Development Spotlight: Fenton Phase I

Key Stats:

• Developer: Hines an Columbia Development Group
• Financial Partner: USAA Real Estate
• Asset Class: Mixed use (office, residential, retail, and hotel)
• Phase I Build Out:
  •  358,000 square feet of retail
  • 195,000 square feet of office
  • 357 apartments
  • 175-key hotel
• Full Site: 92 acres
• Full Build Out Potential: 2,500,000 square feet
• Submarket: Cary

Hines and Columbia Development Group held the Grand Opening of the first phase of the long awaited Fenton project on June 2, 2022 with festivities continuing all weekend.

The project is the first vertically mixed-use project in the Town of Cary. Vertical mixed-use development – as opposed to a horizontal mixed-use or sometimes called multi-use development – means that at least one use is built on top of another. In this case Fenton has apartments and offices above retail. The only limits to how many uses a vertical mixed-use development can contain are zoning and feasibility limits. 

Fenton will be built out in multiple phases, likely to avoid delivering more space than the market can absorb. The first phase consists of about 1,000,000 square feet of built space on 32 acres of land. A Floor to Area Ratio (FAR) of approximately .72.

The retail space in Phase I is 90% leased and full service asking rates for the office space are at $41.50 per square foot.

Some of the current tenants include: Altar’d State, Arhaus, Athleta, Bailey’s Fine Jewelry, Colleta, Crawford Bros. Steakhouse, Cru Wine Bar, Free People, Lululemon, M Sushi, Nike Live, Paragon Theaters, Pottery Barn, Sephora, Southern Tide, Sports & Social, Superica, Williams Sonoma.

For Fenton leasing info check out –  https://fentonnc.com/leasing/

For more information visit: the Fenton website, the Hines website, and the Columbia Development Group website.