News Summary
Beechwood Homes, a seasoned New York developer, has expanded to North Carolina with its ambitious South Creek project in Chapel Hill, which will feature 815 homes. The community aims to cater to a diverse population, providing various housing types and addressing the local need for affordable housing. With a strategic location near the University of North Carolina, the development is expected to positively impact the local economy and housing market.
North Carolina Welcomes Beechwood Homes with Major Housing Development in Chapel Hill
Beechwood Homes, a New York-based developer with four decades of experience in the housing market, has officially expanded its operations to North Carolina with the launch of an ambitious project in Chapel Hill. The development, named South Creek, aims to provide a total of 815 homes and is expected to cater to a diverse community in the region.
The project began in 2021 when Beechwood acquired 103 acres of land in Chapel Hill for approximately $7.25 million. Initially, the company envisioned a 250-home retirement community, but as discussions progressed, they proposed increasing the number to 600 homes before ultimately securing approval for the 815-home development plan from the Town Council.
Development Details
The South Creek community will feature a mix of housing types, including condominiums, townhomes, and apartments. The first phase of the development includes 92 apartments and is slated to open next year at a projected cost of $500 million. The strategic location of South Creek, being just one mile from the University of North Carolina Chapel Hill campus, positions it as a desirable living option for students and faculty alike.
The approval process for the project took 18 months, a significantly quicker timeline compared to a previous Beechwood development in Long Island, which experienced a lengthy seven-year deliberation. This rapid approval reflects the company’s strategic focus on areas that offer a business-friendly environment.
Broader Expansion Strategy
Beechwood Homes began exploring expansion opportunities in North Carolina back in 2020. In 2023, they launched their first two projects in Weddington and Marvin, totaling 100 homes. Another significant project, called Lakeside Points, is underway in Catawba County, featuring 217 homes with prices ranging from the mid-$600,000s to over $2 million.
To date, Beechwood has built around 10,000 homes and plans to continue its growth in the Triangle and Charlotte regions of North Carolina. The company reported $250 million in revenue in 2024, with approximately $90 million attributed to its operations in North Carolina alone.
Community and Economic Impact
Beechwood prioritizes employing local contractors and aims to leverage local market insights rather than a uniform approach to design and construction. Homes in the South Creek development will range from studio apartments to three-bedroom units, with prices starting at $325,000.
The completed South Creek community will also feature mixed-use commercial spaces, green zones, public trails, and a public nature preserve, enhancing the living experience for residents. Additionally, approximately 100 housing units in the community will be offered at below-market rates, addressing the local need for affordable housing options.
The land designated for South Creek was previously part of a failed initiative by East West Partners that could not attract tenants. However, the current project has garnered unanimous support from the mayor and town council, who believe it will effectively address housing demands and contribute positively to local solutions.
With its rapid expansion and commitment to creating well-rounded communities, Beechwood Homes marks a significant new chapter in North Carolina’s housing development landscape.
Deeper Dive: News & Info About This Topic
- Chapelboro: Affordable Housing in Chapel Hill
- Daily Tar Heel: Ribbon Cutting for Peach Apartments
- Triangle Blog: Chapel Hill Housing Density Concerns
- BBC News: Housing News Overview
- NC Newsline: Duke Energy Power Denial for Low-Income Apartments
- Google Search: Chapel Hill housing development
- Wikipedia: Housing development
- Encyclopedia Britannica: Housing
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
