Developers submit plans for downtown Cary’s tallest building yet

Developers say their planned condominium project will be Cary’s tallest building yet..

Gala Investments LLC has submitted plans for The Franklin, a 7-story building along Walker Street near the Downtown Cary Park.

The plans show two levels of parking, about 2,500 square feet of retail space and 40 for-sale condos ranging from $375,000 for a one-bedroom unit to $715,000 for a three-bedroom unit.

The project could have La Farm Bakery in the retail space, but nothing is finalized, said Gaurang Gala, CEO of Gala Investments. The building also includes a rooftop terrace for the condo owners.

The developers are betting big on projects close to Research Triangle Park and a return to office work in the next 10 years.

“Our investment thesis is over the next decade, Americans in general will forget about COVID, and return-to-office is going to be a thing,” he said. “And you’re still going to want to live close to where you work.”

Gala’s developments have been focused in Apex, Cary, Morrisville, south Durham and the Brier Creek area.

The Cary project site was originally the Franklin Farm, named for a descendant of James Franklin, the older brother of Benjamin Franklin and partly why the building will be named The Franklin. Referencing the famous downtown Chapel Hill street doesn’t hurt either, said Gala, a UNC graduate.

This project is the latest downtown development announced since town leaders opened the 7-acre Downtown Cary Park last year.

Surrounded by Walker, Academy, Walnut and Park streets, the $68 million park has a pond, waterfalls, walking bridges, an amphitheater, picnic area, dog parks, a splash pad and a playground for children. The opening of the park coincided with the town opening its first social district, allowing people to carry alcoholic beverages in parts of downtown.

“We believe the greatest amenity is the park,” Gala said. “You’re across the street from there, and all the amazing things coming to the downtown core.”

Construction will begin after site plans are approved, which could take 15 to 18 months, he said.

“That’s just how long it takes Cary,” he said.