Prestige Properties Plans New Housing Development
by May 24, 1998 12:00 am 81 views
Prestige Properties Construction and Development Inc. of Fayetteville paid $2.5 million for 203.5 acres along Mount Comfort Road that the company plans to develop into a housing subdivision.
Prestige Properties bought the land from Bradford B. White, who gave the company a $2.4 million mortgage on the property that requires the company to make payments to White as each lot in the subdivision is sold. The loan was signed by Tim Reynolds as president of Prestige Properties.
The company has applied for permission from the city to begin construction of the first phase of the development. Plans include developing 116 lots on 30 acres along Salem Road. The Fayetteville Planning Commission will hear the request this month.
Prestige sold 20 acres of the land to Fayetteville School District No. 1 on March 26 for $140,152 that the city plans to use to build a new middle school. The company also has designated 46.27 acres of the land for a city park.