$800 MILLION MASTER-PLANNED, MIXED-USE DEVELOPMENT SLATED FOR METRO RALEIGH-DURHAM
Plans for Gateway to Chatham Park Taking Shape
RALEIGH/DURHAM, NC – Eco Group, a joint venture of John Fugo of Montgomery and Kirk Bradley of Lee-Moore Capital Company, announces a 350-acre, $800 million mixed-use development in the heart of Chatham County. MOSAIC serves as the commercial gateway to Chatham Park, a 7,100-acre livework- play community currently under development in Pittsboro, NC. Construction of Phase I of MOSAIC, a 44-acre, $140 million entertainment and lifestyle destination, is scheduled to break ground in Spring 2018.
“We are seeking to create an environment like no other. 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,” says John Fugo, co-developer, Eco Group. “MOSAIC pushes the edge of what is expected. We want human engagement to occur through the unity of experiences, nature, buildings, art, education, innovation and technology.” Situated just north of Historic Downtown Pittsboro near the intersection of US Highway 15-501 and US Route 64, MOSAIC features:
- 200,000+ sq. ft. of local and regional shops, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster;
- a 120-key flagship hotel;
- 210 “urban-burb” apartment residences plus 125 transitional apartment homes integrated into Veranillo, an active adult arts colony;
- 88,000 sq. ft. of technical and creative office space;
- 30,000 sq. ft. of recreational and civic amenities featuring cinematic screens, performing arts stages and a two-acre central green with amphitheater; and
- 15,000 sq. ft. of multi-generational educational 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,” adds Kirk Bradley, co-developer, Eco Group. “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. We’ve worked hard to incorporate the agricultural and artistic maker culture of Pittsboro and Chatham County into an energetic discovery center that integrates forward-thinking technology throughout the entire development. This project is truly a ‘mosaic’ of combined elements—old, new and always changing.”
MOSAIC’s unique architectural vision calls for distinctive design elements for each building in an effort to create a downtown streetscape that is timeless and organic. Purposeful green space and locally-sourced artwork will complement modern buildings infused with biophilic design and environmentally sustainable components. Approximately 25% of Phase I is dedicated to open space effectively framing the development with gathering spaces, walking and biking trails, ponds and constructed wetlands. Finley Design, a prominent architectural firm based in Durham, serves as the master architect for MOSAIC. CE Group, a Raleigh-based landscape architecture, civil engineering and land surveying firm, is the chief project engineer. Urban Design Associates, an internationally-renown urban planning firm based in Pittsburgh, Pa. provided initial master planning direction. Durham-based Montgomery serves as the project’s general contractor. Kane Residential, regionally known for North Hills in Raleigh’s Midtown, will provide property management services.
MOSAIC is situated in the heart of the fastest growing county — with one of the highest median incomes — in North Carolina and neighbors the energetic cities of Raleigh and Durham. In addition to the Chatham Park community, the entertainment and lifestyle destination will attract patrons from northern Chatham County populated with young families and empty-nesters, rapidly growing Cary, NC and Apex, NC to the east and Pittsboro and Sanford to the south. The development is also within close proximity to University of North Carolina at Chapel Hill, North Carolina State University and Duke University — all Tier 1 research universities; UNC Healthcare and Duke Health facilities; Research Triangle Park; and popular recreational areas such as B. Everett Jordan Lake and the Haw River.
Today, MOSAIC’s primary trade area includes nearly 21,000 residents; however, the population is expected to grow at an annual rate of 2.46% to 23,600 by 2021. The trade area’s average household income is $84,400 and estimated to increase to $93,200 by 2021. According to an independent study, the current trade area can support up to 240,000 sq. ft. of additional retail and restaurants; by 2021, 530,000 sq. ft. of commercial activities can be supported.
MOSAIC is expected to be completed by 2025 with phased development of the remaining 300+/- acres set to begin by 2020. Phase II (92-acre, $250 million) will feature a blend of grocery with popular national tenants while Phase III (187-acre, $400 million) will complement the existing medical office campus developed by Preston Development Company, the master developer of Chatham Park. The master-planned community includes 22,000 residences along with 22 million square feet of office, research, retail, educational and community space. Eco Group is working in partnership with Preston Development Company to execute the overall vision for the community.
About Eco Group
Formed in 2009 and headquartered in Durham, NC, Eco Group is a collaboration between business owners John Fugo of Durham-based Montgomery Carolina LLC and Kirk Bradley of Sanford-based Lee- Moore Capital Company. Eco Group has been involved with multi-family and mixed-use projects. Recent projects include Veranda, a 42,500-sq. ft. non-anchored commercial center in Chapel Hill off US 15-501, and Westpoint at 751, a 17.5-acre mixed-use project in Durham with 33,000 sq. ft. of retail/restaurant, 90,000 sq. ft. of office and 167-key Hyatt Place hotel off I-40. In total, John Fugo and Kirk Bradley of Eco Group have developed over 11 million square feet of retail and commercial properties. For more information on Mosaic, visit mosaicatchathampark.com.