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MORRISVILLE, NC-Sarasota, FL-based Casto Lifestyle Properties and Cary-based 1st Carolina Properties are waiting for the green light to move forward with Park West Village, a mixed-use development on 95 acres at the northeast corner of Cary Parkway and Chapel Hill Road. The project will include 750,000 sf of retail and restaurant space, 50,000 sf of office space, 140 hotel rooms and 425 residential units.

Project plans, which have been submitted to city officials for approval, call for the establishment of districts within the project. Each district will have an architectural theme with common features to create uniformity. Casto Lifestyle Properties president & CEO Brett Hutchens tells GlobeSt.com that project costs have not yet been finalized, but will exceed $100 million. Developers are hoping to break ground in early 2008 with an anticipated completion date of fall 2009.

Marketing efforts for the retail space has started. There are several letters of intent in place, but no signed leases yet. “The project will be a hybrid of a power center and a lifestyle center,” Hutchens says.

According to JV executives, the project is located in one of the fastest growing communities in North Carolina, with a trade area currently encompassing more than 200,000 people. The average housing income is $84,500, with more than 30% of households making more than $100,000. Over the next three years, 10,000 new jobs will be created and 20,000 new housing units will be added. Adjacent to both Raleigh-Durham International Airport and Research Triangle Park, there are 122,597 daytime employees in the trade area.

“Park West Village’s location and strong demographics are attracting an excellent mix of national, regional and local retail, office hospitality and entertainment tenants that we look forward to announcing soon,” says 1st Carolina Properties president Connell Radcliff.

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