Print
Real Estate - Residential

Homebuilder Buys Nearly 43 Acres In Hampstead

By Cece Nunn, posted Jun 13, 2017
A homebuilder with offices in Wilmington and Jacksonville bought nearly 43 acres in Hampstead this week with plans to create a new residential development.

Crestwood Development bought the property at U.S. 17 and Grandview Drive from S&R Grandview LLC for $1.425 million, according to a news release from Wilmington-based real estate firm Cape Fear Commercial. Crestwood is a limited liability company registered to Craig Smith, owner of homebuilding company 70 West.

Paul Loukas, broker-in-charge at Cape Fear Commercial, represented the seller in the transaction.
 
Pender County officials approved a rezoning for the land from Planned Development (PD) to a lower-density designation, Residential Performance (RP), earlier this year, according to county meeting records. As they continue planning the development, 70 West officials said Tuesday they expect to share more information about the project soon.

A narrative by Paramounte Engineering Inc. submitted to Pender County on behalf of Crestwood Development in January said the RP zoning for the site matches that of the adjacent and recently developed Hampstead Pines neighborhood and allows "for the construction of lots of similar size with comparable density." 
 
For Pender, the community of Hampstead is already a site of growth, with more expected to come.

“Hampstead continues to be a highly sought after market for builders and developers,” Loukas said in the release. “There are a number of projects in the planning phase, which speaks to the strength and attractiveness of the area.”

Loukas added, “Even with strong demand, the market is extremely sensitive to land and development costs. Our region is largely driven by the gross sales price of homes as compared to a price per square foot value.”
 
In closing this transaction, Loukas sold more than $21 million over a 10-day period, the release said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Chadwoutersheadshot

Changes Coming to Sales Tax on Internet Sales

Chad Wouters - Earney & Company, LLP
Corey61

The Toughest Job There Is

Corey Lewis - Cape Fear Jobs
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Understanding the AI Ladder

Diane Durance - UNCW Center for Innovation and Entrepreneurship

Trending News

Open For Business: New Announcements (Sept. 21)

Johanna Cano - Sep 21, 2018

SBA To Set Up Shop At Wilmington Chamber

Christina Haley O'Neal - Sep 21, 2018

The Future After Flo

Cece Nunn - Sep 21, 2018

Scenes From Hurricane Florence

Michael Cline Spencer - Sep 21, 2018

Health Providers Give Recovery Updates

Ken Little - Sep 21, 2018

In The Current Issue

MADE: Waking Up The Sleep Market

MADE: Marpac assembles the vast majority of its white noise machines in Wilmington....


Info Junkie: Densay Sengsoulavong

Info Junkie Densay Sengsoulavong, Government affairs director for the Cape Fear Realtors Association, on his tech picks...


WordPress Conference Cancels Due To Hurricane   

WordCamp Wilmington was among the events canceled because of Hurricane Florence....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes