Plans detail second phase of $350M development in ChathamDate Published:
Developers have filed plans for the next phase of a massive mixed-use development in Chatham County.
Eco Group – a joint venture by Kirk Bradley of Lee-Moore Capital Company and John Fugo of Montgomery Development in Durham – has filed plans for Phase 2 of Mosaic, featuring a 4-story 164-unit apartment complex on the northern part of the project. The new building will feature one- and two-bedroom apartments at market rate – the majority of units will be two bedrooms.
Mosaic will serve as the commercial gateway to Chatham Park, Preston Development’s 7,100 acre mixed-use project in Pittsboro.
Aside from a few condos in Phase One, Bradleysays this will be the first major residential structure in Mosaic.
“We’re building about eight buildings in our first phase,” Bradley, Lee-Moore Capital Company president and CEO, says. “This’ll be our first (apartment) building.”
The company recently submitted the plans to the town of Pittsboro and hopes to have them approved by the end of spring.
Meanwhile, work on Phase One is well underway after beginning last October, and Eco Group expects to go vertical soon.
“We should be starting our first buildings next week,” Bradley says. “Leasing’s going great, and we’re hoping to have our first two buildings to start next week or the week after.”
The price tag for construction of the entire project, covering 136 acres, is estimated at $350 million and work is expected to be complete in 2025.
Altogether, Mosaic will feature:
200,000+ square feet of local and regional shops, restaurants and services including a micro-brewery as well as chef-driven and fast casual dining;
- A 114-key flagship hotel plus 164 “urban-burb” apartment residences;
- 88,000 square feet of technical and creative office space;
- 10,000 square feet of multi-generational educational space;
- 30,000 square feet of recreational and civic amenities featuring and eight-screen, first-run cinema, 350-seat live performance theatre, 100-seat black box theatre, and central green with outdoor stage; and
- 25 percent dedicated to open space framing the development with gathering spaces, walking and biking trail, ponds and constructed wetlands.
Mosaic will also include grocers as well as “nationally known tenants.”
Chatham Park, meanwhile has been estimated to cost around $800 million at full build-out. When completed, the site is expected to include 22,000 residences along with 22 million square feet of office, research, retail, educational and community space.