Located just next door to the town of Pittsboro in Chatham County, Chatham Park is set to be the next boomtown for those looking to live the good life in North Carolina. After nearly 12 years of planning and accumulating 8,000 acres of land near Pittsboro, developers at Preston Development are ready to make their vision of Chatham Park a reality.
Chatham Park will feature 22 million square feet of office, research, retail and community space located just a short drive from RDU International Airport, Chapel Hill, Durham and Raleigh. Developers expect this central location will attract businesses looking to relocate, start-up or expand their operations. The first phases of both commercial and residential building of the new community are set to begin in approximately one year.
Preston Development envisions Chatham Park as an all-inclusive live-work-play community, offering residents unique homes with plenty of green space, corporate business parks with greenway trails, nature preserves, boutique shops, artisinal restaurants, and excellent schools, all within walking and biking distance from one another. Housing at Chatham Park will include more than 25 unique home styles in five elegant villages. Offerings include single-family homes on a nature preserve or condominium lofts overlooking shops and restaurants. In addition, Chatham Park will be located on the Haw River, adjacent to more than 46,000 acres of park land and water that surround Jordan Lake’s recreational area, allowing residents to enjoy water activities such as sailing, paddle boarding, and motor boating.
The first phase of commercial property will be developed by The Eco Group, and will be located on the north side of Russet Run, which is across the street from UNC Health Care’s recently-opened 25,000 square foot medical office building. Eco Group partner John Fugo said that the firm is already working with a number of tenants who will anchor the 44-acre first phase, including a major hotel brand and a successful North Carolina Brewery.
The first phase of residential property will be a 125-unit senior apartment complex, “Veranillo,” which will feature college classrooms on the ground floor and a live performance theater venue with 250 seats. According to Fugo, Eco Group is currently negotiating with a local theater company that will operate the theater and put on its own shows. The group will also teach drama to Veranillo’s residents who will then perform their own plays and sell tickets to the public. Residents will also be able to enroll in college-level classes.
Altogether, Chatham Park is zoned for 22,000 homes, which will start at $250,000 and go up to $500,000, with future communities expected to feature homes at $1 million and up. According to Preston developers, rising land costs in Wake County have led builders targeting the $250,000-$500,000 price range to look to Chatham Park for opportunities. “It’s hard for the builders to find good buildable land in the western part of Cary and Apex,” said Tim Smith, co-founder of Preston Development. “We think we’re in a good position for the future so that over the next 30 years, 40 years, a lot of people are going to move out in our direction.” After full build out, the project will likely increase Pittsboro’s population to more than 60,000 people.
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