 20, 2020 public hearing, Council deliberation, and vote

Read the Imagine Cary Community Plan

Primary Contact

Scot Berry

Chief Development Officer

Phone: 311 within Cary or 919-469-4000 outside of Cary