Cross Creek at Lake Boone has favorable OX-4-CU zoning and is part of a 34-acre redevelopment that is approved for up to 800 residential units and 100,000 SF of commercial space, with entitlements for 555 units and 72,555 SF remaining for the northern 18 acres combined. Phase I of this redevelopment is already underway at the corner of Lake Boone Trail and Landmark Drive and includes a Panera Bread, a 245-unit high-density surface-parked multifamily project (TriBridge/Bluerock), and a signalized intersection. Located adjacent to UNC REX Hospital, the Property is located along an invaluable connector between Lake Boone Trail and Blue Ridge Road, which provide direct access to I-40/Wade Avenue, I-440, and Glenwood Avenue/Highway 70. The Property includes a man-made pond that has been drained with jurisdictional boundaries established and an existing Cross Creek Court roadway that could be preserved. Additionally, the Property can generate short-term cash flow from 64 units (on the 8.18 acres) within the existing 1970s vintage apartment community.
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Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.