building boomlet continues-defy soft real estate market
December 29, 2011Brunswick Forest
Wilmington Star News
By Jason Gonzales
Brunswick Forest will likely miss its midyear prediction of expected home sales, but not by much.
In June, officials expected about 170 homes to be sold. According to spokesman Tobin Spirer, a little more than 165 will be sold by the end of the year.
“In this past year, we have seen more homes and home sites sold than in any time in our five-year history,” he said.
Despite some slowdown in 2008, the community has been one of the few pillars of continuous growth in the area.
More than 700 homes have been built in Brunswick Forest, with about 800 home sites sold since building began. The 4,500-acre development is projected to have about 7,000 homes and take a minimum of 15 years to build.
Lord Baltimore Capital Corp., the developer, has pumped about $200 million into the development to build the amenities and infrastructure. Spirer cited the investment as reason for the growth.
Most of the work and growth has been done behind the pine trees of the community, sheltered from U.S. 17. But what has caught many Leland area residents’ eyes lately are the commercial buildings going up beside the busy highway.
The two buildings will house a CVS pharmacy and Lowes Foods store.
The empty concrete shells are slowly being completed and will be a combined 55,00 square feet. They are just part of a planned 500,000 square feet that will be built at The Villages commercial development, Spirer said, and will be completed by the middle of next year.
The continued growth has attracted a number of companies to set up shop in The Villages.
Josh London, owner of Josh London State Farm Insurance and a Brunswick Forest resident, moved into an office adjacent to the community’s Port City Java three weeks ago.
London said he wanted to get into an office there early.
“I wanted to get in before all the growth,” he said. “A lot of people will be moving here in the next few years, and once the CVS and Lowes are built, I think we will see a lot more foot traffic.”
The community is also a prime location, he said.
“It’s a pretty convenient spot,” he said. “Anyone can get to us pretty easily in Brunswick County.”
Jason Gonzales: 910.342.2075
On Twitter: @StarNews_Jason