Shopping malls are nowhere near as popular as they used to be, to the point where they even close their doors. However, Epic Games will be transforming an old mall into a brand new headquarters over the next three years.
As The News & Observer reports, Epic Games has agreed to buy this Cary Towne Center shopping mall from Turnbridge Equities and Denali Partners for $ 95 million. Epic is already headquartered in Cary at the intersection of Crossroads Boulevard and Jones Franklin Road and will remain there while the 87-acre mall is being converted into new headquarters. Epic hopes to move in by 2024.
Jason Davis, General Manager of Turnbridge Equities, said, “After years of postponing development plans for the center, we are thrilled that the space will reach its full potential and become something the City and Cary community can be proud of.”
The Cary Towne Center first opened in 1979, but the huge change in the way consumers shop and the ongoing move to online stores made the mall really start to suffer in 2016. It was all as good as over by 2019, and the existing owner, CBL, had defaulted on the mall’s mortgage and sold it to Turnbridge. The mall was due to be demolished after the 2020 holiday season to make way for a mixed-use site with residential units, hotels, office buildings and a new retail area. Meanwhile, Epic had planned to expand its existing headquarters, but has now confirmed that the acquisition of the Cary Towne Center means the expansion will no longer continue.