Pittsboro, NC – CBRE|Raleigh has announced the sale of The Retreat at Haw River, a 646.69 acre master-planned residential community in Pittsboro, NC. The property sold on June 10 for $4,200,000 to Flying Crown Ranch LLC.
Cary real estate investor Tim Smith is a partner in the Preston Development company that is developing the 7,200-acre Chatham Park. He formed the new limited liability corporation, Flying Crown Ranch, and purchased the undeveloped land along the Haw River across from Chatham Park. Smith claims the Retreat at Haw River land deal is separate from his holdings with Preston.
The Retreat at Haw River is an approved 395-lot single family residential development located off Bynum Ridge Road in Pittsboro. The site includes over 10,500 linear feet of walking trails and over 427 acres of open space, with a community pond, garden and amenity center. Located along the Haw River, the property offers aesthetically pleasing riverfront views with convenient access to Chatham Park, Fearrington Village, the University of North Carolina at Chapel Hill, Jordan Lake and the overall Triangle region.
The sale consists of four parcels totaling +/- 646.69 Acres. It is currently zoned R-1 & R-5. The site plan approved is based on Conservation Subdivisions Alternate Standards for Development, which allows the development density to be increased by ten percent as long as the minimum of forty percent of the area can be retained as conservation space. Of the retained conservation space, a minimum of eighty percent must be natural space with the remainder open space. Municipal water and private sewer.
The original asking price was listed as $5,950,000.
“Large, entitled, single family deals like this one are becoming very hard to find,” said Chester F. Allen with CBRE|Raleigh. “With all of the explosive growth in Western Wake County, we anticipate seeing more growth in this area of the Triangle.”
Senior Vice President Barry Bowling, Senior Vice President Chester F. Allen and Vice President Carlton Midyette III of CBRE|Raleigh represented the seller, Crescent Communities in the transaction.