Transactions - OCTOBER 12, 2017

Eco Group unveils $800m mixed-use development in North Carolina

by Andrea Waitrovich

Eco Group, a joint venture between Montgomery Carolina and Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, N.C.

Upon full completion, Mosaic will feature more than 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units and 125 apartments targeting the 55-plus age group integrated into Veranillo, an active adult art colony; 88,000 square feet of technical and creative office space; 30,000 square feet of recreational and civic amenities including performing arts stages and an amphitheater; and 15,000 square feet of educational space.

The 350-acre development will serve as the commercial gateway to Chatham Park, a 7,100-acre community under development in Chatham County. Eco Group is working in partnership with Chatham Park’s developer, Preston Development Co., on the combined vision for the two projects. Upon completion, Chatham Park will feature 22,000 residences along with 22 million square feet of office, research, residential, educational and community space.

Phase I of Mosaic will be a 44-acre, $140 million entertainment and lifestyle complex that is slated to break ground in 2018. Approximately 25 percent of Phase I is dedicated to open space, including gathering spaces, walking and biking trails, ponds and constructed wetlands.

Mosaic is slated for completion by 2025, with phased development of the remaining 300 acres to break ground by 2020.

The $250 million second phase of the project will feature a blend of grocery and national tenants, while Phase III, a 187-acre, $400 million venture, will complement the existing medical office campus in Chatham Park.

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