The future growth spurt in advanced manufacturing production and jobs in North Carolina's Triad cities is serving as the catalyst for the development of two single-family residential subdivisions in Greensboro.
Diamondback Investment Group in Greensboro announced April 15 that it is moving forward on two communities that will produce a total of 1,044 residential lots on a combined 221 acres.
The Winston-Salem Journal reported that Diamondback's goal is to break ground by mid-to-late summer. Zach Tran, the development firm's founder and managing member, told the newspaper his company is working with a top national builder on the communities that will determine the price range for the residences.
The first, Vandalia Crossing, will feature 437 lots on a 111.45-acre tract of land at 916-ZZ Edgemont Rd. in Greensboro. The development is being geared toward single-family homes and townhomes for first-time homebuyers and those wanting to move into a bigger residence.
Meanwhile, Gardenia Walk will have 607 lots on a 109-acre tract that includes properties at 1801 Andrews Farm Rd., 1360 Village Rd., and 5119 and 5221 McConnell Rd. on the eastern side of the city.
An additional 40 acres along Village Road is being reserved for sewer needs and a potential future rezoning request, the Journal noted.
Two limited liability companies affiliated with Diamondback paid a combined $16 million for the five tracts that also includes a 27.14-acre tract at 5200 YY McConnell Rd.
Diamondback said it has secured a $24 million first mortgage loan from Mavik Capital Management, a New York investment firm, which includes the land purchases and site-preparation costs.
The Greensboro City Council approved the rezoning request for the Vandalia community in August 2021 and the Gardenia development in June 2022. Both properties have been annexed into the city.
Diamondback, formed in 2016, recently brought to market 297 garden-style units in Huntersville, north of Charlotte. Its portfolio of active and completed projects spans more than 12 properties across the Tarheel State.
Major Local Projects Make Greensboro Ripe for New Housing
North Carolina's Triad region is anchored by the cities of Winston-Salem, Greensboro and High Point.
"Greensboro is the next major growth area for housing starts in the state due to the influx of new, high-paying manufacturing jobs in the area," Tran explained. "As a result, the proximity of both Gardenia Walk and Vandalia Crossing to several of the largest local manufacturing plants makes them incredibly well-positioned to benefit from the new construction demand."
Tran told the Winston-Salem news source that both planned developments are within commuting distance of the four major advanced manufacturing megasites in the Triad and the Carolina Core regions.
They include:
- Boom Supersonic, a $500 million jet factory under construction at Greensboro's Piedmont Triad International Airport. The plant's developers hope to employ 1,761 people at full production in 2030.
- Toyota Battery Manufacturing N.C., a $14 billion electric-vehicle battery plant under construction in the Randolph County town of Liberty, south of Greensboro, with a projected 5,100 jobs at full production in 2030.
- VinFast, a $1 billion electric-vehicle manufacturing complex being built east of the Triad in Chatham County, with a projected 7,500 jobs at full production.
- Wolfspeed, a $5 billion chip-manufacturing factory currently going up in Siler City with a projected 1,800 jobs at full production.
"[By paying] attention to all these projects, we knew this was where we needed to be, and we're trying to help with a definite shortage of housing," Tran added.
The two home communities' location near Interstate 40 also could prove attractive to people working in the Triangle cities of Raleigh, Durham, and Chapel Hill to the east, particularly for those folks wanting to get more housing for their buck or splitting the distance with family members working in the Triad.
"The infrastructure around the communities is really strong with accessible retail and interstate connections into the Triad and Triangle," Tran said.
Dan Cooperman, director of investments at Mavik, said the prospect of advanced manufacturing jobs proved enticing to the firm as well.
"Greensboro is rapidly growing as one of the country's top advanced manufacturing hubs, which creates a compelling opportunity for experienced local developers like Diamondback," he explained.
"We are pleased to be partnering with Diamondback as they develop Gardenia Walk and Vandalia Crossing at a time when high barriers to entry for new construction projects in the market are only making the residential housing market more competitive. That's evidenced by the number of homebuilders that have expressed interest in acquiring the finished lots."
Today's top stories
