8 big residential developments reshaping the Greater Triangle

As companies and people continue to flock to the region, homeowners are increasingly looking at outlying areas of the Greater Triangle as home prices in Wake and Durham counties skyrocket.

That rise in demand is spurring the development of new projects that include hundreds – and sometimes thousands – of new homes in places 30 minutes or more from Raleigh or Durham.

Another factor driving growth in outlying counties is the growing work-from-home movement, where a longer commute into Raleigh seems more tenable if it’s only done a couple of days a week, or not at all.

These eight residential developments are not meant to be a comprehensive list, but a glimpse at some of the biggest projects that will help reshape the outlying areas of the Triangle in the coming years and decades.

Chatham Park

Any list of notable Triangle residential developments begins with Chatham Park, one of the largest master-planned developments on the East Coast.

The project is being developed by Cary-based Preston Development. Chatham Park is slated to have 22,000 homes and 22 million square feet of commercial space at full build out and transform Pittsboro into the newest super-charged, high-growth suburb in the Triangle.

“I graduated from N.C. State in ’71 and started a business in Cary. Cary was 4,200 people in 1971. Now, they’re 185,000,” Tim Smith, co-founder of Preston Development, previously told the Triangle Business Journal. “Pittsboro is at 4,200 people. Pittsboro will be like Cary – as big as that in the next 40 years.”

After years of planning, progress is being made on Chatham Park. The first neighborhood within the park, Vineyards, has houses built and Mosaic at Chatham Park, billed as the commercial front door to the project, is scheduled to have apartments available for rent this year.

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Flowers Plantation

Flowers Plantation is one of the largest master-planned communities in the Triangle and has been growing for years.

The 3,000-acre community, located outside Clayton in Johnston County, is home to over 4,000 homes today and has room for up to 7,790 residential units in total at full build out, a spokesperson for the community said.

Joshua Percy Flowers began acquiring the land at the onset of the Great Depression and farmed cotton and tobacco. His daughter, Rebecca Flowers, began developing the land in 1978, according to the project’s website.

Capeton

Raleigh-based Greenfield Communities has several large residential developments in the works across the Triangle, but none are bigger than Capeton located in Harnett County along the Cape Fear River between downtown Lillington and Campbell University.

The company recently closed on 820 acres for this development which calls for 2,250 new residences at full build out with development starting in 2023. In addition to the homes, plans also call for a grocery store-anchored shopping center, an office park, a 2.5-mile riverfront greenway nature trail, and a riverfront amphitheater.

“With incredible views of the Cape Fear River, this is one of the most beautiful tracts of land that I’ve ever seen, and we have the opportunity to do something distinctive and special here at Capeton,” Matt Brubaker, president of Greenfield Communities, said when the company unveiled its plans earlier this year.

Crescent Mills

Another large Greenfield Communities project is Crescent Mills, which calls for 850 new homes near the town of Wilson’s Mills in Johnston County.

The company snapped up over 200 acres for the project last year for $1.62 million. Brubaker said his company is looking to bring a “much needed housing alternative” for fast-growing Johnston County with this project.

Ashcroft Section 2

Elsewhere in Johnston County, Clayton-based RiverWild has several residential developments in its hometown, including Ashcroft Section 2.

The project calls for 772 homes in total, comprised of 293 single-family units, 299 townhome units, 180 apartment units, and 105,000 square feet of commercial space across 256 acres.

This is one of many developments RiverWild is working on in Clayton, as others include Academy Pointe (255 homes) and Riverwood Golf Section Two (726 homes).

Midtown Village South

Plans were recently presented for Midtown Village South showing 905 new homes across 288.4 acres in Sanford.

The Lee County city is bucking the trend of rural areas losing residents, as it is now home to 30,000 people. Midtown Village South includes plans for 170 townhomes and 735 single-family homes – and brings much-needed investment to East Sanford.

“You think about East Sanford, and you think about downtown and the money Sanford has invested in downtown, to me, this is what Sanford needs,” said local developer Mark Lyczkowski, who presented plans for the project. “You need the infill development that is close to the proximity of downtown to generate these types of rooftops.”

Morganton Park South

Morganton Park South in Southern Pines has made headlines for the retail portion of the development – the project could include Moore County’s first Target (NYSE: TGT) – but the residential component of the project will add hundreds of new units to the town.

According to the plans submitted to the town last year, the project calls for up to 650 residential units, which could be a mix of multi-family, townhomes and single-family homes.

Midland Atlantic Properties, which has offices in Cincinnati and Indianapolis, submitted the plans for Morganton Park South and is no stranger to the Triangle. It developed projects like Renaissance Center and Renaissance Village in Durham, Tryon Village in Cary and Pinecrest Pointe in Raleigh, according to its website.

Hunter Place

Up north, JJS Youngsville – an LLC addressed to Raleigh-based real estate firm APG Capital – is planning to build a housing community with 267 single-family homes and 95 townhomes for a total of 362 new housing units in Youngsville.

APG Capital is led by longtime Raleigh real estate veteran Jim Anthony and has an active presence in the Triangle, and the company isn’t done adding to Hunter Place.

An LLC also addressed to APG recently bought another 24 acres for $10 million adjacent to the proposed housing community. There’s a chance more apartments could be added to the development with this latest purchase, Anthony said.

Evan Hoopfer covers real estate and economic development in the Greater Triangle, focusing on the counties outside Wake and Durham. Have a tip? Reach him at ehoopfer@bizjournals.com or (919) 327-1012.

 
 
 

Tom is a construction estimator with over 35 years of experience in the industry from field work to general contracting.

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