Halle Cos. Plans 300-Acre Mixed-Use Residential Development off Durham Freeway
- Nov 26, 2014
by Adriana Pop, Associate Editor
A new mixed-use residential development could soon rise on a 300-acre site just off the Durham Freeway at the Ellis Road exit.
According to the NewsObserver, the Halle Cos. has recently completed the acquisition of the largely vacant land from 12 different owners for a total of $10 million.
Plans call for 600 single-family houses and townhomes, 600 apartments and about 60 acres of retail space.
To develop the project, the Silver Springs, Md.-based Halle Building Group has once again partnered with Apex First Development. The two companies have also built the Villages of Apex (pictured), a 202-acre residential development consisting of a mix of retail, single-family homes and apartments.
Construction on the residential component of the new project is expected to span over five years. It is scheduled to begin next spring and will initially involve a first batch of apartments.
Work on the retail component will depend on the market, Halle’s vice president, Stephen Fleischman, told the newspaper.
The company’s other projects in the region include the Veterans Affairs outpatient clinic in Charlotte, the Eaton’s Crossing residential community at Lake Gaston, the Ford’s Colony residential development in Rocky Mount and the Foxborough Crossing development in Wendell.
In Raleigh, Halle owns property on Buffaloe Road, where it plans to build several hundred apartments and is also in the process of purchasing a site on Raleigh Beach Road. Furthermore, its portfolio in Holly Springs includes 336 completed apartments, while another 174 units are in the planning stages.
According to Fleischman, the Triangle and North Carolina markets are particularly attractive because the cost of land in these areas hasn’t risen as much as it has in other parts of the country where Halle has been active.
“In the Washington metropolitan area the price of ground is just so prohibitive that it’s very difficult to buy property and make the numbers work,” he added.
Photo credits: The Halle Companies via www.villagesofapex.com
For our most recent multi-family, office and industrial market snapshot for the Triangle area, click here.