Target and Harris Teeter will anchor the first phase of Parkside Town Commons, a commercial and residential project planned for the intersection of O’Kelly Chapel Road and N.C. 55 in Cary.
Kite Realty, the developer behind the shopping center, announced this week that construction on the multi-phase project will begin early this year. The 250,000-square-foot first phase, which will be anchored by Target and Harris Teeter, is scheduled to open in 2014.
Target paid $3 million this week for an 11-acre site in Parkside where it plans to build a 135,000-square-foot store, according to Kite. Construction of the 330,000-square-foot second phase is to begin late this year. It will be anchored by Golf Galaxy, Frank Theatres CineBowl & Grill an unnamed tenant focused on outdoor activities.
Kite has been planning Parkside Town Commons for years. In May, Kite Realty won an agreement with the railroad company CSX and the town of Cary that will allow reshuffling the roads and rails near the site. As part of the deal, the town would build a $17 million bridge on Carpenter Fire Station Road over CSX rails.
The $105 million project is the second major retail project that Kite has moved ahead with in the Triangle since the recession.
Kite is also developing the Holly Springs Towne Center project now under construction off the N.C. 55 Bypass.
The first phase of the shopping center will total about 377,000 square feet and include Target, Marshalls, Michaels, Dick’s Sporting Goods, Petco, Ulta Beauty, Pier 1 and SportClips, along with a mattress store, a nail salon and several more yet-unspecified stores.