What? $11,000,000 for a piece of Cary real estate? Another planned development in Cary? I thought this was supposed to be the worst market since the depression…. Well, that may or may not be true, but Cary continues to attract investment from local and national developers. Does this mean more business and revenue for Cary, or just more headaches and traffic? Probably both.

Southeast Corner of intersection

But let’s face it, people wouldn’t be moving to Cary and it’s population wouldn’t be increasing 4% per year if they didn’t like the rapid growth.

The image to the left shows an aerial map of the extremely valuable intersection of Davis Drive and High House Road. The gray section of the map shows the planned development that was initiated by Sears Farm, LLC. This 24 acre area is valued at about $7.2 Million and was purchased from the Sears family to develop into an upscale retirement community with 135 apartments, 26 plaza apartments, 46 estate homes, and 16 assisted living suites.

If you look to the adjacent corner (the Northeast corner), you’ll see the 42 acre piece of real estate that was just purchased by Crosland, a Charlotte development company, for $11 Million. High House Davis LLC was the seller.

This planned development was approved by the Town of Cary about a year ago. It has not commenced yet but should get underway soon as the real estate market continues to improve. This mixed use development will contain 140,000 square feet of retail space at the corner, along with 390 residential units, including townhomes and condos.

So another one of Cary’s prime corners will soon have the buzz of commerce and activity. Wouldn’t it have been nice to have been a land-owning farmer in west Cary about 25 years ago? I wonder what Mr. Sears (owner of the corner at one point) is up to these days?

I know one thing: he sure understands the value of holding real estate and the long term wealth that it can produce.