July 15th, 2020
Helping support the growth and development of Lee County, Tri Properties | NAI Carolantic, the Triangle’s leading commercial real estate firm, is pleased to have represented multiple owners in the sale of approximately 749 acres to developer Criteria Development LLC. Criteria, headquartered in Daphne, Alabama, is a fully integrated development company offering planning, acquisition, and construction services. Its residential projects are developed as D.R. Horton communities.
Officially announced today at a Sanford Area Growth Alliance groundbreaking, Criteria’s project at Galvin’s Ridge totals 427 acres and is located on the west side of US Highway 1 and north of Colon Road in Sanford. Galvin Ridge is planned to be a 1,000-unit community with a mix of single-family homes, townhomes and apartments and is expected to be built in four phases including land on the east side of US 1. Over thirteen acres of the 427 total acres will be developed as commercial space. The project also expects to include a clubhouse, public/private greenways, a neighborhood pool, a playground, dog park, sports court, and picnic area. On the east side of US 1, north of Colon Road, there is an additional 112 acres to be developed in the future with a mix of commercial and multi-family spaces.
The second development, Laurel Oaks, consists of 210 acres and is planned to be a 625-unit community on Commerce Drive near the intersection of NC Highway 87 in Sanford. Plans include a mix of townhomes and single-family homes. Laurel Oaks also expects to feature a clubhouse, playground, tot lot, and greenway trails. Combined, these two communities and additional development will add a total of over 2,000 housing units to the area, which is the largest residential development in Lee County’s history.
“We knew Sanford/Lee County was going to be one of the best locations in the country for future growth and new home development so there was no question we had to be here,” said Marion Uter, CEO of Criteria Development. “The economy is strong, the quality of life is outstanding, and more companies are either locating or expanding here which means more job opportunities. Obviously with more jobs, there is a need for additional housing options. We look forward to being a part of this dynamic community.”
“It has been a pleasure working with the City of Sanford throughout this process,” said Ben Lunnen, Division President for D.R. Horton’s Central Carolina division. “The citizens and staff have set the City on a growth trajectory that we are excited to be a part of. These two neighborhoods will create an opportunity for homebuyers across the D.R. Horton family of brands, with multiple product types and price points available, all with the premium amenities that come with a D.R. Horton master planned community.”
Tri Properties | NAI Carolantic broker, Steve Stroud, a longtime supporter of Sanford and Lee County, said he knew Criteria was the right company to handle this residential/commercial development. “It has been a pleasure to work with Marion and Zach. They are committed to developing a high-quality, reasonably-priced community to accommodate the growth in Lee County. The team at the Sanford Area Growth Alliance works hard to attract new companies and strengthen existing companies to include firms like Pfizer who recently announced it would spend a half a billion dollars in its Sanford facility.”
Michael Smith, CEO with the Sanford Area Growth Alliance said, “Today’s groundbreaking caps a fantastic 12-month period in Sanford and Lee County during which we’ve announced six new projects, 1,300 new jobs and over $750 million in new investment. These significant projects by Criteria and DR Horton to develop new homes will help us become a premier destination for young families moving to this part of the Research Triangle Region.”
The ground-breaking was held at the historic farm located on the property and was attended by Sanford Mayor, Chet Mann, Lee County Commissioner, Amy Dalrymple, and other city/county officials. The Sanford Area Growth Alliance and Tri Properties |NAI Carolantic teams were mindful of the Governor’s request to limit the number of people attending the event.
About Tri Properties | NAI Carolantic Realty
Tri Properties | NAI Carolantic is the Triangle region’s leading full service commercial real estate company. The firm specializes in all facets of commercial real estate including brokerage and leasing, construction management, consulting, development, property management, tenant corporate services and investment services. The NAI Global organization has over 6,000 real estate professionals in over 375 offices around the world with regional management, global infrastructure, best practices and technology to provide clients with consistent, quality results.