Friday, October 3, 2008

Slowing Economy Hits Our Area

The Cary News reports that development of both Park West Village in Morrisville and Waverly Place in Cary will be delayed.

Located at the intersection of Route 54 and Cary Parkway, construction of Park West has been pushed back to possibly early next year. The 95-acre shopping, office, apartment and hotel complex had been scheduled to commence building during this current Fall season. The developer informed the Cary News that the center has had to work harder to sign tenants. Since fashion retailers have been especially hard hit by the economy, different types of tenants have been sought. However, in a press release, the developer revealed that five of the seven anchor stores are set.

Among the tenants signed are “Buy Buy Baby”, a store that specializes in nursery and children’s furniture, toys and clothing. “Stone Theatres” will be opening a 14-screen movie cinema. “Urban Active Fitness” plans a fitness club at Park West Village. The developer also reported that it has also signed a deal with an operator for a 120-room business hotel (its identity was not revealed). The developer believes that Park West will be completed in early 2010.

The Cary News also reported that redevelopment of the Waverly Place Shopping Center (Tyron & Kildare Farm Roads in Cary) has been stalled because of the developer’s difficulty in obtaining financing. In addition to “Whole Foods,” which continues to operate as a tenant in the center, plans include over 200,000 square feet of other retail outlets, a 120-room hotel and 200 homes according to the newspaper. The center’s recent purchase by a California company is hoped to help bring the project back on track.

Although considerable concern about the large size of Park West Village was voiced by citizens, the Morrisville Town Council approved the required rezoning and development plans for it this past January.

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