A $500 million mixed-use development in southern Chapel Hill is advancing.
New York-based Beechwood Carolinas will be starting construction this month on its
South Creek development across from Southern Community Park. South Creek will have
up to 815 apartments, condominiums and townhomes in a range of prices. The developer
is specifically targeting helping the town tackle its housing shortage. In addition, there
will be up to 52,000 square feet of commercial space.
Right now, 798 units are planned – 92 are apartments, 100 are townhomes and 606 are
condos. The apartments will be rented at market rate while the townhomes and condos
will range for sale from $300,000 to $1 million.
The first building to be constructed will be the 92-unit apartment building, which will sit
at the entrance to the community along the future extension of Market Street. The
residential building will have 10,000 square feet of ground-floor retail. A 6,000-squarefoot
standalone restaurant will sit next to the apartment building.
After the apartment building is complete, the company will start work on the first condo
building, which will have 68 units.
The apartments and condos will be a mix of one, two and three bedrooms while the
townhomes will be three bedrooms. The apartment building will be six stories, the
condos will be seven stories and the townhomes will be three stories with rooftop
terraces.
There will be two levels of parking in the apartment and condo buildings and the ground
floor of the townhomes will be a garage.
Residents of South Creek will have access to three swimming pools, fitness center, fire
pits, dog park, demonstrating kitchens, podcasting studio, community gathering areas,
amphitheater, stage and more.
The property is just over 120 acres where the development will be on just 40 while the
remaining 80 will be a nature preserve with walking trails. The community and preserve
are split by Obie Creek that cuts through the whole site.
The entire community will take about eight years to full buildout. Steven Dubb,
president and principal of The Beechwood Organization – of which Beechwood Carolinas
is a division – said the development of the land is funded via The Beechwood
Organization while construction of the buildings will be funded through a construction
loan.
This is the developer’s first project in the Triangle as it has spent the past four years
working to identify a new state to expand into. Dubb said that because the company has
spent 40 years in Long Island, New York, building a brand while watching New Yorkers
recently move to the Triangle and Charlotte, it decided to follow suit.
“We thought that maybe our buyers, if they’re looking for a home in the Carolinas, will
recognize Beechwood and feel some comfort with the brand and know the brand –
therefore making our entrance into the area easier,” Dubb said.
Elsewhere in Chapel Hill, the new Rosemary Street parking deck is open, a new Indian
restaurant is planned for Franklin Street and the Durham-Chapel Hill corridor is quickly
growing with development.
Read the original article – https://www.bizjournals.com/triangle/news/2024/09/06/beechwood-carolinas-south-creek-chapel-hill.html