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Welcome to the Research Triangle region of North Carolina

307 N. Academy St.
Cary, NC 27513
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Downtown Cary adds condos to development spree — what’s the price?

Downtown Cary adds condos to development spree — what’s the price?

August 28, 2024 | Mark Lawson | Awards & Accolades

Cary, Durham among top real estate markets in 2024
September 9, 2024
One of the Triangle’s top barbecue joints is moving operations to downtown Cary
August 29, 2024
Downtown Cary adds condos to development spree — what’s the price?
August 28, 2024
MercuryGate named a 2024 Great Supply Chain Partner
August 27, 2024

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307 N. Academy St.
Cary, NC 27513

Mark Lawson
mlawson@carychamber.com
919-319-4281

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caryeconomicdevelopment

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caryeconomicdevelopment

Sep 13

It’s clear that Cary is a great place for business! Cary is a vibrant community with a low tax structure for companies and their employees. Cary’s pro-business government is dedicated to helping our business community grow and prosper. The town continuously enhances its infrastructure, while keeping construction, energy rates and the cost of living below the national average.

Choosing Cary for your business is a smart decision. A highly educated workforce, a variety of properties and real estate, low state and local taxes, and a competitive cost of doing business are part of what makes Cary an outstanding choice.

It’s clear that Cary is a great place for business! Cary is a vibrant community with a low tax structure for companies and their employees. Cary’s pro-business government is dedicated to helping our business community grow and prosper. The town continuously enhances its infrastructure, while keeping construction, energy rates and the cost of living below the national average.

Choosing Cary for your business is a smart decision. A highly educated workforce, a variety of properties and real estate, low state and local taxes, and a competitive cost of doing business are part of what makes Cary an outstanding choice. ...

caryeconomicdevelopment

Sep 10

According to WalletHub’s latest report, Cary ranks 3rd overall in the top real estate markets in 2024! The report evaluates metrics including home values, market days and building permit activity.

Cary remains in the cheapest one-third of 300 cities included in the study for housing affordability, and when combining affordability with the broader economic environment, Cary places No. 5 in the country. Homeowners can also expect their value to increase by 1.3% annually, surpassing Zillow’s latest national forecast predicting 0.9% growth between July 2024 and July 2025.

With a robust job market and a low unemployment rate of 3.8%, Cary also benefits from some of the lowest mortgage delinquency and foreclosure rates nationwide. July data from the North Carolina Department of Commerce shows that the Raleigh metropolitan statistical area, which includes Wake County, has 2.8% more jobs than it did a year ago.

According to WalletHub’s latest report, Cary ranks 3rd overall in the top real estate markets in 2024! The report evaluates metrics including home values, market days and building permit activity.

Cary remains in the cheapest one-third of 300 cities included in the study for housing affordability, and when combining affordability with the broader economic environment, Cary places No. 5 in the country. Homeowners can also expect their value to increase by 1.3% annually, surpassing Zillow’s latest national forecast predicting 0.9% growth between July 2024 and July 2025.

With a robust job market and a low unemployment rate of 3.8%, Cary also benefits from some of the lowest mortgage delinquency and foreclosure rates nationwide. July data from the North Carolina Department of Commerce shows that the Raleigh metropolitan statistical area, which includes Wake County, has 2.8% more jobs than it did a year ago. ...

caryeconomicdevelopment

Sep 10

JPMorgan Chase is advancing its expansion plans with progress on a new branch in Cary. The company recently received approval from the Office of the Comptroller of the Currency (OCC) for a new location at 1020 N. Harrison Ave.

The branch, situated in the Harrison Point shopping complex and designed by VergesRome Architects, will feature a drive-up ATM and spans just under 3,500 square feet. Final city approval is pending as the branch moves forward.

The bank currently operates 16 branches in the Triangle and plans to exceed 20 by the end of next year.

Get the full story from @trianglebizjrnl

JPMorgan Chase is advancing its expansion plans with progress on a new branch in Cary. The company recently received approval from the Office of the Comptroller of the Currency (OCC) for a new location at 1020 N. Harrison Ave.

The branch, situated in the Harrison Point shopping complex and designed by VergesRome Architects, will feature a drive-up ATM and spans just under 3,500 square feet. Final city approval is pending as the branch moves forward.

The bank currently operates 16 branches in the Triangle and plans to exceed 20 by the end of next year.

Get the full story from @trianglebizjrnl ...

caryeconomicdevelopment

Sep 5

One of the Triangle’s top barbecue joints is moving operations to downtown Cary. Lawrence Barbecue is expanding out of its home at Boxyard RTP and will move into a space of its own in downtown Cary, one of the region’s hottest development spots, sometime next summer.

According to owner Jake Wood, “We want this to be a part of the community here, a place where families can come and have great barbecue and some beverages.”

The new Lawrence space is around 4,900 square feet, and Wood hopes to seat around 250 people in the dining room and front porch patio.

“This is a really neat place to call home and a really neat place to grow into...This can be a bigger, better version of everything we do,” says Wood.

Check out the full story from @newsobserver

One of the Triangle’s top barbecue joints is moving operations to downtown Cary. Lawrence Barbecue is expanding out of its home at Boxyard RTP and will move into a space of its own in downtown Cary, one of the region’s hottest development spots, sometime next summer.

According to owner Jake Wood, “We want this to be a part of the community here, a place where families can come and have great barbecue and some beverages.”

The new Lawrence space is around 4,900 square feet, and Wood hopes to seat around 250 people in the dining room and front porch patio.

“This is a really neat place to call home and a really neat place to grow into...This can be a bigger, better version of everything we do,” says Wood.

Check out the full story from @newsobserver ...

caryeconomicdevelopment

Sep 3

In 2023, North Carolina achieved a record tourism milestone! North Carolina has set a new benchmark in visitor spending, reaching $35.6 billion in 2023—a 6.9% increase over the previous year.

Additionally, direct tourism employment rose by 4.8%, totaling 227,000 jobs statewide. Governor Roy Cooper and N.C. Commerce Secretary Machelle Baker Sanders have both highlighted how this growth underscores the state’s appeal and the positive impact on local businesses and communities.

Key Takeaways:
- $35.6 billion in visitor spending, with growth seen across nearly all 100 counties.
- 4.8% increase in direct tourism jobs.
- $4.5 billion in tax revenues, translating to an average savings of $518 per household in state and local taxes.
- 43 million visitors welcomed to North Carolina.

Take a look at the full press release from the North Carolina Department of Commerce:
https://www.commerce.nc.gov/news/press-releases/2024/08/13/north-carolina-breaks-tourism-spending-record-2023

#Tourism #EconomicImpact #NorthCarolina #VisitorSpending #JobGrowth #carync #economicdevelopment

In 2023, North Carolina achieved a record tourism milestone! North Carolina has set a new benchmark in visitor spending, reaching $35.6 billion in 2023—a 6.9% increase over the previous year.

Additionally, direct tourism employment rose by 4.8%, totaling 227,000 jobs statewide. Governor Roy Cooper and N.C. Commerce Secretary Machelle Baker Sanders have both highlighted how this growth underscores the state’s appeal and the positive impact on local businesses and communities.

Key Takeaways:
- $35.6 billion in visitor spending, with growth seen across nearly all 100 counties.
- 4.8% increase in direct tourism jobs.
- $4.5 billion in tax revenues, translating to an average savings of $518 per household in state and local taxes.
- 43 million visitors welcomed to North Carolina.

Take a look at the full press release from the North Carolina Department of Commerce:
https://www.commerce.nc.gov/news/press-releases/2024/08/13/north-carolina-breaks-tourism-spending-record-2023

#Tourism #EconomicImpact #NorthCarolina #VisitorSpending #JobGrowth #carync #economicdevelopment ...

caryeconomicdevelopment

Aug 30

The appeal of downtown Cary’s walkable amenities influenced homebuilder Stanley Martin Homes’ decision to build 56 townhome-style condos, named Soca 56, at the corner of Kildaire and Byrum streets in downtown Cary. Construction is expected to start by the end of 2024 and sales launching in early 2025.

“Stanley Martin has some very progressive and creative architectural products, like these townhome-style condos that do very well in urban infill environments where there’s lifestyle amenities proximate and walkable to the site,” said Hampton Pitts, division president for Stanley Martin. “With all that downtown Cary offers, it’s really easy for buyers to understand what their lifestyle is going to be if they live here.”

Visit @trianglebizjrnl for the full story

The appeal of downtown Cary’s walkable amenities influenced homebuilder Stanley Martin Homes’ decision to build 56 townhome-style condos, named Soca 56, at the corner of Kildaire and Byrum streets in downtown Cary. Construction is expected to start by the end of 2024 and sales launching in early 2025.

“Stanley Martin has some very progressive and creative architectural products, like these townhome-style condos that do very well in urban infill environments where there’s lifestyle amenities proximate and walkable to the site,” said Hampton Pitts, division president for Stanley Martin. “With all that downtown Cary offers, it’s really easy for buyers to understand what their lifestyle is going to be if they live here.”

Visit @trianglebizjrnl for the full story ...

caryeconomicdevelopment

Aug 28

Cary’s MercuryGate International, Inc. has been named one of the 100 Great Supply Chain Partners for 2024 by SupplyChainBrain. This annual list highlights companies recognized by their customers for exceptional supply chain solutions and services. MercuryGate, a leading provider of transportation and logistics management solutions, expressed pride in this acknowledgment and emphasized its commitment to delivering value through its Smart Transportation suite.

Cary’s MercuryGate International, Inc. has been named one of the 100 Great Supply Chain Partners for 2024 by SupplyChainBrain. This annual list highlights companies recognized by their customers for exceptional supply chain solutions and services. MercuryGate, a leading provider of transportation and logistics management solutions, expressed pride in this acknowledgment and emphasized its commitment to delivering value through its Smart Transportation suite. ...

caryeconomicdevelopment

Aug 27

Fenton, a mixed-use development in Cary, is thriving in attracting office tenants due to its appealing amenities. The office space at Fenton, which totals around 200,000 square feet in its first phase, is over 80% leased, with about 40,000 square feet still available. The developer, Hines, anticipates filling the remaining space by year-end.

Recent tenants include Burns and McDonnell, which is moving into 17,000 square feet at 25 Fenton Main, and Surety Systems, which occupies 4,400 square feet at 1 Fenton Main. The area has become a popular destination since opening, featuring a variety of amenities, with future plans including a hotel, additional retail space, and more residential and office buildings.

Read the full story from Triangle Business Journal

Fenton, a mixed-use development in Cary, is thriving in attracting office tenants due to its appealing amenities. The office space at Fenton, which totals around 200,000 square feet in its first phase, is over 80% leased, with about 40,000 square feet still available. The developer, Hines, anticipates filling the remaining space by year-end.

Recent tenants include Burns and McDonnell, which is moving into 17,000 square feet at 25 Fenton Main, and Surety Systems, which occupies 4,400 square feet at 1 Fenton Main. The area has become a popular destination since opening, featuring a variety of amenities, with future plans including a hotel, additional retail space, and more residential and office buildings.

Read the full story from Triangle Business Journal ...

caryeconomicdevelopment

Aug 23

Hodge & Kittrell Sotheby’s International Realty, a luxury real estate firm, has opened a new office in downtown Cary’s Rogers building. This 2,155-square-foot space will initially host eight agents and is led by Managing Broker Van Starling. The move marks the firm’s third location, with others in Raleigh and Chapel Hill. The expansion aligns with the booming high-end housing market Cary.

“Our new office in Cary represents a strategic step in our growth plan and underscores our commitment to providing exceptional real estate services in North Carolina,” Starling said. “Cary is a vibrant and growing community, and we are thrilled to bring our expertise and personalized approach to this area.”

Read the full story from @trianglebizjrnl

Hodge & Kittrell Sotheby’s International Realty, a luxury real estate firm, has opened a new office in downtown Cary’s Rogers building. This 2,155-square-foot space will initially host eight agents and is led by Managing Broker Van Starling. The move marks the firm’s third location, with others in Raleigh and Chapel Hill. The expansion aligns with the booming high-end housing market Cary.

“Our new office in Cary represents a strategic step in our growth plan and underscores our commitment to providing exceptional real estate services in North Carolina,” Starling said. “Cary is a vibrant and growing community, and we are thrilled to bring our expertise and personalized approach to this area.”

Read the full story from @trianglebizjrnl ...

caryeconomicdevelopment

Aug 21

Property development in Cary is very active! The latest development is a land deal in west Cary, where Fort Lauderdale-based ZOM Living bought 19.5 acres for $12.5 million. They plan to build “Azalea at the Park,” a 330-unit apartment complex with 315 apartments, 15 townhomes, and 3,000 to 5,000 square feet of retail space. The project will feature a range of apartment sizes, townhomes with attached garages, and various community amenities. Groundbreaking is expected in early 2026, with completion by early 2028.

Read the full story from @newsobserver

Property development in Cary is very active! The latest development is a land deal in west Cary, where Fort Lauderdale-based ZOM Living bought 19.5 acres for $12.5 million. They plan to build “Azalea at the Park,” a 330-unit apartment complex with 315 apartments, 15 townhomes, and 3,000 to 5,000 square feet of retail space. The project will feature a range of apartment sizes, townhomes with attached garages, and various community amenities. Groundbreaking is expected in early 2026, with completion by early 2028.

Read the full story from @newsobserver ...

caryeconomicdevelopment

Aug 15

Cary-based software firm MercuryGate International Inc. is set to be acquired by Körber Supply Chain Software of Germany. This acquisition aims to enhance Körber’s supply chain software portfolio by integrating MercuryGate’s multimodal, SaaS-based transportation management system (TMS).

Founded in 2020 and previously acquired by Summit Partners in 2018, MercuryGate specializes in multimodal optimization and rapid implementation. The company has around 250 employees, with a significant presence in Cary, and its platform is widely used globally.

Check out @trianglebizjrnl for the full story

Cary-based software firm MercuryGate International Inc. is set to be acquired by Körber Supply Chain Software of Germany. This acquisition aims to enhance Körber’s supply chain software portfolio by integrating MercuryGate’s multimodal, SaaS-based transportation management system (TMS).

Founded in 2020 and previously acquired by Summit Partners in 2018, MercuryGate specializes in multimodal optimization and rapid implementation. The company has around 250 employees, with a significant presence in Cary, and its platform is widely used globally.

Check out @trianglebizjrnl for the full story ...

caryeconomicdevelopment

Aug 13

Held annually at the Cary Tennis Park in Cary, The Cary Tennis Classic (CTC) is a professional tennis tournament and an Association of Tennis Professionals Challenger Tour event. Professional tennis players from all over the world are in Cary to compete. The Cary Tennis Classic started August 10th and will go until August 17th, so there’s still plenty of time to catch a match!

Sports are a big economic driver in Cary. Besides the Cary Tennis Park, Cary is the proud home to several other nationally recognized sports venues, including the Triangle Aquatic Center, the WakeMed Soccer Park, and the USA Baseball National Training Complex.

Held annually at the Cary Tennis Park in Cary, The Cary Tennis Classic (CTC) is a professional tennis tournament and an Association of Tennis Professionals Challenger Tour event. Professional tennis players from all over the world are in Cary to compete. The Cary Tennis Classic started August 10th and will go until August 17th, so there’s still plenty of time to catch a match!

Sports are a big economic driver in Cary. Besides the Cary Tennis Park, Cary is the proud home to several other nationally recognized sports venues, including the Triangle Aquatic Center, the WakeMed Soccer Park, and the USA Baseball National Training Complex. ...

caryeconomicdevelopment

Aug 9

Raleigh-Cary is the top city for millennial homebuyers, according to a recent SmartAsset report. In 2022, 6.5% of local millennials bought homes, with 27,859 mortgages issued. Millennials make up 28.9% of the area’s population. The median home price is $445,000, and the median income for millennial buyers is $123,000. The median interest rate for new mortgages is 4.4%. You can find the full report of where millennials are buying the most homes online at smartasset.com. Read the full story via @newsobserver

Raleigh-Cary is the top city for millennial homebuyers, according to a recent SmartAsset report. In 2022, 6.5% of local millennials bought homes, with 27,859 mortgages issued. Millennials make up 28.9% of the area’s population. The median home price is $445,000, and the median income for millennial buyers is $123,000. The median interest rate for new mortgages is 4.4%. You can find the full report of where millennials are buying the most homes online at smartasset.com. Read the full story via @newsobserver ...

caryeconomicdevelopment

Aug 7

The federal government has chosen Allucent, a contract research organization based in the Triangle, to lead a five-year, multimillion-dollar project. This initiative, funded by the Biomedical Advanced Research and Development Authority, will focus on improving decentralized clinical trials to aid in the development of medical countermeasures. The project has a potential funding amount of $4 million. Read the full story from @trianglebizjrnl

The federal government has chosen Allucent, a contract research organization based in the Triangle, to lead a five-year, multimillion-dollar project. This initiative, funded by the Biomedical Advanced Research and Development Authority, will focus on improving decentralized clinical trials to aid in the development of medical countermeasures. The project has a potential funding amount of $4 million. Read the full story from @trianglebizjrnl ...

caryeconomicdevelopment

Aug 5

Gala Investments LLC has proposed a new condominium project in Cary, which would become the tallest building in the area. Named The Franklin, this 7-story building will be located on Walker Street near Downtown Cary Park. The project features two levels of parking, around 2,500 square feet of retail space, and 40 condos. The developers are optimistic about the return to office work and proximity to Research Triangle Park, anticipating increased demand for nearby living spaces.

This development follows the recent opening of Downtown Cary Park, which includes various amenities like a pond, waterfalls, and a playground. Construction will commence once site plans are approved, which could take 15 to 18 months. Take a look at the full story from @newsobserver

Gala Investments LLC has proposed a new condominium project in Cary, which would become the tallest building in the area. Named The Franklin, this 7-story building will be located on Walker Street near Downtown Cary Park. The project features two levels of parking, around 2,500 square feet of retail space, and 40 condos. The developers are optimistic about the return to office work and proximity to Research Triangle Park, anticipating increased demand for nearby living spaces.

This development follows the recent opening of Downtown Cary Park, which includes various amenities like a pond, waterfalls, and a playground. Construction will commence once site plans are approved, which could take 15 to 18 months. Take a look at the full story from @newsobserver ...

caryeconomicdevelopment

Aug 2

More than 30 athletes with ties to North Carolina will be competing at the 2024 Olympic Games. As for Cary, Cary native Jesse Ssengonzi will swim for the Ugandan team, and NC Courage player Casey Murphy will be playing for team USA. The Triangle Aquatic Center in Cary was also host to the US Olympic swim team as they trained for the Olympic trials!

Special shout-out to NC State Swimmer Katharine Berkoff for winning bronze in the 100 M Backstroke and Former NC State Swimmer Ryan Held for winning gold in the 4 x 10 M Freestyle Relay! We are rooting on all of our North Carolina athletes!!

More than 30 athletes with ties to North Carolina will be competing at the 2024 Olympic Games. As for Cary, Cary native Jesse Ssengonzi will swim for the Ugandan team, and NC Courage player Casey Murphy will be playing for team USA. The Triangle Aquatic Center in Cary was also host to the US Olympic swim team as they trained for the Olympic trials!

Special shout-out to NC State Swimmer Katharine Berkoff for winning bronze in the 100 M Backstroke and Former NC State Swimmer Ryan Held for winning gold in the 4 x 10 M Freestyle Relay! We are rooting on all of our North Carolina athletes!! ...

caryeconomicdevelopment

Jul 31

Cary’s Fenton development is set to debut its first hotel, a 7-story, 186-room property by Mainsail Lodging & Development. This $70 million project, planned to start construction in early 2025 and open in early 2027, will be Mainsail’s first hotel in North Carolina.

The hotel will feature a restaurant, bar, coffee shop, cooking studio, heated outdoor pool, fitness center, ballroom and meeting rooms. Mainsail will operate its own food and beverage services and employ around 140 staff members. The hotel aims to leverage Fenton’s location and amenities to attract both business and leisure travelers.

Take a look at the full story from @trianglebizjrnl

Cary’s Fenton development is set to debut its first hotel, a 7-story, 186-room property by Mainsail Lodging & Development. This $70 million project, planned to start construction in early 2025 and open in early 2027, will be Mainsail’s first hotel in North Carolina.

The hotel will feature a restaurant, bar, coffee shop, cooking studio, heated outdoor pool, fitness center, ballroom and meeting rooms. Mainsail will operate its own food and beverage services and employ around 140 staff members. The hotel aims to leverage Fenton’s location and amenities to attract both business and leisure travelers.

Take a look at the full story from @trianglebizjrnl ...

caryeconomicdevelopment

Jul 29

On August 7th, 50 Cary Chamber members will participate in a morning tour of some of Cary’s industrial and commercial projects. Including current and proposed sites. To participate, register at https://web.carychamber.com/

Sponsored by: Alfred Williams & Company, Clancy & Theys Construction Company, Duke Energy, First Bank, Highwoods Properties, Hummingbird Creative Group, Pinnacle Financial Partners, and S&A Communications.

On August 7th, 50 Cary Chamber members will participate in a morning tour of some of Cary’s industrial and commercial projects. Including current and proposed sites. To participate, register at https://web.carychamber.com/

Sponsored by: Alfred Williams & Company, Clancy & Theys Construction Company, Duke Energy, First Bank, Highwoods Properties, Hummingbird Creative Group, Pinnacle Financial Partners, and S&A Communications. ...

caryeconomicdevelopment

Jul 26

Allucent, a contract research organization headquartered in Cary, named Paula Brown Stafford their new CEO. The move comes after Brown’s years-long run heading Novan in Durham. Former Allucent CEO Mark Goldberg will continue to serve as chairman, the company said, calling the leadership change a planned transition.

Brown was previously president of Quintiles (now Iqvia) and was Triangle Business Journal’s 2022 Women in Business Lifetime Achievement Award winner. She brings more than three decades of life sciences experience to Allucent and will guide the company’s next phase of growth.

According to Triangle Business Journal, Allucent has more than 100 employees in the region and more than 1,000 companywide.

Allucent, a contract research organization headquartered in Cary, named Paula Brown Stafford their new CEO. The move comes after Brown’s years-long run heading Novan in Durham. Former Allucent CEO Mark Goldberg will continue to serve as chairman, the company said, calling the leadership change a planned transition.

Brown was previously president of Quintiles (now Iqvia) and was Triangle Business Journal’s 2022 Women in Business Lifetime Achievement Award winner. She brings more than three decades of life sciences experience to Allucent and will guide the company’s next phase of growth.

According to Triangle Business Journal, Allucent has more than 100 employees in the region and more than 1,000 companywide. ...

caryeconomicdevelopment

Jul 24

Envu, headquartered in Cary, is poised to reach $900 million in revenue this year following a significant acquisition move. The company has agreed to purchase Global Specialty Solutions (GSS) from FMC Corporation for $350 million.

Envu CEO Gilles Galliou emphasized the strategic fit between Envu and GSS, noting shared goals, products, and markets. This acquisition is seen as a diversification strategy that enhances innovation and supply capabilities for Envu. Envu has grown to $850 million in revenue last year, with a target of $900 million for 2024. The company employs 900 people globally, including 200 in Cary.

Read the full story via @trianglebizjrnl

Envu, headquartered in Cary, is poised to reach $900 million in revenue this year following a significant acquisition move. The company has agreed to purchase Global Specialty Solutions (GSS) from FMC Corporation for $350 million.

Envu CEO Gilles Galliou emphasized the strategic fit between Envu and GSS, noting shared goals, products, and markets. This acquisition is seen as a diversification strategy that enhances innovation and supply capabilities for Envu. Envu has grown to $850 million in revenue last year, with a target of $900 million for 2024. The company employs 900 people globally, including 200 in Cary.

Read the full story via @trianglebizjrnl ...

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