The land was previously considered for a large mixed-use development.
STORY HIGHLIGHTS
A Texas-based real estate firm has scooped up hundreds of acres in northeast Chatham County — a property that once was discussed to be part of a potential mixed-use project.
Fearrington Land Holdings, an LLC tied to Austin-based Joe Williams Land Bank Fund, purchased 370 acres off Parker Herdon Road near Briar Chapel for close to $15 million earlier this month, according to Chatham County deed records. The seven parcels included in the sale are zoned for residential use, per Chatham County tax information.
Representatives of Joe Williams Land Bank Fund did not respond to requests seeking comment about why the firm purchased this land and what it plans to do with it. Per the company's website, the firm works closely with real estate company Keller Williams "to obtain access to a broad range of investment properties that are often “Off-Market” and often unknown to the Fund’s competitors."
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RV6V+56Q Briar Chapel, North Carolina
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The land had, at least at one point, been discussed to be the site of a mixed-use development.
Triangle Business Journal reported in August 2021 that the sellers of this property, Pittsboro-based Congruus LLC, sought and received approval to change the boundaries of a Chatham County ordinance in order to pave the way for a mixed-use development. An attorney for the LLC told the Chatham County Board of Commissioners back then that the mixed-use development would include around 370 acres.
Chatham County's population, as of 2024, sat at close to 84,000 and had jumped by more than 2,000 from the year prior, according to estimates from the U.S. Census Bureau. Much of that growth is in Pittsboro and Chapel Hill areas as eastern Chatham has become a hotbed for residential projects, such as the massive Chatham Park community.
Briar Chapel, a Census-designated area, sits between the two towns off Highway 15/501, and with plenty of vacant land provides ample growth opportunity for developers who are bullish on the area's growth.
Ben Tobin covers real estate and economic development in the Greater Triangle, focusing on the counties outside Wake, Durham and Orange. Have a tip? Reach him at [email protected] or (919) 327-1012.