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The Cypress of Raleigh, planned for a former horse farm at Strickland and Lead Mine roads, would become the county's fifth continuing-care retirement community. These provide lifetime shelter and care as seniors become less independent. Residents, who must be at least 62, will have access to a range of services, including an on-site nursing facility, that will allow them to live out their days without moving.

The Cypress Co., based in Hilton Head, S.C., plans about 300 cottages and apartments built around a pond and clubhouse. If the company receives a license from the state Department of Insurance, it hopes to begin construction next year and complete the first homes by 2007.

Most continuing-care retirement communities charge hefty entrance fees, but residents do not own their apartments. Residents at the Cypress, by contrast, would buy their homes and build equity, said Michael Sandman, a Raleigh real estate lawyer who has teamed up with investors Mark Andrews and Craig Huggins on the project.

Prices would range from about $250,000 for apartments to about $750,000 for custom-built cottages.

"It's built and sold like a traditional condominium project," Sandman said. "It's your home. You own it. You can customize it."

A condominium association would own the campus, clubhouse and health center and would contract with outside companies to provide services. Residents would pay monthly fees, as yet undetermined, to cover the costs. Fees at the Cypress' continuing-care retirement community in Charlotte are $1,500 to $3,500 a month.

The company considers Raleigh an attractive market in part because the state expects Wake County's elderly population to double by 2020, to nearly 120,000 people. The state has licensed 10 continuing-care retirement communities in the Triangle. An 11th, Galloway Ridge, is under construction in Chatham County.

This will be the second time Sandman has led an effort to develop the former Wayward Farm. Two years ago, the City Council rejected plans to rezone the property for a project called Copperleaf, a mix of homes, offices, stores and a hotel, after neighbors objected.

Sandman and his partners will file site plans for The Cypress of Raleigh with the city within 45 days. They can build a retirement community without rezoning the property, Andrews said.

"The fact that we don't have the distraction of rezoning in this case is certainly appealing," he said.

Staff writer Richard Stradling can be reached at 829-4739 or rstradli@newsobserver.com.