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477-Acre Resort Tract Changing Hands

JEFFERSON, NC-Known as Phoenix Mountain, the property sits at 4,600 feet, has a mile of highway frontage, 150,000 gallons per day of sewer capacity and no zoning restrictions. The seller's private reserve price is $11.4 million, or $25,338 per acre. Bids are due today (Nov. 15).

By Brian K. Miller | Updated on November 14, 2005

JEFFERSON, NC-Bids are due today for a 477-acre tract of land here that could be the region’s next mountain resort. Known as Phoenix Mountain, the property sits at 4,600 feet, has a mile of highway frontage, 150,000 gallons per day of sewer capacity and no zoning restrictions.

The auctioneer, Sheldon Good & Co. of Chicago, says the property’s open zoning property offers potential for a host of residential or resort usages. The seller’s private reserve price is $11.4 million, or $25,338 per acre. Bids are due by 4 p.m. today, Nov. 15 at Sheldon Good’s Chicago office.

With regard to development potential, Alan Kravitz of Sheldon Good tells GlobeSt.com the property’s 150,000 gallons per day of sewage and water capacity. That is enough for 1,800 residential units at a minimum plus a hotel, condominium and a ski operation.Due to the property’s elevation, Kravitz says it would provide longer seasons and longer ski runs than most of the competition. Additionally, Kravitz says a buyer could donate certain portions of the property that would not affect its development to gain some significant immediate tax benefits.

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