Chapel Hill land for 130-acre mixed-use community nets $7.25M from New York developer

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

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