Croasdaile Farm feels Durham’s growth


Full Article: https://www.bizjournals.com/triangle/news/2018/01/12/croasdaile-farm-feels-durham-s-growth.html
By Ben Graham  –  Staff Writer, Triangle Business Journal
Jan 12, 2018, 2:29pm EST

The growth and rapid redevelopment taking place in Durham isn’t quarantined to the city’s core. David Beischer, the fourth-generation developer of Croasdaile Farm, says he is seeing more suburban development just outside of town, at the more than 1,000-acre residential community where he works.

“We’re not immune to the growth that Durham’s undergoing,” says Beischer, who develops the farm through the firm Garden View Realty. “You look downtown and it’s unbelievable, and all that growth continues even in the suburb areas of Durham.”

The development plan for Croasdaile Farm was approved in 1987, and hundreds of homes and apartments have been built on the property since then. But 2017 was exceptionally busy, Beischer says. “We’ve had more construction going on in Croasdaile Farm than we ever had in our history,” he says.

Work is now underway on an $80 million expansion to the Croasdaile Village retirement community, a project that will add more rooms, new dining facilities and an indoor swimming pool. The community, owned by United Methodist Retirement Homes, expects to see the first phase of the project wrap up by the end of this year, and the second phase in 2019.

Just around the corner, a joint-venture partnership is working on a 320-unit multifamily project, called Residents of The Lodge. The first units will be delivered in late March, and the entire project is expected to be complete by February 2019, says Blair Booth, a real estate investor working on the project. The joint-venture partnership consists of The Davis Companies of Boston and Gemini Real Estate LLC. Gemini is also a joint venture between Capital Properties of Raleigh.

Earlier in 2017, crews finished work on the 144-unit Woodstone Apartments, another project at Croasdaile Farm.

Next up is a large residential development with 136 single-family home and townhouses, being built by Home by Dickerson. Beischer says he’s had 200 people show interest in the development already, even though prices haven’t been set yet. “I’ve never had more people interested in a project ever,” he says.