CHARLOTTE, NC—Capstone Land Sales has arranged the $1.75 million sale of a ±61-acre residential development site located adjacent to the intersection of Poplar Tent Rd and Hwy 601 in Charlotte’s burgeoning Concord submarket. The site will be the future home of Red Hill: a 91-lot single-family development comprised of for-sale detached homes.
The Red Hill development resides in a highly desirable single-family new construction submarket and is proximate to an abundance of economic demand drivers, including well-rated public schools, 9,000+ jobs in the immediate submarket, and an abundance of major retail and entertainment such as Carolina Mall, Concord Mills, Afton Ridge, and the Northlite Shopping Center.
The Capstone transaction team was led by Eric Liebich and Ron Corrao, who assembled the ±70-acre tract consisting of five parcels and two property owners.
The buyer is local builder Niblock Homes, who reduced the density from a previously proposed 133-lot site plan to include 91 lots with an average size of 75’ x 140’—larger than what has typically been made available in this corridor. Niblock has successfully delivered over 3,500 new construction homes to the Charlotte area over the past 40 years. Among these are two new construction communities adjacent to the Red Hill development: Woodbridge and Kensley.
“Niblock Homes’s development of the Red Hill community will add to their proven track record within the immediate submarket and will deliver inventory to an area experiencing ongoing demand for quality, new construction for-sale product.” said Liebich, the lead broker on the sale.
“The larger 75’ x 140’ lot sizes called for in the plans will provide future residents with ideal purchase options in this high demand corridor,” added Corrao.
Construction is scheduled to commence this spring, with completed homes anticipated to begin delivering in early 2022.