If a rezoning proposal manages to wind its way through the city government, Grindstone Parkway could become an even more prominent commercial hub.
Red Oak Investment Company is applying to rezone 25 acres from agricultural to planned commercial on the south side of the street across from the Walmart. It would be one of the largest commercial rezonings since Crosscreek was approved in the summer of 2008.
The owners say they hope getting the commercial zoning makes the property more marketable (it’s already for sale), but with the commercial real estate market as it is, don’t expect any big projects to spring up too soon. But then again, a buyer/developer could hop on the property quickly in order to secure financing before the Fed raises interest rates, as it’s expected to do before the end of the year.
Regardless, the property is in a very attractive area, with a busy shopping center across the street and a fully developed Nifong to the west. And perhaps most important for a developer, there’s no unified opposition from nearby residents.
The statement of intent, submitted by Red Oak president Hugh Stephenson, asks for a maximum 200,000 square feet of floor area and a maximum building height of 60 feet.
The development would preserve the climax forest at the southwest corner of the property, as well as a small stream in the northeast corner. The developer would be required to build an access road from the existing Grindstone Plaza Drive to the southern boundary of the property. The owners’ attorney, Bruce Beckett, said the owners are working with the Walmart property owners to pay for a traffic signal at the intersection of the new street.
It looks good for the developers so far. The Planning Department staff didn’t have any significant concerns at a public information meeting about the proposal Monday night, and no nearby property owners showed up. But a nod from city staff doesn’t necessarily mean you’re good to go. The Planning and Zoning Commission shot down a request to rezone a huge plot of land on Richland Road last summer despite the planning department’s recommendation. And since the process just began, the landscape for this project is unclear.
The proposal goes to the Planning and Zoning Commission on Feb. 18.
Categories: Business, City Politics, Economy.
