Plans for a new senior living community in Cary, NC are underway, with construction set to begin this summer. “Paraclete Professional Park” will feature a 475,000-square-foot “life care” community, including 240 independent living units and 130 assisted living units, office space, and possibly a 150-room hotel. The community, which will be located on Kildaire Farm Road across from WakeMed Cary Hospital, was proposed by Mangum Development, LLC.
Photo courtesy of Mangum Development.
Recently, the Cary Town Council approved the rezoning of about 23 acres across from WakeMed on Kildaire Farm Road from residential to mixed-use to allow for the building of Paraclete Professional Park.
Image courtesy of Mangum Development.
The project comes at a time when the town has been trying to respond to the need for senior housing, as nearly 5,000 Cary residents turn 65 years and older each year. The “Aging Issues Task Force,” a group of Cary officials and residents appointed by the town, completed a study in 2015 into how well Cary serves its senior residents. While the report said the town serves those 65 and up well, it also indicated that the community may lack adequate housing for the growing population.
Kevin Mangum of Mangum Development, a fourth-generation business owner and fifth-generation Cary native, develops world-class mixed-use projects. As Lead Developer for Paraclete, Mangum says the community will be “metropolitan” and “high-quality, but not ostentatious.” He continues, “You could expect to see some very nice amenities usually reserved for places like New York or Miami.”
Photo courtesy of Mangum Development.
The facility will have a walkable environment and a campus-like feel, complete with central gardens and fountains. Amenities will include covered parking for owners and physicians, a generous 4:1 parking ratio, “Class A” finishes, such as imported marble floors, and dining and shopping within walking distance at Waverly Place. “We think a large focus for baby boomers will be a desire for living near shops, restaurants, and excellent medical care,” said Mangum. “Paraclete happens to be next to a hospital and Waverly Place, and is convenient for family to visit their loved ones.” There are plenty of hotels just minutes away, including a Comfort Suites, Hampton Inn, Courtyard Marriott, and Extended Stay America.
Wind Down Wednesday. Photo courtesy of Waverly Place.
Waverly Place underwent a major facelift in 2015, including a multi-million dollar interior and exterior renovation of 15-year-tenant Whole Foods. Other shops and restaurants at Waverly Place include Cinebistro, Whisk Cookware and Cooking Classes, Hand and Stone Massage, Violets Boutique, and Fresca Cafe. In addition, Waverly Place hosts various free events throughout the year, such as “Yoga on the Promenade;” “Wind Down Wednesdays,” featuring free concerts; and Flamenco music at Fresca Cafe.
Paraclete Professional Park is expected to open in early 2018.
For more information about senior housing and retirement communities in the Triangle, click here.
For detailed information on local 55+ neighborhoods, click here.
For information and updates about Paraclete Professional Park, contact Real Estate Experts any time at 919-813-6449 or [email protected] Visit us online at realestateexperts.net.
Triangle area counties have proposed budgets this month that will affect property taxes beginning July 1.
In Orange County, Chapel Hill Town Manager Roger Stancil has proposed a $61.7 million budget for fiscal year 2016-17, which represents a property tax increase of a little less than 1 percent. Since the last revaluation in fiscal year 2010, Chapel Hill’s tax rate has increased 3 cents or 6.1%, which translates into less than 1% per year and less than the rate of inflation. The last increase in property tax rates was the addition of 1 penny for the Debt Management Fund in fiscal year 2015 to kick-start the Town’s capital improvement program.
Chatham County City Manager Renee Paschal has proposed a $107 million budget for the fiscal year, which includes a property tax increase of 1.19 cents per $100 valuation. This translates into a tax increase of approximately $11.90 per year for a $100,000 home.The tax increase would fund a new Health Sciences Building for Central Carolina Community College, a new elementary school in northeast Chatham (slated to open in 2021), and an expansion of the new planned high school from 800 to 1,000 students (also slated to open in 2021). According to Paschal, this is the first tax increase for Chatham County since 2010-11.
In Durham County, City Manager Tom Bonfield has proposed a $403.7 million budget for the fiscal year. If the budget is approved by the City Council, it would be the largest budget in Durham’s history, up 4 percent from last year. The proposed $15.5 million increase would include 38 new city positions, 20 additional police officers, renewing the Durham holiday parade, a new downtown parking garage, and implementation of paid on-street parking. For homeowners, the proposal translates into a city property tax rate of 56.07 cents per $100 valuation, which is approximately 3.05 cents below the current rate. Due to a countywide reappraisal in which tax values increased 16 percent citywide, residents will not necessarily see a lower property tax bill. The proposed tax rate would result in $1,005 tax bill on a $179,297 home, which is the current median value of a home in Durham.
In Wake County, Interim Cary Town Manager Mike Bajorek has proposed a $319.2 million budget for the fiscal year. The budget will include capital improvement projects, such as a downtown public-private partnership with Northwoods Associates, LLC, a new Fire Station on Walnut Street, an expansion to the Cary Police Station evidence room, and improvements to the USA Baseball National Training Facility. For homeowners, Bajorek proposed lowering the property tax rate to 35 cents per $100 valuation, from 37 cents, because of Wake County’s recent property revaluation. If approved, the tax rate would remain the lowest in Wake County, and result in a tax bill of $750 for a $200,000 home.
Raleigh City Manager Ruffin Hall has proposed a $858.6 million budget for the fiscal year, which represents an increase of 3 percent from this year’s $832.5 million budget. The budget would include financing debt the city took on to buy the former Dorthea Dix Hospital property for $52 million, expanding Raleigh’s affordable housing program with 125 additional units, adding a 15-member crew in a new transportation department to clean up downtown Raleigh, and finding a replacement for Fire Station 1 on Dawson Street in the Warehouse District. Homeowners would be looking at a 2 cent property tax rate increase, which would translate into an extra $95.16 on a home valued at $251,300 (the median cost of a home in Raleigh).
If you have traveled around Cary lately, you’ve no doubt encountered frustration with construction traffic as the town undergoes a major revitalization of the dated downtown area. The temporary inconvenience will be worth it in the long-run, however, according to Town Manager Ted Boyd, who says that the ultimate vision is to ensure downtown Cary becomes a dynamic and unique place to work, shop, and gather. “The revitalization effort is going very well,” he says. “There have been growing pains…in order for us to grow, we had to incorporate a new infrastructure. Most of the utilities were 50 years old or older.”
Streetscape improvements are underway along the mile-long downtown stretch of North and South Academy Streets, with the goals of improving traffic movement, traffic calming, and pedestrian mobility. The town’s focus is making South Academy Street a venue for special events, festivals, concerts, and other activities, with the inclusion of a downtown park. This urban outdoor venue, which will serve as an extension of the Cary Arts Center, will include a multipurpose grass area, a community gathering space, an outdoor theater, public art displays, and a central fountain. The park is currently under construction; however, lead Landscape Architect Sarah Alexander says that the unusual amount of rain this year has caused delays. The park is expected to be completed in fall 2016.
The Cary Arts Center has also received a revamp. Originally renovated from a 1930s-era public school building, the center provides a 393-seat theater, classrooms, studios for gallery exhibitions, ceramic arts studios and a kiln, and construction/textile labs. Its recent renovations by three artists include an exterior sculpture for two sides of a new theater fly tower, the theater curtain, and a backlit transparent wall connecting the three floors of the building through a glass stairway.
Next door to the Arts Center, the town will replace the Cary Community Library with a new 22,000 to 25,000-foot, two-story library that will sit on three acres. Adjacent to the library, the town will construct a four-level, 350-space parking deck serving the Cary Arts Center, library, downtown park, and future private development. Construction is set to begin in 2017 and the library should open its doors in 2018.
A new boutique hotel, The Mayton Inn, is set to open later this month, with 44 guest rooms and its own restaurant, The Verandah. Led by award-winning Executive Chef Jeff Gompers, the gourmet eatery will be open to both hotel guests and the general public.
Moviegoers are already enjoying the renovated downtown theater simply called “The Cary,” which opened in 2014 and features independent and cult films, as well as live performances, in a quaint environment. Concessions are offered, including wine and beer.
With the growing popularity of craft beer, Pharmacy Bottle + Beverage, an indoor/outdoor brewery, has opened in the heart of downtown. The brewery allows patrons to bring in food from other restaurants or home, and is also pet-friendly.
If you’ve been thinking of relocating to Cary, you may now have one more incentive to set your plans in motion! Contact Broker Jodi Bakst or Paul Barrett to find out more about what living in Cary has to offer: 919.928.5131, [email protected], or [email protected] Visit them online at www.realestateexperts.net.