New Multi-Use Development Planned in Sanford

from The Sanford Herald

A Sanford businessman has purchased a parcel of land that is intended to be used in bringing a mixed-use real estate development to the area.

George Avent, president of AVENT DSI, Inc., purchased the property, which is located on Kelly Drive between the U.S. 421 bypass interchange and Central Carolina Community College, in a deal that closed on Dec. 15 and said the planned development will feature 250,000 square feet of retail space, including a hotel, and a bowling alley, several eateries; and 30 lots to accommodate 20 affordable single-family homes and 10 townhouses.

The company presently owns approximately 60 acres spread over six parcels in Lee County.

The main attraction that the site holds for the national retail chains such as Home Depot, Target and Harris Teeter and the multinational home builders such as Caruso Homes is its location.

“Sanford is one of the hottest markets in the Greater Triangle for new residential commercial development,” Terrie Tinney, sales manager for Caruso headquartered in Crofton, Maryland, said Tinney heads the Caruso local office in Raleigh.

Avent conceded that rising interest rates and the high costs of infrastructure have slowed this project, but he expects conditions to get better during the duration of the project.

Such conditions caused the company to decline an offer to purchase a favorable Swann Station Road site from Charles C. Tacia III (Chris) and James M. Wood to add to its real estate portfolio. However, Mr. Avent and his representative Phillip Singer hopes to reengage the sellers at a future date when conditions improve if the property remains available.

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Published by Angie Hedgepeth

Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state and national government. She prepares reports on the meetings she attends and they are included in the weekly "Government Affairs Update".