A developer recently bought more than 1,100 acres in southern Brunswick County that could one day hold hundreds of homes.
Thomasboro Landco LLC, an entity associated with Alabama-based Criteria Development, purchased 1,137 acres from Stone Farm Investment LLC and other LLCs of the Williamson family, according to a Brunswick County deed and the state corporations division.
Stone Farm Investment LLC is managed by LaDane Williamson and DeCarol Williamson, state records show.
The property, off Thomasboro Road and N.C. 179 near Calabash, sold for a little over $18 million, according to the deed.
A Criteria Development proposal for a project dubbed Stone Farm involves 1,009 acres that could contain nearly 1,800 homes, 363 townhomes and about 45 acres of commercial development.
Brunswick County planning officials have approved the plan.
“The project is proposed to be developed in as many as 14 phases,” a Criteria Development report stated. “We would expect full buildout of the development to take anywhere from 7-10 years, depending on market conditions. Construction is anticipated to start near the end of 2021. We anticipate the first phase would start along the northernmost portion of the project, although that is subject to change.”
Answering the question, “What kind of commercial development are you proposing?” Criteria officials said in the report, “We do not plan to develop the commercial areas. We just sell the parcels to individual developers and they decide what they want to build. We have no say in the type of development.”
Criteria Development’s projects are developed as homebuilder D.R. Horton communities, according to Criteria’s website.
“The company is committed to growing its inventory in North Carolina, South Carolina, Florida, Louisiana and Alabama,” the website stated. “We pride ourselves on being a fully integrated development company, from planning, acquisition and construction.”
Hansen Matthews, partner in Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co., represented the buyer in the 1,137-acre purchase.
“This is one of the premier large residential tracts remaining in this part of the state, featuring a highly desirable location within minutes of Sunset Beach, Calabash and several golf courses. We scoured the entire county for an off-market opportunity such as this one,” Matthews said. “The developers have established a solid reputation elsewhere in the state and it will be a good thing for our area to have them operational in Brunswick County.”