Eco Group Unveils $800M Mixed-Use Development in Metro Raleigh-Durham, North Carolina
PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham.
Upon full completion, Mosaic will feature over 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.
“With Chatham Park delivering its first homes in spring 2019, Mosaic will offer the ideal amenity hub for not only Chatham Park homeowners, but also the whole of Chatham County,” says Bradley. “We’re seeking to create an ‘urban-burb’ in Mosaic — a walkable, urban experience situated in a suburban environment, possibly the first in this area.”
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.
“We are seeking to create an environment like no other,” says Fugo. “The integration of retail, office, education and residential generates a daytime energy that extends to an evening atmosphere alive with theater, restaurants and impromptu gatherings.”
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. Financing of the project has not been closed, but Bradley says Eco Group is in talks with debt and equity partners for the deal.
Durham, N.C.-based Finley Design is the master architect for the project. Raleigh-based CE Group is the chief project engineer. The project team also includes general contractor Montgomery Carolina, urban planning firm Urban Design Associates and Kane Residential, which will manage the property.
— Camren Skelton