The rezoning would allow for a new housing development between Litchford Road and Johnsdale Road near Millbrook High School.
The first phase will include 81 one-bedroom, 113 two-bedroom and 58 three-bedroom apartments spread across nine garden-style, walk-up buildings.
"We want to see significant affordable housing on the property."
Cary is starting to study what it will cost to turn the area into a Municipal Service District.
Kane Realty wants to build seven-story and five-story mixed-use housing and shopping complexes.
Rapid population growth across Wake County and the Triangle is reshaping conversations about housing, as rising prices and new development continue to change where people live.