Development

Homebuilder buys hundreds of acres in southwest Mecklenburg

A home builder has purchased a large site on York Road near Lake Wylie in southwest Mecklenburg County, real estate records show.

The wooded land, totaling 213 acres, runs along the southern side of York Road near the Buster Boyd Bridge. BB Carolina Holdings, an entity with executives who were with home builder Bonterra Builders, paid an affiliate of Crescent Communities just over $6 million for the site, in a deal that closed in late December.

Executives couldn’t be reached to provide more details about their plans for the site. BB Carolina Holdings was formerly the corporate entity for Bonterra Builders, and is headed by Dean Harrell and Darren Sutton, who were Bonterra’s owners. That company has built in dozens of single-family developments across the Charlotte region over a wide variety of price points, from Woodlands Creek in Monroe, starting at $220,000, to Mia Manor in SouthPark with homes over $1 million.

A Bonterra lawyer said BB Carolina Holdings is not affiliated with Bonterra, which was purchased by Arizona-based AV Homes acquired last year for $96 million. Bonterra has continued to operate under its brand in the Charlotte region.

Crescent Communities, which has lately dived heavily into urban, mixed-use development, owns about 10,000 acres of undeveloped land across the Carolinas (You can see a full list of its land holdings online at Crescentland.com). The company’s holdings are a relic of its former incarnation as Crescent Resources, which Duke Energy spun off as a separate entity to manage and develop the vast tracts that came with Duke’s electricity operations around rivers and lakes.

The company regularly markets and sells other tracts, including in the Lake Wyle area. For example, in January 2015, Crescent sold 122 acres of undeveloped land along Bankhead Road near Lake Wylie to Southeast Land Investors, a Colorado-based group, for $2.3 million.

Note: This post has been updated to reflect BB Carolina Holdings’ ownership.

Ely Portillo: 704-358-5041, @ESPortillo

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