SURF CITY, NC (WECT) - More than 3,000 new homes could be coming to Surf City.
Trez Forman Capital Group, a commercial lender for development and construction, said in a news release Wednesday afternoon that it has funded the acquisition of the 195-acre residential development site. The property located at the intersection of J.H. Batts Road and Roland Avenue in Surf City, has been approved as a planned unit development with zoning that allows up to 3,200 single family homes and multifamily units.
Surf City Properties LLC borrowed $2.5 million toward the purchase price of $6.25 million, according to Boardroom PR, a Florida-based public relations firm. Trez Forman also operates out of Florida.
"We like the Carolina coast," said Marion Uter with Surf City Properties. "It's a great area. There is a lot of growth. It just fits our business plan."
Brett Forman, president and CEO of Trez Forman, said more deals in North Carolina could be struck.
"We are excited to complete these transactions in North Carolina neighborhoods that are ripe for new development," Forman said. "We continue to target similar opportunities and are well-positioned to accommodate the demand from developer borrowers."
Once the land is developed, the plan is for 170 lots to be sold to national builder D.R. Horton. The community will be known as Waterside.
One resident said he wasn't too thrilled about the increased traffic that could come with the development.
"I feel like less people will want to vacation here and it'll make traffic way worse because it's already pretty bad," Logan Bradley said. "Like (Wednesday), it took us like an hour to get from Topsail to over here just from all the traffic."
There are no concrete plans for development of the rest of the property yet.