Fuquay-Varina prepares for gateway project;
Developer plans to revive $50 million commercial mixed-use project
In late 2013, the Fuquay-Varina Town Board of Commissioners approved a rezoning request for approximately 50 acres of Industrial Zoned property to new zoning that will allow for Raleigh developer, Kenney Development, Inc. to develop a multi-million dollar commercial and retail mixed-use development project. The developer’s proposed project will result in approximately 28 acres of high-end, luxury apartments and 22 acres of premier commercial and retail space representing a major financial investment for Fuquay-Varina.
The development is located on a major thoroughfare at the intersection of Old Powell Road and North Broad Street (NC Highway 55). The site was once home to wiring manufacturing company Quality Cable. The developer has recently updated its marketing recruitment efforts and plans to submit building and construction plans within the next several of months.
“A couple of years ago we saw the development potential in Fuquay-Varina and decided to purchase property primed for the next wave of development,” said Steve Kenney, Owner & CEO of Kenney Development, Inc. “We are very excited to be partnering with the Town of Fuquay-Varina to embrace this major development. Bricks & mortar projects are in full swing in Fuquay-Varina and we excited to be part of this synergy of quality development in southern Wake County.”
“By transforming this now large vacant site into a vibrant, highly visible first-rate development project for the citizens of Fuquay-Varina, Kenney Development, Inc. will significantly contribute to the continued growth in Fuquay-Varina,” said Mayor John W. Byrne. “The Town’s strategic geographic location combined with rapid residential growth demonstrates that Fuquay-Varina is a front-runner to attract quality private investment that offers substantial benefits to the community.”
Fuquay-Varina’s Town Manager, Adam Mitchell stated, “The Town Board outlined an aggressive economic development agenda that focuses on recruiting unmet, high-end retail commercial services and amenities to Town’s rapidly growing population and expanding footprint. The development of Fuquay-Varina’s gateway corridors is strategic in the overall growth of our community.”
Kenney Development, Inc. anticipates having a major anchor tenant, office and retail space in addition to several commercial outparcels and approx. 250 luxury multi-family apartments. “We look forward to introducing this project to those high-end quality supermarkets not yet in our marketplace,” stated Jim Seymour, the Town’s Economic Development Director. “This project’s location in proximity to affluent residential neighborhoods makes it attractive to both high-end retailers and apartment tenants.”
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