Chapel Hill, N.C.-based developer Capkov Ventures was given approval on Monday to build up to 71 new homes in the city, reports Triangle Business Journal staffer Amanda Hoyle.
The Chapel Hill Town Council approved the site plan and permit request for the 27-acre property. As part of the deal, Capkov Ventures has agreed to dedicate at least nine townhouses for families making less than the median income for the area.
Capkov will be working with Community Home Trust of Chapel Hill, a nonprofit agency that sells homes to low- and moderate-income residents of Orange County, to find qualified buyers for the affordable housing units, says Eric Chupp, director of development for Capkov.
The remaining 62 single family homes in the development will likely be priced between $400,000 and $600,000, Chupp says. The year-to-date median home price in Orange County is currently around $318,000, or about 29 percent higher than the median home price in Wake County.
The development does not yet have a name.