Corporate hotel and apartments planned for Cary, N.C.

A  Wichita, Kansas, company that is ramping up nationwide development of a new housing model that merges a corporate hotel with apartments picked a site near Cary's Crossroads Corporate Park for one of its first sites in the region.

The company, WaterWalk Hotel Apartments, is under contract to buy a four-acre site at the intersection of Dillard and Corning roads in Cary where it will be submitting site plans soon with the town.

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WaterWalk is already aiming to break ground on the $17-million, 138-unit building project by mid-March 2016, confirms David Redfern, president of WaterWalk's real estate and franchise development.

Redfern says the company is also looking at property sites on Miami Boulevard near Research Triangle Park for a second building project in 2016 – if all goes well in Cary.

For now, both the Cary and RTP sites would be developed and corporate-owned owned by WaterWalk – a company founded by hotel entrepreneur and millionaire Jack DeBoer, who also created the concepts for Residence Inn, Summerfield Suites, Candlewood Suites and Value Place hotels. But, either or both properties could also be purchased for franchise development.