Park West Village could be growing to include new apartments and commercial space
The developer of Morrisville’s popular Park West Village plans to expand the shopping and residential complex with new apartments, a bank and more commercial space.
Casto — a Columbus, Ohio, real estate and property management firm with offices in Raleigh — hopes to build 115 apartments across five buildings on the property’s western edge, according to plans filed with the town and first reported by the Triangle Business Journal.
On the east side of Park West’s campus, Casto plans to build a 1,800-square-foot Fifth Third Bank and a 4,200-square-foot pad on which to erect a future commercial building.
Town approval for the project, near the intersection of Chapel Hill Road and NW Cary Pkwy, is pending. But Morrisville staff expect it may be imminent.
“It has been submitted and it’s under review by staff right now,” Morrisville planning manager Christopher Lawson said in an interview. “I think it’s fairly close to being approved.”
Casto did not respond to The News & Observer’s request for an estimated construction timeline, but the company will have to break ground within about two years.
“After two years they’d have to start over again and get another plan approved if they didn’t become vested in the project,” Lawson said.
Site plans call for 24 studio units, 53 one-bedroom units and 38 two-bedroom units. They would add to more than 500 already onsite.
The bank and undeveloped pad would join more than 600,000-square-feet of retail space, including Target, T.J. Maxx, HomeGoods and Trader Joe’s.
“We don’t know what the pad will be for,” Lawson said, “We just know it’s commercial. They have not indicated what that is, though.”
Casto began developing Park West Village in 2007, but the sprawling shopping center didn’t blossom until after 2008’s economic recession. As more traditional retail complexes — such as the now-defunct Cary Towne Center — have struggled to navigate evolving consumer preferences, Park West has continued to grow. It features more than 75 retailers and restaurants.
This story was originally published December 3, 2021 at 7:00 AM with the headline "Park West Village could be growing to include new apartments and commercial space."
