$500 Mil. Mixed-Use Venture Renamed

Seeking to establish a more marketable product, Cambridge Partners has changed the name of its Cambridge Beltway Park development to Ayrsley, a $500 million, 180-acre mixed-use project the company is still fine tuning.

Planned at Interstate 485 and South Tryon Street, Arysley will comprise retail, office, residential, entertainment, and healthcare sections in a village-type setting where traffic is limited and everything is within walking distance.

The office segment consists of 200,000 sf of loft space in four buildings, one of which is under construction. The broader plan calls for a total of 550,000 sf of office lofts and 1.3 million sf of class A office space. The lofts will lease for about $12 psf and the class A space for about $19 psf.

Arysley will also offer 300,000 sf of retail space; full-service and extended-stay hotels; a 16-screen movie theater; athletic club; 650 apartments; and 100 townhouses. Cambridge will develop the office sections and prepare the remaining components for sale to other developers, including a number of parcels with exposure to Interstate 485, South Tryon and Westinghouse Boulevard.