JM Developers Plans $94M Project with 400-plus Homes in Cary

Cary is putting real money behind JM Developers’ long-awaited redevelopment of the former Maplewood School site, approving up to $12.4 million in tax increment financing to help clear the way for a dense residential project.

The Cary village board unanimously signed off on a development agreement last week with Chicago-based JM to remake the long-shuttered school property at 422 Krenz Avenue into a mix of apartments, townhomes and single-family houses, according to village documents and public meeting records. The Daily Herald reported that the deal clears a key hurdle for a project estimated to cost more than $94 million and construct more than 200 rental units alongside for-sale homes.

Under the agreement, the developers — an umbrella group of companies consisting of Cordogan Clark, JTE Real Estate Services, Eriksson Engineering Associates,

and D2 Capital Advisors — would tap the Central Cary TIF District, established in 2023, to help cover eligible costs including demolition of the old school building and storm sewer upgrades along School Street. Community Development Director Brian Simmons described the pact as effectively a binding contract, with demolition expected to begin this summer.

The village agreed to sell the property to the developers for $1. In return, JM Developers must secure zoning approvals within 180 days. The publication reported that representatives for the firm said the TIF assistance is needed to complete the project in a “timely manner.”

Village officials are betting the subsidy will pay off. Over the estimated 23-year life of the TIF, the project is projected to generate more than $36.5 million in incremental property taxes, more than tripling the public investment, according to municipal estimates.

The plan has been in the works for about a year and has evolved amid neighborhood resistance, particularly to multifamily housing. After open houses and resident feedback, the developers revised the proposal to add owner-occupied homes and expand a public park. Even so, concerns over density and building height persisted at the village meeting.

The current plan calls for 13 two-story single-family homes, 15 two-story townhouses, four duplex buildings totaling 16 units, 22 three-story townhomes and three apartment buildings — two rising five stories and one four stories — for a total of 236 apartment units. Units would range from studios to three-bedroom apartments, with amenities including a pool, fitness center, coworking spaces, dog park and public green space.

Residents again raised objections at last week’s meeting, warning that high-density rentals could alter the character of the surrounding single-family neighborhood. Developers countered that traffic, market and pricing studies back up the proposal.

Beyond the site itself, the redevelopment is tied to broader infrastructure plans, including a long-discussed extension of Maplewood Road aimed at improving access to downtown Cary.— Eric Weilbacher