After some bumps in the road brought on by the Covid-19 pandemic, the developers behind the massive Chatham Park and Mosaic developments near Pittsboro are moving full speed ahead with construction on new homes and commercial units as they adapt their marketing strategy to meet the needs of potential buyers and tenants.
Chatham Park developer Preston Development Company and Mosaic developer Eco CP Partners said that shortly after the Covid-19 crisis shut down businesses across the country, buyer and tenant interest plummeted, just as construction was in full swing on the first homes and commercial units in the projects.
“We had a lot of tenants that we’ve engaged with, and they all asked to put it on hold to get some stability,” said Kirk Bradley, Manager of Eco CP Partners. “We’ve definitely seen the impacts over the last few weeks.”
ut by the end of May, things started to pick back up, and the developers are seeing renewed interest as they move ahead with a new custom-home neighborhood and plans for commercial units at Mosaic.
“We expect to have a really productive summer,” Bradley says. “Everyone’s focused on the future.”
Most recently, in Chatham Park the company named a collection of builders to build 27 custom homes starting in the $600,000 range and up. These will join a collection of cottage-style homes already under construction. The park will ultimately hold thousands of homes of various types and price points, with the first sales scheduled for later this year.
“Our first sales will be in September,” said Tim Smith, founder of Preston Development. “We’ll be building from that. In two years we’re hoping to be up to 500 sales a year.”
Chatham Park has an estimated price tag of $800 million at full buildout.
At Mosaic, the company is working on condos and apartments next to a collection of commercial, retail, and grocery space. Last month, Lowes Food filed plans to build a new grocery store, gas station and retail space.
But there’s still a ways to go. The $350 million project has officially closed on leases for 40,000 square feet currently under construction of what will eventually be 300,000 square feet of space.
Altogether, developers plan to complete eight or nine buildings along with an outdoor stage by the end of 2021. That puts the project at about halfway done in the next year-and-a-half.
The rest will be built over the following two years. And while work continues, the company has adapted to reach potential buyers and tenants with new virtual tools as a result of the pandemic and social-distancing measures.
Most recently, the companies launched a new video showcasing the future of Mosaic. The company partnered with arqui300 to make the virtual tour, which shows 3D rendered buildings taking shape and popping into place as animated people walk and ride bikes around the future development.
Bradley says the idea came out of a need to engage potential tenants sheltering at home amid the pandemic.
“How do we help in a distanced world, how do we engage with potential tenants and help them work with us?” Bradley says. “That led to this exceptional video.”
The developers also launched The Chatham Park Podcast, available on the iPhone podcast app, Spotify and elsewhere.
Smith says this is all a bit new.
“We’re doing a lot of unique things that people don’t really understand,” he said.
As for the design of the park, the developers say little had to be changed to adjust to the new demands brought on by the crisis, as much of the park plans already emphasized open space and outdoor amenities.
“I wouldn’t say I’ve seen a material change,” Bradley said. “We still plan to be a lifestyle and entertainment center. The good news is we have a lot of outdoor spaces.”
Original Article Source: Triangle Business Journal