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A big mixed-use development in Knightdale is moving forward after closing the land deal for $12.5 million in a split between two buyers.
Stanley Martin Homes paid a little more than $8 million for 54.5 acres to develop the residential side while a joint partnership between JPM South Development and Alliance Group of NC paid about $4.3 million for 35.24 acres to develop the commercial portion. The deal was done in two transactions and closed on July 14, according to Wake County deed records.
The development — which has plans for more than 500 housing units — is on seven parcels on Smithfield Road, First and Fourth Avenues. It is across the street from Knightdale Station Park and near Knightdale Crossing shopping center and indicates the continued interest in the town, which has boomed in recent years.
Knightdale had a population of 19,703 in 2022, according to the U.S. Census Bureau.
JPM South Development is the master developer behind the project. The company did not respond to inquiries.
Alliance Group of NC was unavailable for comment.
JPM and Alliance Group will either develop the commercial and multifamily properties or sell it off to other developers, according to broker William White of White Oak Commercial, who brokered the transaction. p
Stanley Martin Homes was brought on board by Alliance Group to develop the residences as Alliance had worked with Stanley Martin in the past and felt the homebuilder would be a good fit for the development, according to Raleigh Division President Hampton Pitts.
The residences will include single-family homes, townhomes and condominiums. All of the homes that Stanley Martin builds will be for sale, but Pitts said the company hasn’t worked up an estimated listing price yet.
The condos will be two bedrooms and the same floor plan as the condos in the homebuilder’s Axis at Grove 98 development in Wake Forest. Those condos start at $375,000.
The townhomes will be three bedrooms and single-family homes will have floor plans up to five bedrooms. The floor plans will be a mix of the homebuilder’s existing and new plans but with a brand-new project specific front elevation based on collaboration with the town board.
Pitts said the company anticipates breaking ground in the fourth quarter of 2023 and beginning construction on the first set of homes in summer 2024. The residences will take about six to seven years to complete.
The approved plans indicate there will be 136 single-family detached homes, 188 townhomes, 144 condominiums and 100 multifamily apartments. The commercial side will be for up to 500,000 square feet of space. The multifamily apartments are mixed-use and will be above retail in 3- and 4-story buildings.
The commercial part could vary, and the plans show there are options for a grocery store, fitness tenant, national retail tenant, a hotel, space for professional services and for local shops and smaller retail tenants.
Knightdale development has been ramping up as its population increases with people moving to the smaller towns in Wake County to afford homes. DRB Homes is planning a 146-home residential development with 15,000 square feet of commercial space in northern Knightdale. Homes proposed for near the Neuse River will start in the $400,000s and reach up to the $700,000s from the Carolina Development Group LLC.
A retail strip in the Knightdale Crossing shopping center sold for $6 million in early July and Atlas Stark has proposed more than 50,000 square feet of commercial space for the Knightdale Station community.