CARY, N.C. (WNCN) – A South Carolina-based real estate company has plans to submit a rezoning proposal that would transform an area near Cary Towne Center into a mixed-use development – including hotels, office space and luxury residential spaces.

Columbia Development Group LLC said it will submit the proposal Monday to the Town of Cary.

The proposal would ask for permission to transform 92 acres located on Cary Towne Boulevard between Southeast Maynard Road and Interstate 40 into a development anchored by a Wegmans Food Market.

Abbitt Goodwin, a partner at Columbia Development Group’s Raleigh office, said 40 to 60 percent of the development with be office space, 20 to 40 percent retail and 20 to 40 percent residential.

“Upon approval, this rezoning proposal will enable the creation of a beautiful and unique destination for individuals, families and businesses in Cary and the surrounding Triangle region to live, work and play,” said Goodwin.

The development would include two 110-plus room hotels with the availability of residential units over retail spaces.

He said the Columbia Development Group has already purchased the land from the state.

“We think it will serve as a really nice amenity to the WakeMed Soccer Park and the North Carolina Football Club, which is directly adjacent to the site,” Goodwin said.

When it’s all said and done, the project could cost $500 million.

A release from the real estate company also mentions the space would be near “where IKEA has proposed their first Triangle location and 2nd North Carolina location.” Ikea has consistently refused to confirm that the chain is proposing a store in Cary, though many have interpreted a blog post by the town’s mayor referencing “blue and yellow” as confirming the plans.

Columbia Development Group has offices in Columbia, Charleston and Raleigh.

They hope to break ground on the first phase sometime next year.