The Cary shopping center that once looked like the prologue to a New Urbanist’s dream has been sold, according to Jack Hagel at the News & Observer. Durham’s Todd Zapolski has given up his aggressive dream for reorganizing the site into a North Hills cousin, and sold the property to RP Realty Partners, a Beverly Hills, CA firm. Zapolski told the N&O he was glad to be cashing out on the property that has had so much trouble gaining momentum. Zapolski did not sell his outparcels at the center.

As you may recall developers Zapolski and Rudd bought the odd-shaped site a few years ago and proposed partial demolition in order to facilitate high-rise hotel, condo, and office space. Z&R reorganized and in June I hypothesized that Waverly might have an advantage in getting a Dean & DeLuca store based on the fact that Leslie Rudd owns D&D.

Most likely the existing plans (.PDF) for the center will be scrapped. Who knows what RP wants to do with the property, but we all know how it goes with long-distance landlords. In an area of the Triangle that is dying for upscale shopping opportunities, RP will probably low-ball the entire project and continue to hold nearby residents hostage.