Big land deal could bring $600K homes south of Fuquay-Varina
Harnett County land remains hot, as investors pour millions of dollars into acquiring property.
Angier-based IOM Developers Inc., a group tied to local businessman Bradley Stancil and others, purchased more than 180 acres across seven different parcels east of Angier for $7.2 million on Sept. 15 (topping $40,000 an acre), according to Harnett County deed records. The land sits southeast of Old Stage Road North and north of Benson Road.
Stancil told the Triangle Business Journal the project is called “Tobacco Road” and will consist of 182 single-family lots. He said he estimates homes will sell in the $600,000s and hopes to begin construction in the first quarter of 2024.
“IOM Developers will oversee the development process with the intention of ultimately selling the completed lots to a prominent national or regional construction company,” Stancil said.
The county’s population growth exploded between 2010 to 2020, jumping from an estimated 114,678 residents to 133,554, according to U.S. Census Bureau data. That’s an increase of about 16.5 percent. And that growth continued from 2020 to 2022, with the county bolstering its population by an additional 4 percent.
Due to this growth, Harnett County has attracted investments in commercial, residential and industrial projects in recent years, especially in the areas just south of the county line from Fuquay-Varina. In August, the median sale price for homes in Harnett was about $320,000, according to data from Redfin (Nasdaq: RDFN).
Last month, Harnett Health, a not-for-profit health system, purchased roughly 26 acres across 11 lots at the 130-acre Brightwater Science and Technology campus in Lillington for $1.7 million. The additional land will allow the system to expand its campus to serve the region’s growing population.
In June, the Harnett Board of Commissioners voted to approve $5 million in matching funds to go towards a $10 million workforce development center focused on biotech, agtech, artificial intelligence and software programming in the City of Dunn.
Ben Tobin covers real estate and economic development in the Greater Triangle, focusing on the counties outside Wake and Durham. Have a tip? Reach him at btobihn@bizjournals.com or (919) 327-1012.
