(RALEIGH, NC) – Hines, the international real estate firm, and Columbia Development today announce the start of construction on Fenton, a 69-acre mixed-use development underway in Cary, North Carolina. Fenton will be Cary’s first vertically integrated, mixed-use destination and one of the largest retail-focused projects currently underway in the United States. The groundbreaking propels the project toward a grand opening in Spring 2022.
“Fenton is pressing forward, and the start of vertical construction places us one step closer to achieving our vision of creating an urban, pedestrian-focused destination to live, shop, dine and work in the heart of the Triangle,” said Paul Zarian, director at Hines. “Fully capitalizing the project and securing commitments from retailers during a pandemic reflects significant confidence in the project, particularly its open-air design and modern mix of uses. We look forward to seeing this memorable project rise in the months ahead.”
The development team will celebrate this milestone with a small groundbreaking ceremony on November 12. Those scheduled to speak at the event include: Kurt Hartman, senior managing director at Hines; Abbitt Goodwin, Triangle local and partner at Columbia Development; Trey Bailey, CEO and co-owner of Bailey’s Fine Jewelry; Chef Scott Crawford, owner of Crawford & Son, Jolie and the forthcoming Crawford Brothers steakhouse; and Chef Michael Lee of M Restaurant Group.
“We’re very excited to be the home of Fenton and appreciate the partnership we’ve had with the developers as well as the State of North Carolina to help turn an idea into reality,” said Cary, NC Mayor Harold Weinbrecht, Jr. “Our nation is enduring significant challenges, and it’s very important to have projects like Fenton to celebrate and come together on as we navigate the troubles of today by the light that shines from a hopeful and optimistic future.”
Ahead of groundbreaking, Fenton’s leasing team announces the addition of Arhaus, the family-owned and operated home furnishing retailer with more than 70 locations across the country, to the best-in-class retail mix. Arhaus’s 17,974-square-foot store will offer a compelling, inspiration-filled environment with one-of-a-kind handcrafted home furnishings.
Arhaus collaborates with skilled artisans in the U.S. and all over the world to craft its many exclusive collections, which are complemented by timeless upholstered pieces, dining tables and chairs, bedroom, outdoor and office furniture, seasonally-inspired accessories, private label bedding, throws and accents, tableware and more. Made of the world's finest materials and with attention to sustainability, products are presented in dramatic lifestyle settings infused with original architectural elements, hand-painted murals, Arhaus Relics, or repurposed antiques, and the freshest botanicals sourced locally in each store market.
“We are thrilled to sign on to Fenton’s excitingly vast retail landscape,” said John Reed, CEO and Co-Founder of Arhaus. “Increasing our store footprint here is an opportunity to develop and further enhance our North Carolina-based artisan partnerships, and to continue offering complimentary services by way of in-store Designers and a dedicated Design Center. With capabilities for in-person and virtual consultations, we’re confident that no project will ever be too big or too small when it comes to the Cary customer.”
Arhaus joins a growing list of retailers set to open at Fenton. The retail portion of the project is approximately 73% leased or under LOI at the start of construction.
Groundbreaking is the latest milestone in a year of progress for Fenton. In October, JLL Capital Markets represented the development team in the closing of what is believed to be the second largest construction loan in Triangle history for the continued development of the project. This loan was also the largest construction loan to close for a retail-driven project in the U.S. since the start of the coronavirus pandemic, according to Real Capital Analytics.
“Fenton is a history making project for Hines and our partners. At a time when many retailers are shrinking their footprints, world-class brands are expanding into new brick-and-mortar spaces at Fenton – a move that signals the industry’s faith in this mixed-use project,” said Jeff Hines, Hines chairman and CEO. “In addition to street-level retail and restaurants, this development will create an employment hub buzzing with young and seasoned talent alike, along with year-round residents who are just steps from office and entertainment. These integrated living and workspaces, paired with Fenton’s merchandising mix, urban design, active restaurant patios and gathering areas programmed with events will create a walkable and welcoming community from morning to night, Sunday to Sunday.”
Fenton is located along I-40 and Cary Towne Boulevard, a prominent interstate interchange that occupies a central location in the Triangle. The first phase of Fenton will deliver approximately 345,000 square feet of shops, restaurants and entertainment space, 200,000 square feet of office space, a 175-key boutique hotel and a 357-unit luxury apartment community at Fenton.
Follow @FentonNC on Facebook, Instagram and Twitter to participate in the virtual groundbreaking celebration, including live coverage of the ceremony, Q&As with the development team, merchandise giveaways and more.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Columbia Development
Columbia Development is a privately held real estate development firm based in Columbia, South Carolina, with offices in Atlanta, Georgia, Charleston, South Carolina and Raleigh, North Carolina. Columbia’s team is actively engaged in the development of mixed-use destinations, regional and neighborhood shopping centers, and single-tenant retail assets throughout the southeastern United States, with a primary geographic focus on the Carolinas. Columbia Development is currently constructing six projects totaling more than one million square feet and has a predevelopment pipeline in excess of five million square feet. Columbia’s team has vast experience in the areas of site selection, development, finance, construction and leasing.
Arhaus offers globally inspired, heirloom quality furniture and décor for the entire home – both indoors and out. Family-founded in 1986 in Cleveland, OH, Jack and John Reed made a commitment on day one to never source wood from rainforests and to protect the Earth's resources whenever possible. Now, with 70+ store locations across the United States, a team of interior designers providing complimentary design services, and robust custom-design capabilities, Arhaus has grown to become an industry leader in innovative practices and inspired design. For more information, visit arhaus.com.