Target and Harris Teeter will anchor the first phase of Parkside Town Commons, a retail project planned for N.C. 55 and Interstate 540 in Cary.
Kite Realty, the developer behind the shopping center, announced this week that construction on the multiphase project will begin early this year. The 250,000-square-foot first phase is scheduled to open in 2014.
Target paid $3 million this week for an 11-acre site in Parkside, according to Wake County property records. The Minneapolis-based retailer plans to build a 135,000-square-foot store, according to Kite.
Construction of the 330,000-square-foot second phase is to begin late this year. It will be anchored by Golf Galaxy, Frank Theatres CineBowl & Grill and an unnamed tenant focused on outdoor activities.
Kite took years assembling the 125 acres for Parkside. In May, the Indianapolis-based developer won an agreement with the railroad company CSX and the town of Cary that will allow reshuffling the roads and rails near the site. As part of the deal, the town will build a $17 million bridge on Carpenter Fire Station Road over CSX rails.
Kite also announced this week that it has bought out its partner in Parkside. The company paid $13.1 million, including the assumption of $8.7 million of debt, for the 60 percent stake owned by Prudential Real Estate Investors.
The $105 million Parkside project is the second major retail center that Kite has moved ahead with in the Triangle since the recession ended.
Kite is also developing Holly Springs Towne Center, which is now under construction off the N.C. 55 Bypass. The 377,00-square-foot first phase will include Target, Marshalls, Michaels, Dick’s Sporting Goods, Petco, Ulta Beauty, Pier 1 and SportClips, along with a mattress store, a nail salon and several more yet-unspecified stores. A second phase will include a movie theater and more.
Both Holly Springs Towne Center and Parkside Town Commons are being built in close proximity to the new N.C. 540 extension in western Wake County. The last section of the 18.8-mile toll road, the state’s first, opened last month December.
The road is expected to spur a wave of new residential construction in western and southwestern Wake, as it provides a direct connect connection to the region’s biggest jobs center, Research Triangle Park.