Dominion Realty Partners and Prudential Real Estate Investors are partnering to build a 294-unit apartment complex adjacent to the Parkside Town Commons retail project in Cary.
The group paid nearly $5.3 million for a 13-acre tract this week, according to Wake County property records. The seller was Kite Realty, the Indianapolis-based developer that is behind the retail center now under construction at N.C. 55 and Interstate 540.
Andy Andrews, Dominion’s CEO, said Friday that the apartments, to be called Parkside Place, are expected to open by the end of 2014.
Raleigh-based Dominion and Prudential are also partnering to build a 236,000-square-foot office building in downtown Raleigh. The $54 million project, which is scheduled to begin construction by the end of the year, will be the first of two office towers planned for the Charter Square site at the south end of Fayetteville Street.
Parkside Town Commons includes several phases. The 250,000-square-foot first phase is scheduled to open next year and will be anchored by Target and Harris Teeter. The second phase is to include 330,000 square feet and will be anchored by Golf Galaxy, Frank Theatres CineBowl & Grill and Field & Stream.
Andrews said the Parkside Place apartments will be within walking distance of the retail shops.
Kite took years assembling the 125 acres for Parkside. Last year it won an agreement with the railroad company CSX and Cary that allowed for the reshuffling of the roads and rails near the site.
The $105 million Parkside project is the second major retail center Kite has moved ahead with in the Triangle since the recession ended.
Kite is also the developer behind Holly Springs Towne Center just off the N.C. 55 Bypass.