Waverly Place to be razed

Developer ramps up renovation plan

CARY -- Three months after introducing a redevelopment plan that would save half the existing buildings at Waverly Place, Durham developer Zapolski + Rudd said Monday that it will tear down the entire shopping center.

The 182,386-square-foot shopping center at Tryon and Kildaire Farm roads, once acclaimed for its design, is now outdated and largely vacant.

"1980's design has not aged well, whether in fashion, architecture or hairstyles," said Zapolski + Rudd spokesman Luis Rios.

Zapolski + Rudd did intend to save at least part of the structure, Rios said. But estimates of the rents that the shopping center could draw were higher than expected, and the developer reversed its decision.

"The idea of keeping some of the buildings has been driven by economics," he said. "Now, economically, it makes more sense to knock it down."

Rios declined to say what rents might be, but he said the cost estimate for the project is $180 million, up from the previous estimate of $150 million.

Demolition and construction at Waverly Place will be done in sections to limit disruption.

Work on the previously announced 55,000-square-foot Whole Foods grocery could begin as early as this summer. That store and much of the center will open in early 2009. But completion could take five years.

Plans for Waverly Place were approved by the town of Cary Thursday, Cary planner Greg Barnes said. But Zapolski + Rudd still needs site plan approval.

The town asked the developer to make some changes.

"We were looking for things that would create a sense of place," Barnes said. "We requested better sidewalk connectivity and a water fountain and things like that."

Among the features planned for the new shopping center:

* 204,190 square feet of retail, including the Whole Foods.

* 216,000 square feet of offices.

* a 120-room hotel.

* 200 residential units.