Cary Town Center - slow death

Discussion in 'Discussion Group' started by markfnc, Jan 7, 2016.

  1. markfnc

    markfnc Well-Known Member

  2. markfnc

    markfnc Well-Known Member

    latest update on Epic Games/ Cary Towne Center Mall From TBJ. I copied and pasted so links don't work. (no real update)

    As the months go by with no word about the future of the former Cary Towne Center property, it seems apparent that Epic Games has no immediate plans to move forward with building a new headquarters on the prime site in a town that's attracting plenty of developers.

    Epic Games, the video game developer based in Cary, said Friday through a spokesperson that there were no updates to share. A public records request shows no updated plans have been filed with the town regarding the site located between Cary Towne Boulevard and Walnut Street.

    Real estate watchers in the Triangle are starting to wonder what the future of the former mall property will look like as the town continues its rapid development spree. Dennis Donovan, a site selection consultant with WDG Consulting, said it might be tough to attract another headquarters campus like the one Epic Games proposed back in 2021 after buying the property.

    “First, there aren’t many HQ relocations,” he said, adding that a stronger possibility for the site, should Epic relinquish it, might be a tech company consolidating office operations, “some of which might already be based in the Raleigh, Durham area.”

    Donovan said the real demand is happening with sites that are ready to go. Starting from scratch, which would be the case in Cary, “becomes very difficult.”

    The struggling mall was purchased by Cary-based Epic Games for a global headquarters - but it has a long history of headlines. And the project still hasn't happened.

    Epic Games purchased the formal mall in a $95 million deal in late 2020, stating at the time that the plan was to convert the property into a new headquarters campus by 2024. But its initial rezoning request was met with pushback from town officials and residents for its apparent lack of detail. The council passed the project onto the town’s Planning and Zoning Board for review in late 2021, but the board has yet to make a recommendation.

    In fact, public records show zero recent communication at all between the town and Epic Games, not even when The Walt Disney Company (NYSE: DIS) came calling, as it appears town officials first learned about Epic’s $1.5 billion minority investment from Disney from news reports media.

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