FAYETTEVILLE, N.C. (WNCN) – The Miami-based company, One Real Estate Investment, has its sights set on building a new apartment complex in Fayetteville.
The company is seeking conditional rezoning to turn the vacant property into mixed residential.
The plan is to build up to 960 units behind the new Amazon warehouse near Highway 295.
The proposal will be up for approval by the Fayetteville City Council in its 7 p.m. meeting on Monday.
With Fort Bragg constantly attracting soldiers and their families to the area, it also creates the need for more housing options that people can afford.
“With the pricing of things now you’re probably going to have to have two incomes because so much of our income hasn’t increased at the same rate of some of these other things,” Ben Stout, President of Ben Stout Construction and Stout Land Development said.
The Fayetteville developer said the cost of materials rapidly increased 30 to 50 percent in the last year.
Stout said the supply shortages, increasing supply costs, and rising demand—will likely keep pushing the price up. Developers will have to get creative and start building smaller housing to keep it affordable.
“I think a lot of developers, big developers not just the local developers, have come into the market. With that and the rising cost, they can’t effectively eat those rising numbers,” Stout said.