Commercial projects for the massive, $800 million Mosaic development in Chatham County, southeast of Cary, are taking shape — at least on paper.
The Triangle Business Journal reports that Eco Group, a joint venture of Kirk Bradley of Lee-Moore Capital Co. and John Fugo of Montgomery Carolina Inc., is leading commercial development of one of the largest projects in the county’s history. The developers say that the project’s first phase, a $140 million entertainment and lifestyle complex, is scheduled to start construction in the spring of 2018.
There’s one big catch, however. The developers haven’t yet resolved the project’s financing.
Bradley told the business publication that Eco Group is in talks with debt and equity partners for the deal. “There’s no question we have to do a lot of preleasing before we can close on the financing,” he was quoted as saying.
Once the funds are available, structures planned for the development’s Phase I include:
- a 120-room hotel;
- 200,000 sq. ft. of local and regional shops, restaurants and services, including a micro-brewery, specialty grocer and a farm-to-table restaurant cluster;
- 30,000 square feet of live theater space to support performing arts, with a two-acre greenspace and an amphitheater; and
- 210 apartments with an additional 125 transitional apartment homes geared for the 55-plus active adult arts community.
Later, the project’s $250 million Phase II will include national tenants, such as national grocery stores and large companies, looking to relocate to the Triangle. There also is a third, final phase of 187 acres to be developed for $400 million.
Overall, when complete, the 7,100 acre Chatham Park master development is expected to have 22,000 residences, with 22 million sq. ft. of retail, office, educational and research space.
The developers say they expect to complete the commercial development by 2025.
Bradley said Tim Smith and Julian Rawls, Chatham Park’s master developers, selected their organization to complete the development’s commercial work.