{"id":1004053102,"date":"2012-06-08T06:20:56","date_gmt":"2012-06-08T14:20:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=51362"},"modified":"2022-12-07T17:11:00","modified_gmt":"2022-12-08T01:11:00","slug":"wells-fargo-pappas-properties-to-develop-foreclosed-masterplanned-community","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wells-fargo-pappas-properties-to-develop-foreclosed-masterplanned-community\/","title":{"rendered":"Wells Fargo, Pappas Properties to Develop Foreclosed Masterplanned Community"},"content":{"rendered":"<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/crabtree.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-51363\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/crabtree.jpg\" alt=\"\" width=\"300\" height=\"247\" \/><\/a>by Adriana Pop, Associate Editor<\/p>\n<p>Wells Fargo Bank and developer Pappas Properties of Charlotte are planning to restart a\u00a024-acre master-planned development that\u00a0the bank\u00a0had earlier foreclosed upon.<\/p>\n<p>According to the <em>Triangle Business Journal<\/em>, Pappas and the bank have jointly filed a a new master plan proposal and a rezoning request for the 24-acre site known as Crabtree Village. The\u00a0project site is\u00a0located on a portion of the Kidd\u2019s Hill property behind Crabtree Valley Mall.<\/p>\n<p>Before the downturn, York Properties of Atlanta \u2013 the site\u2019s previous owner \u2013 was planning up to 749 residential units, more than 410,000 square feet of office, retail and shop space and a 150-room hotel. The city approved York Properties\u2019 master plan in 2006, and the company bought the property for $10.2 million in 2007, the <em>NewsObserver<\/em> reports. Once the recession hit, the project was canceled, and Wells Fargo took ownership of the site in 2010 following foreclosure.<\/p>\n<p>Pappas now has the property under contract and proposes a smaller project, with more hotel rooms, fewer apartments and less retail and office space. The new version includes a maximum of 525 apartment and condo units, a 200-room hotel, up to 250,000 square feet of office space and up to 60,000 square feet of retail space.<\/p>\n<p>Peter Pappas, president of Pappas Properties, told the <em>NewsObserver<\/em> that the revised plans seek to limit the amount of grading in order to preserve as much of the hillside as possible. The case had a first public hearing before the city of Raleigh\u2019s Planning Commission earlier in May.<\/p>\n<p>Should the rezoning request be approved, the development would be Pappas Properties\u2019 first venture in the Triangle. The company said it would first focus on the development of 315 apartment units in six buildings. It is estimated that the first phase of the project, requiring an investment of approximately $40 million, would be complete in about three years.<\/p>\n<p><em>Photo credits: town-photos.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Adriana Pop, Associate Editor Wells Fargo Bank and developer Pappas Properties of Charlotte are planning to restart a&nbsp;24-acre master-planned development that&nbsp;the bank&nbsp;had earlier foreclosed upon. According to the Triangle Business Journal, Pappas and the bank have jointly filed a a new master plan proposal and a rezoning request for the 24-acre site known as [&#8230;]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[1815],"class_list":["post-1004053102","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wells Fargo, Pappas Properties to Develop Foreclosed Masterplanned Community - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wells-fargo-pappas-properties-to-develop-foreclosed-masterplanned-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wells Fargo, Pappas Properties to Develop Foreclosed Masterplanned Community\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor Wells Fargo Bank and developer Pappas Properties of Charlotte are planning to restart a&nbsp;24-acre master-planned development that&nbsp;the bank&nbsp;had earlier foreclosed upon. 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