By James Johnson email@example.com
May 10, 2014
PEMBROKE — Metcon Buildings and Infrastructure broke ground Wednesday on what is projected to be a four-year-long housing and commercial development project with a valued of $77 million.
Located on Candy Park Road by Fox Glove Plaza, Villages of Hunter’s Run will be a 139-acre, self-sustaining, multi-use real estate development that is broken into four parts: The Village of Deer Crossing, which will feature 110 townhouses; Wahoo Village Apartment Homes, which will feature 234 apartments; the Village of Eagles Nest, which will feature 102 cluster homes; and the Trading Post, which will feature 97,000 square feet of space dedicated to various retailers and restaurants, including a six-to-eight screen movie theater.
“It may be seen as a poor community, but I believe Pembroke is quite unique as a quaint college town,” said developing partner John Arnold. “I am honestly surprised there aren’t more things like this. It is a town with so much potential and I believe we will likely do better than we are even projecting.”
The project is being spearheaded by developer Teem Partners, which is working with local construction company Metcon Buildings and Infrastructure. The goal, according to Arnold, is to create high-quality living options for Pembroke residents.
“It is intended for anyone, we are not going to focus on students,” Arnold said. “There may be some students who will live there, the townhouse will have three bedrooms and three different baths. I understand there are quite a few people who work in the hospital there and there are some migratory features of those types of jobs. They tend to not buy large homes.”
Though Arnold was unable to give an exact estimate of costs, the developers have partnered with BB&T to offer a package of special loan solutions offering firs-time buyers up to 97 percent of the loan to value.
On Thursday, Pembroke Town Council reviewed a preliminary plat from consulting firm Locklear, Locklear and Jacobs outlining the first phase of the project’s development. Council members are expected to approve the document after Metcon receives all of the permits needed to proceed with the development.
“I think this is a great opportunity for the Town of Pembroke,” Councilman Channing Jones said.
James Johnson may be reached at 910-272-6144 or on Twitter @JJohnsonRobeson.