Plans for a massive mixed-use development proposed in Chapel Hill appear to be moving ahead after the developers closed on the site this week. The Beechwood Organization of Long Island, New York, has paid $7.25 million for a 130-acre site slated for a mixed-use community called South Creek by Beechwood. The seller, Obey Creek Ventures LLC, shares an address with Chapel Hill developer East West Partners and is managed by East West Partners founder and President Roger Perry, according to state records.
Designs are still being finalized, but the project is expected to feature a mix of mid-rise condominium buildings, townhouse and duplexes, with some designated for senior living and workforce housing. The project will also feature a retail component.

Beechwood hopes to complete the rezoning process by next year and to start construction soon after that. The company hopes to open its first homes by 2024. “We are delighted to officially join the Chapel Hill community. We look forward to continuing our thoughtful discussion with the Town of Chapel Hill, and collaborating with all of our stakeholders, on the shape of our proposed new mixed-use development,” said Robert Kardos, regional president for the Carolinas with The Beechwood Organization.
The project is situated along Highway 501 across from Southern Village, south of downtown Chapel Hill.
The company recently launched its presence in North Carolina with an office in Charlotte and brought on Kardos, a 35-year North Carolina real estate veteran. He said the company is working extensively with the town and local groups to shape the plans for the project.
“We’re still in the collaborating process,” Kardos said. “We’ve had a number of meetings with staff and planners and other civic organizations. The past several months we’ve been collecting the feedback with the intent to use it.”
Among the changes groups have requested, and Beechwood is looking to implement, include the inclusion of workforce housing with rents below the market rate.

Kardos said pricing for market rate units will likely start in the $400,000s and go up to the $800,000s or higher, depending on the market.
The retail component is currently slated to feature a collection of boutique shops, restaurants and services. The community will also be highly amenitized with a network of walking trails throughout and extensive open space.
“Our goal is to provide the greater Chapel Hill community with a development that speaks to its residential and commercial real estate needs in a way that encompasses our shared values: sustainability, stewardship, environmentalism, inclusiveness and responsible growth,” Kardos said. “Over the coming months, we will consult with local groups and individuals to understand their hopes and wishes for South Creek.”

Architecture firm 505Design is the designer on the project.
South Creek is Beechwood’s first foray into the Triangle market, and Kardos said it’s the company’s only project currently in the works in the region.

Original article from Long Island Business News
By Caleb Harshberger

A New York-based developer is making its entrance into the Triangle with a big mixed-use development in Chapel Hill.

Earlier this month, The Beechwood Organization out of Long Island began talks with the Town of Chapel Hill for a project called South Creek. The development calls for hundreds of new units geared toward senior living and workforce housing, plus retail and plenty of open space.

The project is situated on around 128 acres across from Southern Village off of Highway 501 south of downtown Chapel Hill. Beechwood presented its initial plans for the project to the Town Council's Committee on Economic Sustainability earlier this month.

The company recently launched its presence in North Carolina with an office in Charlotte. Beechwood brought on 35-year North Carolina real estate veteran Robert Kardos as regional president of the Carolinas.

“Throughout my career, I have had the opportunity to work with many homebuyers across the Carolinas, and I look forward to introducing Beechwood’s unique housing product to my community,” Kardos said in a statement. “These two rezoning proposals aim to enhance the quality of life for both existing residents and those looking to relocate, and I am excited to get started.”

As currently envisioned, Beechwood plans around 350 units, largely for residents 55 and older as well as workforce housing. Plans also call for retail space and around 85 acres for a nature preserve complete with walking trails and other natural amenities. The units would include a mix of townhomes, condos and duplexes

Plans are subject to change during the design and approval process.

Before submitting any rezoning requests, Kardos said, the company plans to work extensively with the town and community stakeholders to bring a proposal that best aligns with the communities vision for the area.

“It is our first in the Triangle. That's why we are reaching out to the community to navigate those waters,” Kardos said. “We don’t want to come in with a preconceived notion of what the product mix or design should be. We want to get feedback from the local leaders and groups.”

He said the company would like to file a rezoning request for the property this fall, but that will depend on how comfortable they are that the plan lines up with the community’s vision.

Beechwood currently plans for all the units to be for-sale and is targeting the “missing middle” price range, with around half of the units starting below $500,000, Kardos said.

Pricing estimates have been difficult for builders during the past year as construction costs continue to skyrocket and fierce competition for homes has seen buyers going well above asking price.

The Chapel Hill project is one of two Beechwood has in the works in North Carolina, with the other, called Ferncliff, proposed in Charlotte earlier this year.

The company is partnering with architects 505Design on both projects.

Beechwood's entry into North Carolina comes as demand for housing across the state continues to climb.

“Our homebuyers may be buying their first family home or moving up to a luxury estate, empty nesters looking to ‘rightsize’ or urban dwellers who value easy access to transportation and services,” said Steven Dubb, principal, The Beechwood Organization.

“The Carolinas provides these buyers with the seasonal temperatures and a location not too far from home, while our range of housing types provides the lifestyle and function needed to enjoy everyday life.”

The Beechwood Organization is increasing its footprint to the Carolinas, starting with new residential proposals in Charlotte and Chapel Hill.

The two current residential development proposals from Beechwood include South Creek in Chapel Hill and Ferncliff in the Cotswold area of Charlotte.

“Our homebuyers may be buying their first family home or moving up to a luxury estate, empty-nesters looking to ‘rightsize’ or urban dwellers who value easy access to transportation and services,” Principal Steven Dubb said. “The Carolinas provides these buyers with the seasonal temperatures and a location not too far from home, while our range of housing types provides the lifestyle and function needed to enjoy everyday life.”

With Ferncliff in Charlotte, Beechwood submitted a proposal to repurpose the property from an existing single-family home to build five luxury townhomes.

Residential real estate veteran Robert Kardos will lead the firm's entry into the Carolinas.