At $15 million, CalAtlantic was the winning bidder on a 71-acre development site in Cary, N.C., which was originally slated for a multi-family community in the downsized Amberly development.
The builder plans to construct a 283-lot subdivision of townhomes and single-family homes on the property, which has been named Amberly Glen. “It’s a big piece of land. We had originally been looking at partnering with another builder because it’s such a big piece, but they ended up backing out,” said Troy George, CalAtlantic’s Raleigh division president.
Amberly, when approved in the late 1990s, was anticipated to have space for about 5,000 new residential units at buildout, but when the recession hit and construction of new homes slowed, development plans overall were cut short. The remaining 12 tracts of Amberly’s undeveloped land were sold in 2011 in lieu of foreclosure to an affiliate of Gibraltar Capital and Asset Management for $19 million.