Jasko Development Set to Bring Mixed-Use Project to Rapidly Growing Fuquay-Varina, North Carolina
November 12th, 2021
For: Jasko Development, New Britain, Connecticut
For Immediate Release
Jasko Development Set to Bring Mixed-Use Project to Rapidly Growing Fuquay-Varina, North Carolina
Project by Jasko and partners Zelman Real Estate and Beechwood Forest Group meets growing need for retail, restaurants, office, medical services, and lifestyle amenities
FUQUAY VARINA, N.C. (11/12/21)—Jasko Development, Zelman Real Estate and Beechwood Forest Group have closed on a 45-acre parcel for a mixed-use project in Fuquay-Varina, one of North Carolina’s fastest-growing communities.
The partners purchased the former farm (7321-7360 S. N.C. Highway 55) from the Clayton family for an undisclosed sum on November 3.
While the project is still in the design phase, the developers’ initial vision is for a pedestrian-friendly, mixed-use project that could include a grocer, service tenants, in-demand local and national retailers and restaurants, and medical and/or other offices.
Fuquay-Varina, which is part of the Raleigh-Durham MSA, continues to see enormous residential growth—so much so that approximately 3,000 new residential homes are being developed within a three-mile radius of the project, noted Avner S. Krohn, Chairman and CEO of Connecticut-based Jasko Development.
“This is an affluent area where a project of this type is much needed,” Krohn said. “But our plan is not just to bring more conveniences and services to Fuquay-Varina. We are also sharply focused on creating a pedestrian-friendly, experiential project that will enrich people’s lives and be an asset to this community for decades to come.”
The site is just minutes from downtown Fuquay-Varina and the “Five Points” intersection of highways 42, 401 and 55. “It sits directly in the path of remarkably robust residential growth, much of which is driven by its proximity to economic growth engines such as Research Triangle Park and the cities of Raleigh, Durham and Chapel Hill,” noted Brian Zelman, Principal of Connecticut-based Zelman Real Estate. “In fact, the population within just three miles of the project is set to grow about 44 percent in the next five years.”
Moreover, the dearth of retail in the area means that residents must drive north to Five Points—a notorious traffic bottleneck—to obtain the goods and services they need, said Eli Stahler, Partner, Beechwood Forest Group. “While Five Points does offer a host of regional retailers, the area’s overtaxed infrastructure cannot support further growth,” Stahler noted. “Our project will give residents much easier access to the retail, restaurants and services they need.”
Plans call for the construction of a roadway through the property, which will effectively be a “Five Points bypass” running east of frequently jammed Five Points and connecting highways 55 and 42. “From a project performance standpoint, this will funnel a significant amount of traffic directly to the new mixed-use property,” Krohn said.
The site already boasts an annual average daily traffic count of 17,000. In addition, the North Carolina DOT has approved the widening (120-foot right-of-way) of Highway 55, and proposed transit routes and greenways stand to further improve accessibility.
“Jasko, Zelman and Beechwood are extremely excited about the creative potential of this project,” Krohn said. “The big picture is in place, and we are looking forward to collaborating with local officials and a range of community stakeholders to further refine that vision and bring best-in-class experiences to Fuquay-Varina. Stay tuned.”
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Press Contact: Avner S. Krohn, 860.223.3434, [email protected]
