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300 Lyle Wilson Road - Elevate Cullowhee

27.24 Acres of Commercial Land Offered at £1,154,114 in Cullowhee, NC 28723

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Investment Highlights

Location is just off major Hwy for ease of access to the University or nearby Sylva, NC for shopping, dining, medical facilities, etc.
Opportunity Zone

Close proximity to both the Smoky Mountain National Park and the Blue Ridge Parkway.

Executive Summary

Fully entitled tract of development land located just .25 mile from Western Carolina University and Cullowhee Valley School. In a Federally Designated Opportunity Zone. Ideal development opportunity for single family and duplex style housing to meet the growing demand and stagnant supply of available homes in the Jackson County area. This parcel is entitled to build 73 total units in a mix of single family detached and duplex style houses. A complete package of permits, drawings, plans and studies can be supplied to prospective purchasers. The grunt work has been completed and this is ready to go vertical, saving significant time and money. Jackson County caused a housing study in 2019. The result of the study revealed that over 2000 housing units should be constructed in Jackson County between 2020 and 2025. The volume of new construction since 2020 is no where close to that 2000 unit need. New $80M Engineering program expansion will requirie about 30 new professor hires at WCU in the next 18-24 months. This will be a huge demand on an already under supplied housing inventory for the area. The timing of acquiring and developing this tract could be quite incredible.

Jackson County Housing Study Highlight pages11122019 (1) (1)

Elevate Electric Service confirmation

Elevate Army Corp of Eng Report

Elevate 3d print

Elevate Geo Tech Report

Elevate Flood Plain Dev Permit

Elevate Topo J1930-blk & white

Elevate-zoning Permit

Property Facts

Price	£1,154,114	Property Subtype	Commercial
Sale Type	Investment	Proposed Use	Multifamily Planned Unit Development Single Family Development
No. Lots	1	Total Lot Size	27.24 AC
Property Type	Land	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£1,154,114
Sale Type	Investment
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Multifamily Planned Unit Development Single Family Development
Total Lot Size	27.24 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

1 Lot Available

Lot

Price	£1,154,114	Lot Size	27.24 AC
Price Per AC	£42,368

Price	£1,154,114
Price Per AC	£42,368
Lot Size	27.24 AC

Fully entitled tract of development land located just .25 mile from Western Carolina University and within 30 minutes of the Great Smoky Mountain National Park.

Description

In a Federal Opportunity Zone and fully entitled for 73 units of a mix of single family detached and townhouse style residential housing. Location is just off major Hwy for ease of access to the University or nearby Sylva, NC for shopping, dining, medical facilities, etc. Close proximity to both the Smoky Mountain National Park and the Blue Ridge Parkway. Outdoor activities are abundant such as hiking, mountain biking (trail system 1.25 miles away), trout fishing and kayaking in the famous Tuckasegee River. Very limited options in new housing in the immediate area and WCU is growing. The entire region is a retirement mecca for folks from all over the country and Western Carolina University (.25 mile away) is expanding the Engineering Dept and will be hiring in 25-30 new Associate and Full Professors over the coming 18 months. The four full seasons, clean air and water, access to the most visited National Park in the entire National Park system, all attract people from other parts of the country to relocate to the region. WCU affords so many opportunities from workshops, to classes, cultural events, theatrical and musical productions, as well as Div 1 Sports and FCS football.

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zoning

Zoning Code	SFR/SFR-MH (Zoning Permit allows for 73 units with a mix of duplex and single family detached.)
SFR/SFR-MH (Zoning Permit allows for 73 units with a mix of duplex and single family detached.)