A developer now has the financing and land to begin work later this year on a proposed Wegmans Food Market between U.S. 15-501 and Old Durham Road, according to published reports.
The Triangle Business Journal reports Texas-based Leon Capital Group closed Monday on an $11.9 million deal with Hendrick Automotive to buy the 13-acre Performance Automall site. The developer also paid $1.34 million for two additional properties on Old Durham Road, the Journal reports.
Hendrick Automotive plans to move its dealerships to the Southpoint Automall near the Streets at Southpoint mall.
Leon Capital Group also secured a $16.76 million to $33.5 million construction loan through NewBridge Bank, the Journal reports.
A special use permit was submitted in November for a 130,000-square-foot grocery store with more than 700 parking spaces. Town Council members urged the developer in November to do more to mitigate a “sea of parking” and improve the landscape.
Chapel Hill and Orange County also offered last year to pay a $4 million tax incentive if Wegmans creates 185 full-time jobs and 413 part-time jobs over five years and meets annual property and sales tax revenue goals. The town and county each would pay half using the new tax revenue.
Steve Brantley, the county’s economic development director, said the incentive will help Wegmans pay for environmental cleanup and roadwork to mitigate complex traffic around the site.
The $30 million project could generate over $26 million in property tax revenue and up to $1.5 million in sales tax revenue each year, officials said.
The site is one of four Wegmans stores planned for the Triangle, including two in Cary and one in Raleigh.