Preston Development of Cary, which includes, Tim Smith, Julian “Bubba” Rawl, and CEO of SAS Jim Goodnight, step up to the plate with 7,100-acres in Chatham County. With what started as two land assemblages and a generational real estate crises, will result in a very large and carefully planned economic machine for the 21st century. Only the deepest pockets can shephard the stewardship of a project that will take 30-50 years to complete, such as RTP has.
The land from near Bynum down to near Moncure, located along the western shore of the Haw river, has seen a few iterations and will continue to do so as the economy recovers. An original 5,000-acre tract encompassing Robeson creek was studied for large tract country estates type development, while the other 2,000-acre tract was once under contract by Toll Brothers for a golf course community. In 2008 Preston Development received a shopping center rezoning for a 71-acre parcel on Eubanks Road. Recently UNC Hospitals has discussed bringing a 30,000-sqft office building for medical and business professionals to the northeast corner of US Hwy 64 Bypass and US Hwy 15-501.
That major interchange is where most of the character changing new development has taken place, and will most likely see the initial phases of "Chatham Park." A likely first phase of the project would include a residential subdivision with some retail elements. The Town of Pittsboro has been working on its sewer capacity problems for years now while a moratorium has been in place, so it will still take a few more years, but eventually there could be 20,000 homes. Most likely the first big news will be a major corporate campus, that will generate the workforce that demands a comprehensive development all in one place.
CHATHAM PARK from Preston Dev on Vimeo.
With a Prime
Location Pittsboro, NC 27312 GPS Coordinates:35.72328,-79.12900Homes, tech seen mingling on 7,000 acres - Triangle Business Journal
