Developer could get $12 million in public funds to build over 200 apartments, homes in Cary
Developers looking to turn the former Maplewood School property in Cary into a multi- and single-family residential area will receive up to $12.35 million in tax increment financing funds under a development agreement with the village.
The village board last week unanimously approved the agreement t with developers, planning to build more than 200 apartments and some owner-occupied homes along Krenz Avenue.
The total cost of the project is expected to be more than $94 million. In order to complete it in a “timely manner,” JM Developers representatives say the company needs assistance from the Central Cary TIF District, according to village documents.
Throughout the life of the estimated 23-year TIF, which was established in 2023, the project is projected to provide total incremental property taxes of more than $36.5 million, officials say.
The agreement, which Community Development Director Brian Simmons said acts like a binding contract, spells out village costs for demolition work and storm sewer upgrades on School Street. Demolition of the long-shuttered school building is expected to happen this summer, Simmons said.
The village agreed to sell the property to developers for $1, according to village documents.
Developers will need to get zoning approval within 180 days, according to the agreement.
It has been a year since JM Developers first started negotiations with the village. Since then, open house meetings were held, and tweaks have been made to the plan following objections from some nearby residents, mainly over plans for multifamily residences.
Plans were updated in June to include some owner-occupied single-family homes and a larger public park. However, residents’ concerns over density and building height remain.
The updated plan calls for 13 two-story, single-family homes; 15 two-story townhouses; four duplex homes totaling 16 units; 22 three-story townhomes; two five-story apartment buildings; and one four-story apartment building, totaling 236 apartment units.
Apartments will range from studios to three bedrooms, according to village documents. Amenities include an outdoor pool, fitness center, indoor and outdoor working spaces, an entertainment kitchen, a dog park and a public park.
Residents at last week’s village board meeting continued to raise long-standing concerns about the impact that high-density rental units will have on the surrounding area.
“I can see why this is so appealing to the board,” resident Christy Wagner said. “There are millions and millions of dollars being tossed around here, and it’s a little overwhelming to hear all of this — to see what is projected for what has been a mainly residential area, (a) single-family home area.”
Michael Poulakidas of Cordogan Clark & Associates and JM Developers, said a “significant amount of professional analyses” have been conducted for their proposal, including on the housing market, pricing and traffic.
“Taken together, these studies helped ensure this is not a speculative or rushed project on our part, but a well-informed and carefully considered development,” he said. “We recognize no project will ever please everyone, but we truly believe this plan reflects the best interest of Cary — the community as a whole — not just today but in the long term.”
In conjunction with the redevelopment of the school property, plans to extend nearby Maplewood Road continue. The new road would be an extension of Industrial Drive, running from Cary-Algonquin Road to High Road, parallel with Route 14 and south of the railroad tracks. Its aim is to improve mobility to downtown Cary.