Cary greenlights rezoning along NC 55 for hundreds of apartments, hotel and town park
For years, developers have tried and failed to transform an area in northwestern Cary into a new place to live, work and play.
Now, Raleigh-based developer Heritage Capital Partners wants to build 815 apartments, a town park and a hotel there.
The company has partnered with the town on Alston Yards, a planned, mixed-use project across from Alston Town Center at the intersection of N.C. 55 and O’Kelly Chapel Road. The Town Council unanimously approved a rezoning for the project last week.
“The Alston Yards site is a challenging one,” Rob Wilson, Cary’s assistant planning director, said at the Feb. 6 meeting. “Many developers have looked at the site and walked away. The developer here tonight recognized the potential of partnering with the town to create a unique development opportunity.”
The partnership involves a land swap between Heritage Capital Partners and the town. The real estate company is behind several projects like Legacy at Brier Creek, the Cary Medical Pavilion and the Alexan Pinnacle Apartments in Raleigh.
The Alston Yards project
As proposed, the project includes:
7 acres of open space
400,000 square feet of office space
815 apartments
A 380-room hotel
55,000 square feet of commercial space
A 25,000-square-foot community gathering space
40,000 square feet of land for a town park
A greenway connection
The project was first brought to the town in 2022. A neighborhood meeting with over 30 residents followed in 2023, which raised concerns about traffic.
Wilson said the project site, which is 31 acres, is unique because the northern part of the area is “too narrow” to support a street with development on both sides. The area also cannot have a full intersection along N.C. 55.
Cary owns land surrounding the site and agreed to give 15 acres to the developer in exchange for a road with access to an intersection on the highway and the 40,000 square feet for a public park on the Alston Yards site.
Hotel rooms, parking, apartments and the park
Key elements of the new development include rooftop terraces, balconies, vegetated green walls and art banners.
The development has eight sections with a main street running through the middle, Wilson said. Of the 10 buildings, half have a maximum height of seven stories, three have a maximum height of 10 stories and two have a maximum of three.
The apartments will be closer to N.C. 55 across the street from Parkside Town Commons where Crumbl, Harris Teeter and Five Guys are located. The hotel, commercial space and another residential area will be on the opposite side. The area is also near the Alston Town Center on the highway where Whole Foods and La Farm Bakery are located.
The developers could reduce the office space and increase the multi-family homes to 1,120 units and commercial space to 100,000 square feet depending on a traffic analysis, Wilson said.
Traffic increases and council comments
Councilwoman Sarika Bansal asked about the traffic the development will add to O’Kelly Chapel Road.
The developer has proposed adding a traffic signal to the intersection on O’Kelly Road and an access street connecting the west of the development through Stonewater Glen Lane, a private street. The town staff and developer will work together to convert the street to a public right-of-way.
In 2019, Cary voters approved a transportation bond to widen O’Kelly Chapel Road to six lanes to handle traffic from three schools and drivers commuting to Research Triangle Park, Durham and Chapel Hill. The project could begin this year.
“This is an improvement that will become imperative if we add so many units,” Bansal said. “Right now the traffic is a lot. It takes a while to make a left turn on that road.”
The developers plan to price 5% of the units affordable to renters earning 80% of the area median income, which is $68,500 for an individual and $97,800 for a family of four.
Councilwoman Lori Bush thanked the developers for lengthening the affordable housing commitment from 20 to 30 years.
Now that the rezoning has been approved, the Town Council will vote on the land swap. After that, the Town Council will vote on a development plan that will detail specific features and where the buildings will be located.
This story was originally published February 12, 2025 at 8:00 AM.
CORRECTION: The Alston Yards development project is located in northwestern Cary.