Parr Investments is working on plans for phased apartment construction as part of themultiuse development proposed for Union Cross Road and I-40 in Kernersville according to a story in the Triad Business Journal:
Landowner and developer Jeff Smith and local multifamily developer Chris Parr are planning for Smith Crossing to feature 372 apartments, national retail and restaurants, 110 single-family residences and town homes, office space and possibly a hotel and movie theater.
When fully built out, the mixed-use project could cost between $50 million and $60 million. The full multifamily component is expected to be finished by 2018, while full build-out of the commercial portions depends on market demand, the developers said.
“The feel we’re going for is a walkable community that ultimately cuts down on traffic, where people can live and work and play all in the same area,” Smith said…
The 85-acre tract will be divided into three separate portions: one 35-acre tract fronting I-40 and Union Cross Road that will be developed for the commercial, office and retail use, a second 31-acre tract that will house the apartment units, and a third 18.5-acre tract that will feature the single-family homes and town homes.