Following strong leasing activity and some new occupancies in the first half of 2024, Fenton’s first phase is approaching full occupancy. The Allison at Fenton apartments are 93% leased and 85% occupied. Fenton’s office space is 80% leased, with Prologis, Cushman & Wakefield, and Surety Systems all opening offices in Q4. Fenton has a total of 10 office tenants, including the newest addition, engineering firm Burns & McDonnell, which is under construction and scheduled to open in mid-August. 

Three new retailers also opened their doors in Fenton in 2024, including Rejuvenation (high-end furniture and fixtures), Johnny Was (premium women’s clothing brand), and Nail Kitchen (beauty and nail salon). Fenton’s retail space is currently 93% leased with three new restaurants and a spa in design or construction.

In March 2024, the developer launched the construction of a new parking deck on the western side of the development and south of the theater along Ridgeview Walk Drive. This deck is expected to be complete in February 2025. In the interim, a temporary surface parking lot has been constructed next to Fenton Main Street and a valet service is being provided to all office tenants.

Fenton also announced a deal for a new hotel along Fenton Gateway Drive. The hotel will include about 180 rooms, a restaurant, café, and a rooftop pool terrace overlooking Fenton Main Street. The developer’s hotel partner, Mainsail, submitted its first design concept package to Cary for a pre-application meeting on June 5, 2024.

Finally, in early June, after completing the public bid process, Fenton retained Fred Smith Company to construct phase 2 of Quinard Road. This segment of Quinard will run from the existing roundabout at Ridgeview Walk and Quinard westward to Southeast Maynard Road. A grading permit for the project was issued on June 24, and construction is expected to be complete in the summer of 2025. Completion of this connection will provide important east-west access for both Fenton and the greater Eastern Cary Gateway Special Planning Area.

In Q4, Cary issued permits for 10 nonresidential projects totaling 421,662 square feet. These projects represented an increase of 66.67% from the three-year median. The three largest projects were:

• Courtyard Residence Inn, 1623 N. Harrison Ave.: Seven stories and 185,667 square feet with 252 rooms.
• Cedar Street Parking Deck, 139 E. Chatham St.: Six stories and 115,746 square feet with 297 parking spaces and ground floor commercial. 
• Residence Inn by Marriott, 103 Edinburgh South Drive: Five stories and 98,919 square feet with 122 rooms. 

Cary issued 114 alteration and addition permits to existing nonresidential structures in Q4. The largest projects include: 

• Accreditation Commission for Health Care (ACHC) offices, 139 Weston Oaks Court: Four-story addition and expansion adding 72,489 square feet.
• Glenaire, 5500 Glenhope Court: Large-scale renovations to a 28,969-square-foot building.
• Chick-fil-A, 1000 Valleystone Drive: Addition and alterations totaling 6,138 square feet.
• Cary Academy, 1500 N. Harrison Ave.: Renovation of a 39,073-square-foot middle school building.

During Q4, two new rezoning cases were submitted and five cases were approved, totaling 80 acres:

• 22-REZ-04, Bel Canto at Green Level Destination Center PDP: 35.31 acres rezoned from Residential-40 to Mixed Use Development, allowing for a mixed-use development consisting of up to 700 multifamily dwelling units, 20,000 square feet of commercial, and 100,000 square feet of office.
• 22-REZ-14, Carpenter Fire at Highcroft PDD: 14.60 acres rezoned from Residential-40 to Planned Development District (Minor), allowing for a mixed-use development consisting of 300 multifamily units and 5,000 to 10,000 square feet of office.
• 22-REZ-23, Wackena Towns: 18.82 acres rezoned from Residential-8 Conditional Use to Transitional Residential Conditional Use, allowing for the development of 72 townhomes.
• 23-REZ-06, Woodfield Walnut PDP: 9.19 acres rezoned from General Commercial and Residential-40 to Mixed Use Development, allowing the development of up to 330 residential dwelling units.
• 23-REZ-11, 2500 Piney Plains Road: 2.08 acres rezoned from Residential-40 to Transitional Residential Conditional Use, allowing for the development of nine townhomes.

At the end of Q4, 25 active rezoning cases were at various points in the review process.

In Q4, Cary approved 34 development plans. Notable plans include:

• Rose Park Manor (24-DP-6920), 128 S.W. Maynard Road: 81-unit multifamily development.
• Apollo 55 Townhomes (21-DP-5659), Howard Road and N.C. 55: Mixed-use development with 91 townhouses.
• Residence Inn Parkside Town Commons-Lot 8 (23-DP-2899), 1245 Parkside Main St.: Six-story, 134-room hotel.
• Twyla Road South – Commercial Outparcel (23-DP-8348), 6115 Morrisville Parkway: 2.03-acre commercial development.
• Lightbridge Academy (23-DP-5787), 655 Reedy Creek Road: Commercial outparcel for an 11,500-square-foot day care.