Cary's Latest Housing Plan: Too Little, Too Late?

Affordable Housing.

It’s not an issue.

It’s the issue.

Home prices and rents have risen dramatically across the nation the last two years, and the effects have been welcomed news for some...and for others, not so much.

Often touted as one of the best places to live in the U.S., Cary’s municipal prosperity has been costly for those whose wages haven’t kept pace, and the problem existed locally, even before the most recent national phenomenon.

First, the Affordable Housing Plan of 2000 was created. Then, there was the 2020 Affordable Housing Plan. Now, we enter 2022, fresh off the Cary Housing Plan of late 2021.

The Cary Housing Plan, approved in November of 2021, has three stated goals: (1) to be a community of choice through high quality, diverse housing development, (2) a place where residents experience a high quality of life, and (3) to pursue regional and non- profit partnerships to meet housing needs.

Will the Town of Cary’s current elected leadership be able to execute on this latest plan?

Only time will tell.

However, time isn’t on their side.

Since the extreme velocity of rising costs began a few years ago, many residents have already been displaced by new infill projects marketed and fashioned for the well-heeled and transplants from areas with higher costs of living (who find Cary’s expenses much less burdensome…for now).

There is, however, one significant affordable housing project in the pipeline.

A proposed development between the Town of Cary, and Charlotte-based residential developer Laurel Street, seeks to bring 130 mixed income residential units to a piece of land adjacent to East Cary Middle School, at 921 SE Maynard Road (land once slated for the construction of a water tower).

While still early in the rezoning process, Laurel Street and the Town of Cary have plans to designate as “affordable”, only half the units (all of which, are rentals).

921 SE Maynard Road pictured below. The land sits adjacent to East Cary Middle School, and behind well known retail store, Ollie’s.

Laurel Street representative and Vice President of Development, Lee Cochran, says you likely won’t see residents moving in “prior to 2024” as the rezoning process, build-out, and lease-up, will take considerable time.

When asked about possible incentives that would make the plan economically feasible for the development company, Cochran points to a potentially favorable land lease from the Town, along with various grants designated for affordable housing initiatives.

While this development proposal is sure to find its fair share of fans and boo-birds, The Pāpur aims to inform the public throughout the process, remaining a neutral voice.

Of course, one could pose fair questions about the environmental impacts, the size, timing, location, and the plans for affordable rent rather than affordable ownership.

However, one could also point out that something, at this point, is better than nothing.

The potential for 65 rental units (two to three years from now), on land that was formerly planned for a water tower, is nonetheless, a start…but is it too little and too late?

You can decide.

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The initial phase of the potential development between the Town of Cary and Laurel Street, begins this Wednesday (1/12/22) at 6:30 p.m., with a virtual neighborhood meeting via WebEx, that’s open to citizens looking for more information, and an opportunity to voice their concerns.

Interested in joining the call?

You can register by going to: www.townofcary.org/VNRM.

If you don’t have email or web access, you can call 919-380-4267, state your name, address, and the meeting you want to attend. Cary staff will provide you with a call-in number to join the call via telephone on the day of the meeting.

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Post. Script.

Many folks in the community might be asking themselves, why wasn’t the same priority given to affordable housing, while various luxury infill developments and knock-down replacements drastically changed the local landscape over the last few years? Why have we watched as our neighbors were displaced, while spending unbridled millions for parks, and subsidizing private development projects?

We heard you.

And now we’re here, fighting to keep local journalism alive and the citizens informed.

We encourage you to vote in our local elections. Make your voices heard.

There are a number of Town Council seats being contested this year, giving citizens the opportunity to push incumbent leadership (as well as those vying for a newly found seats on Council), towards equitable actions, regarding all matters.

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