Implementation

A. A Phased Approach

The creation of the proposed cultural district in downtown Cary, and with it the establishment of new and renovated cultural facilities, will be implemented over time as both public and private financial resources become available. Each phase, regardless of its timing, will build on the success of the prior phase while setting the stage for future phases. Outlined below is a recommended order of improvements.

Phase One

Phase One begins with a series of public infrastructure enhancements that provides a foundation for future improvements and demonstrates a commitment both to the arts as well as the quality of downtown Cary. Initial priorities include:

A. Streetscape Improvements

B. Traffic Improvements and the Town Square

C. Cary Community Arts Center

D. Surface Parking to serve the Cary Community Arts Center on an interim basis until a parking structure is constructed

Phase Two

Phase Two includes the transformation of the Human Resources building into the new Digital Media Arts Center as well as the construction of a parking structure in the downtown. The location of the structure as well as the number of parking spaces offered will be based on further analysis on the part of the Town of Cary.

Phase Three

Phase Three will consist of the creation of the Sculpture Park and the acquisition of land necessary to accomplish it.

Phase Four

While designated as a Phase Four improvement, private mixed-use development will likely occur throughout the life of the project and beyond. However, development will be a more attractive investment once other investments such as streetscape enhancements, traffic improvements, parking and the sculpture park have been made in the downtown.

Phase Five

Prior to the construction of the new Cary Center for the Arts, a parking structure will need to be constructed to serve the center. As such, Phase Five envisions the construction of a new 650 space parking structure with ground floor retail. This phase also includes a new pedestrian bridge connecting the structure to the Cary Community Arts Center.

Phase Six

The sixth phase in the establishment of a cultural district for downtown Cary will be the new Cary Center for the Arts and its associated Arts Plaza.

Phase Seven

The final phase of improvements will be the transformation of the Fire Administration building into Arts Incubator Space.

B. Total Project Costs

The construction of arts facilities is an expensive undertaking but one that can result in tremendous benefits, both culturally as well as financially, having a significant positive economic impact on a region. In identifying the financial resources necessary to implement such facilities, not only must construction and renovation costs be considered, but so too must soft costs including fixtures, furniture and equipment; architectural and engineering fees; permits; and construction contingencies. In addition, it is recommended that a 15% overall contingency be applied for unforeseen conditions as well as refinement in program needs.

The following matrix outlines the costs associated with each of the recommended improvements, with the exception of streetscape and traffic improvements, which are separate, ongoing efforts on the part of the Town. It should be noted that because the timing of improvements is not known, all costs are expressed in today’s dollars and therefore must be escalated to the mid-point of construction. Escalation rates typically range from 4.5% to as high as 9% per annum.