The business segment is part of the Bailes Ridge planned community being jointly developed by Crosland and Cincinnati, OH-based Robert Rhein Interests. According to published statements, Rheins' investment in housing will reach $115 million.
Bailes Ridge is planned as a 470-acre, mixed-use development four miles south of the 2,000-acre Ballantyne, NC development near Charlotte. Rhein's homes and the business park are the opening phases.
"While building the infrastructure and roads, we are also selling acreage to companies and negotiating build-to-suit contracts," Mike Bilodeau, development manager for Crosland, tells GlobeSt.com. He says 10 acres have been sold at prices ranging from $60,000 to $100,000 per acre.
Crosland will also develop the 40-acre multifamily sector of Bailes Ridge. "Our retail division will develop the 30-acre retail village, once some homes are occupied and businesses move in," Bilodeau says.
He wouldn't provide construction cost estimates for the multifamily and retail segments. Development of the planned community is expected to take 10 years.
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