News Summary
Beechwood Homes, known for 40 years in home construction, has received approval to develop an 815-home retirement community called South Creek in Chapel Hill, North Carolina. The project, located on a 103-acre site, includes condominiums, townhomes, and apartments. The company seeks to address local housing demands while using local contractors and fostering community involvement in the housing design process. This venture, along with other projects in the area, positions Beechwood as a key contributor to North Carolina’s housing growth.
Chapel Hill, North Carolina – Beechwood Homes, a family-owned business with a 40-year history of home construction in New York, has received approval to develop an 815-home retirement community, marking its expansion into North Carolina’s dynamic housing market. Located on a 103-acre site purchased for $7.25 million, the new community named South Creek will encompass condominiums, townhomes, and apartments, with the first phase slated to include 92 apartments as part of a broader $500 million project scheduled for completion next year.
Originally, Beechwood proposed to build 250 homes, but in response to the town of Chapel Hill’s request for more housing, the company amended their plans to include 600 homes. Following negotiations and planning adjustments over 18 months, the Chapel Hill Town Council granted approval for the larger project, which is strategically situated one mile from the University of North Carolina Chapel Hill campus.
The expedited approval process in Chapel Hill starkly contrasts the lengthy seven-year timeline it took for a comparable project in Long Island, New York. Beechwood had contemplated expanding to North Carolina as early as 2020, citing a more business-friendly environment and greater housing demands in the region.
In addition to its Chapel Hill project, Beechwood launched two other initiatives earlier this year in Weddington and Marvin, North Carolina, totaling 100 homes. Another ongoing project, Lakeside Points, in Catawba County aims to build 217 homes, with prices ranging from the mid-$600,000s to over $2 million. Beechwood anticipates generating $250 million in revenue for 2024, with $90 million projected to come specifically from its endeavors in North Carolina.
The company’s commitment to local involvement is evident as they focus on using local contractors for their developments and actively seek community input in the housing design process. They express a strong intent to expand their footprint within the Triangle and Charlotte areas, reinforcing their role as a long-term contributor to the community.
In related housing developments, Duke Energy has facilitated power supply to the P.E.A.C.H. Apartments in Chapel Hill, helping prevent mold and mildew issues due to high humidity levels in the area. This affordable housing project was initiated by EMPOWERment Inc., which encountered challenges with Duke Energy over billing methods involving a single meter.
Furthermore, the Chapel Hill Town Council has approved a zoning application for the Hillside Trace affordable housing community, which will feature 190 affordable units designed to cater to families whose incomes are at or below 60% of the Area Median Income. This project is strategically located to provide residents with easy access to downtown, parks, and the UNC campus.
In addition, UNC Chapel Hill is undertaking a Housing Master Plan aimed at creating 2,000 new on-campus beds while also renovating existing facilities to meet the demands of its increasing student population. This long-term strategy reflects a responsive approach to the growing housing needs of current and future students, further enhancing the infrastructure of Chapel Hill.
With these ongoing developments and planned projects, Beechwood Homes is poised to play a significant role in shaping the housing landscape of North Carolina, providing diverse living options while contributing to community growth and development.
Deeper Dive: News & Info About This Topic
HERE Resources
North Carolina Welcomes Beechwood Homes with Major Housing Development
Additional Resources
- News Observer: Real Estate News
- Wikipedia: Affordable housing
- NC Newsline: Duke Energy Relents
- Google Search: Chapel Hill affordable housing
- Chapelboro: Chapel Hill Approves Housing Community
- Encyclopedia Britannica: Real Estate
- Daily Tar Heel: UNC Student Housing Developments
- Google News: Chapel Hill housing developments
- NC Newsline: Duke Energy Denies Power
- Google Scholar: Chapel Hill housing projects
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