A prominent Cary development group recently closed on 73 acres just a few miles down the road from Rolesville High School in a growing corner of northwest Wake County, moving it closer toward potentially breaking ground on a large residential subdivision next year.
Preston Development purchased the property for $1.467 million, adding it to adjacent parcels already under the company’s ownership that total 144 acres. All told, Preston now has nearly 220 acres of mostly vacant farmland and forest, with prior approvals from the town of Rolesville that allow for up to 297 single-family lots, Planning Director Danny Johnson said.
Construction plans are now being reviewed by the town. Depending on how the plans progress, the project could be underway sometime next year, Preston Executive Vice President Vanessa Jenkins said.
In an area booming with jobs and population growth, Rolesville stands out. The town of some 7,000 people is growing faster than any other in the state, according to U.S. Census data released earlier this year.
It wasn’t so long ago that the town shared a high school with Wake Forest. To accommodate growth, a new school opened in 2013. Preston’s new subdivision is just a little less than two miles down the road from the school.
The company bought the smaller tract last week that is known as Roger’s Farm and has an address of 1600 Rolesville Road. The larger property, known as Calas Farm, consists of two tracts at 1832 and Rolesville Road. Preston acquired those parcels in 2006.
While its Rolesville subdivision progresses, the company also is knee deep in the Chatham Park development in Chatham County. The 7,000-acre master-planned community will similarly involve turning forests and farmland into a homes and shopping centers, albeit on a vastly larger scale.
By Ben Graham, Triangle Business Journal