FAYETTEVILLE, NC (WNCN) – The Miami-based company, A real estate investmenthas set its sights on building a new apartment complex in Fayetteville.
The Company is seeking a conditional rezoning to convert the vacant lot into mixed-use housing.
Up to 960 units are to be built behind the new Amazon warehouse near Highway 295.
The proposal will go to the Fayetteville City Council for approval at its 7 p.m. Monday meeting.
As Fort Bragg continues to draw soldiers and their families into the area, there is also a need for more housing that people can afford.
“With the pricing of things, you probably have to have two incomes now because so much of our income hasn’t increased at the same rate as some of these other things,” said Ben Stout, president of Ben Stout Construction and Stout Land Development.
The Fayetteville developer said material costs have increased rapidly by 30 to 50 percent over the last year.
Stout said that the supply constraints, rising supply costs and rising demand are likely to continue to push the price higher. Developers need to get creative and start building smaller homes to keep them affordable.
“I think a lot of developers, big developers, not just the local developers, have come into the market. With that, and with the rising costs, they can’t effectively consume those rising numbers,” Stout said.
https://www.cbs17.com/news/local-news/cumberland-county-news/fayetteville-could-see-960-new-apartment-units-if-proposal-is-approved-by-city-council/ Fayetteville could see 960 new housing units if the City Council approves the proposal