Developer buys 19.5 acres in western corridor. See what’s coming
Apple may have hit pause on its $552 million campus in Research Triangle Park. But it hasn’t stopped out-of-state property developers from moving in.
The most recent example: a land deal in nearby west Cary.
Fort Lauderdale-based ZOM Living recently purchased six parcels — totaling 19.5 acres of mostly wooded land — at 7216 Carpenter Fire Station Road, according to a deed filed in July. Records show it sold for $12.5 million.
It’s across the street from Carpenter Fire Station Neighborhood Park, a new 20-acre park; and about a 15-minute drive north to Research Triangle Park.
In this fast-growing western corridor of Cary, it’s a “prime piece of land,” said Seth Avant, ZOM’s senior vice president of the Carolinas.
ZOM is planning a 330-unit apartment complex called Azalea at the Park. It will bring 315 apartments, 15 townhomes and 3,000 to 5,000 square feet of retail space.
Azalea at the Park will feature studios, one-, two- and three-bedroom apartments — ranging from 575 to 1,250 square feet.
The 1,500-square-foot townhouses will offer three bedrooms, three bathrooms and attached garages.
Among the community’s amenities: 15,000 square feet of community gathering space, a 10,000-square-foot clubhouse and access to Morris Branch Greenway.
Renderings are not yet available. Leasing rates are also to be determined.
Ground breaking is slated for early 2026. It’s expected to be complete by early 2028, Avant said.
The project adds to ZOM’s growing real estate portfolio in North Carolina.
It’s currently building Maizon Durham, a new rental community that will bring 248 luxury apartments to the city’s downtown.
In 2022, it delivered the mixed-use mid-rise development Hazel SouthPark, with 203 apartments and 14,000 square feet of retail space in Charlotte’s SouthPark, which is adjacent to SouthPark Mall. Studios start at around $1,543, according to its website. A three-bedroom, two-and-a-half bathroom starts at $5,283.
A rendering of Hazel Southpark in Charlotte, one of several ZOM properties in North Carolina.
“With this acquisition, we remain focused on building in neighborhoods that are thriving, such as the Town of Cary,” Avant said.
Cary’s meteoric rise
It’s the latest in a string of projects proposed for west Cary after Apple unveiled plans in 2021 for a campus in Research Triangle Park, just around the corner.
Apple’s delay hasn’t impacted real estate prices much, say experts. Or projects in the pipeline.
David Ferrell, a longtime Cary resident and property developer, is building 140 single-family homes on a 103-acre site after the Town Council recently approved rezoning and annexation.
Heritage Capital Partners is planning a mixed-use project on a vacant 46-acre site along N.C. Highway 55. Arizona-based homebuilder Taylor Morrison is also bringing 190 two-story homes to the corner of Gilmore Bridge Drive and Morrisville Parkway.
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Cary’s housing market, meanwhile, remains “very competitive,” according to Redfin.
The median sale price of a single-family home was $654,000 in June, up 4.5% since last year. Homes receive three offers on average and sell in around six days, Redfin found.
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