North Carolina mixed-use center to rise up around new Ikea

Ikea announced last week it would build a new location adjacent to a CBL property outside Raleigh, and this week CBL announced it would capitalize on that occasion to transform its Cary Towne Center into a mixed-use project.



CBL has been working with the town of Cary — an affluent and growing community in the Research Triangle — to start the zoning process to allow the construction of a multi-phase renovation of the property. Plans call for a mix of high-end retail, dining, entertainment, residential, office, and green space.



“CBL is thrilled that IKEA has chosen Cary Towne Center for its next potential location in North Carolina,” said Stephen Lebovitz, president and CEO of CBL. “Cary Towne Center is ideally located, and there is strong demand to elevate the center to the next level.”



The Cary market area holds some 170,000 residents with average household incomes above $90,000.



This is the second big project destined for Cary. Last month, Columbia, South Carolina-based Columbia development announced plans to erect a 2-million-sq.-ft. multi-use project called Eastern Cary Gateway.