A mobile home park may be redeveloped into high-end townhouses and multifamily units.
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Luxury builder Toll Brothers is under contract to purchase Chatham Estates, a mobile home park near downtown Cary, the Triangle Business Journal reported.
Pennsylvania-based Toll Brothers has reportedly filed site plans to redevelop the 27-acre property, located at 607 Cedar St. near the intersection of East Chatham Street and Maynard Road.
The redevelopment plans detail 97 townhomes and 330 multifamily units, according to the TBJ.
The sale of Chatham Estates will reportedly close this year. By that time, all the mobile homes will be vacated. Renters were made aware of a potential sale in December.
A purchase price has not yet been revealed, but the property is assessed at more than $26M.
The property for the housing development has been owned by Curtis Westbrook Sr. for more than 40 years. Westbrook put it on the market three years ago, with the listing originally including Chatham Square Shopping Center and Maynard Plaza.
Neither the shopping center nor the plaza are included in the sale to Toll Brothers.
A listing broker told the TBJ that Westbrook will maintain ownership of the strip malls, hoping to modernize and update the buildings while retaining current tenants.
While Toll Brothers is developing the townhomes, Kennedy Wilson will build the apartments for the project. Toll Brothers sold its Apartment Living platform to the California-based company last year.
Kennedy Wilson's apartments will span four, four-story buildings, with 170 one-bedroom and 160 two-bedroom units planned. Amenities include a swimming pool with cabanas, a pool house, an outdoor kitchen and bar, a clubhouse with a fitness center, coworking space, and a parlor and private dining room.
The development will also include a 10-foot-wide greenway along Walnut Creek behind the property. The greenway will connect Fenton to downtown Cary via Chatham Street, making the area walkable and accessible.
Work on the build-out will start in early 2027, with five phases of construction planned. The first phase will include the main road and infrastructure for the development, the TBJ reports.
