After years of planning, Hines and Columbia Development has broken ground on what will be one of the largest retail-focused developments under construction in the United States this year, the 69-acre Fenton mixed-use project in North Carolina’s Research Triangle.
“Fully capitalizing the project and securing commitments from retailers during a pandemic reflects significant confidence in the project,” said Hines director Paul Zarian, who characterized Fenton as an urban, pedestrian-focused place to live, shop, dine and work in the Triangle.
Fenton is located along I-40 and Cary Towne Boulevard in Cary, N.C., a central location in the Triangle. The first phase will deliver some 345,000 sq. ft. of shops, restaurants, 200,000 sq. ft. of office space, a 175-key hotel and a 357-unit apartment complex.
Hines also announced that Arhaus, the home furnishing retailer with 70-plus locations, had signed a lease for a 17,974-sq.-ft. space at Fenton.
“Increasing our store footprint here is an opportunity to develop and further enhance our North Carolina-based artisan partnerships,” said John Reed, CEO and co-founder of Arhaus.
In October, JLL Capital Markets represented the development team in the closing of what is believed to be the second largest construction loan in Triangle history and the largest construction loan for a retail-driven project in the U.S. since the start of the coronavirus pandemic.
“Fenton is a history making project for Hines and our partners,” said Hines CEO Jeff Hines.