A 140-acre master planned community is getting underway in Sanford as manufacturers Toyota, VinFast and Wolfspeed are projected to create thousands of jobs and spur housing demand.
More than 12,000 new homes are planned in Lee County, where Sanford is the county seat, according to Charlie Coyne, executive vice president for CBRE’s Raleigh office. He and colleague John Burleson are marketing 32 acres for more than 125,000 square feet suitable for retailers, restaurants and medical offices in Ashby Village.
The mixed-used project by Centerpoint Investments will contain more than 700 residential units, outparcels for commercial development and open space for community gatherings, CBRE said in a statement Tuesday, March 18. Centerpoint is a family business consisting of Anil Chandarana of Apex and his son, Ashish. It bought the 32 acres for $7.3 million last year, the Triangle Business Journal reported.
“Toyota, VinFast and Wolfspeed are big economic catalysts in the area,’’ Coyne said in an email. “There is significant demand locally for a project that brings new design mixed-use elements, placemaking and a gathering area.’’
Ashby Village will be connected to 130-acre Lee County Athletic Park, consisting of athletic fields, a playground and walking trails, and the expected home of the Sanford Spinners minor league baseball team.
Three economic development projects north of Sanford help explain expectations for housing demand.
About 35 miles northwest of Sanford in Liberty, Toyota Battery Manufacturing North Carolina plans to start production in its $13.9 billion factory next month. Producing electric vehicle batteries, the facility has hired 1,200 of its projected 5,100 employees as of last year.
Construction of Durham-based chipmaker Wolfspeed’s $5 billion facility is underway near Siler City, between Liberty and Sanford. Northeast of Sanford, Vietnamese electric vehicle maker VinFast plans a $4 billion electric vehicle factory in Moncure. It said last year it’s delaying manufacturing until 2028.
