February 26, 2020
GET THE FACTS: Academy Park Development
Some inquiries have been made regarding the Town’s decision to facilitate the design and construction of a mixed-use development downtown at the corner of Walnut and Walker Streets, a project that has been more than three years in the making.
The Town’s actions complied with and supported not only all local and state laws but also the community’s vision and intent for Downtown as expressed in the Imagine Cary Community Plan, which was created by over 1,000 citizens over three years and adopted by the Cary Town Council on January 24, 2017.
On February 20, 2020 and in support of the Downtown Business Improvement District, the Academy Park Project was approved for Town-owned property adjacent to Cary’s new parking deck, Wake County’s new regional library, and the Downtown Park. The Project involves the sale by Cary of two lots for Academy Park Cary, LLC to build a mixed-use site with retail, office, and multi-family uses as well as public facilities such as streetscapes and stormwater retention. Both lots are being sold for their appraised value and subject to obligations detailed in the Downtown Development Project Agreement and in restrictive covenants that will attach to the lots.
Read the full agreement between Academy Park and the Town of Cary (101 MB)
Read the Imagine Cary Community Plan
Ted Boyd, Economic Development Director