RALEIGH, N.C. (WNCN) — A major land deal is expected to bring up to nearly 1,900 homes to a 354-acre area in southeast Raleigh, company officials announced Friday.
Clayton Properties Group Inc., which operates under the name Mungo Homes, has purchased a large section at 2916 Hodge Road and 7000 Poole Road, which is just east of the Neuse River and south of Poole Road, according to a news release from CBRE | Raleigh.
“Clayton Properties Group to move forward with a future master-planned community called Banks 20 after securing rezoning and annexation approvals in September,” officials said in the news release.
Officials said there’s room for up to 1,850 residential units in the “Banks 20” development. The area would be annexed into the city of Raleigh.
Mungo Homes officials pointed out there will be more than $20 million in a “dedicated budget” for amenities, extensive walking trails, and a diverse range of attached and detached home product types.
The area will include a mixture of single-family detached lots, townhomes, apartments and up to 10,000 square feet of non-residential space, officials said.
Plans for the development include open spaces comprising community parks, a rooftop terrace and swimming pool, direct connectivity to the Neuse River and a designated parcel of land reserved for a future City of Raleigh fire station.
Construction is slated to begin in 2025, with the first units debuting in 2026. Home prices will vary based on the different product types. Clayton plans to provide some age-targeted homes as well as rental options within the community.
An I-540 extension set to open in 2029 will include an interchange at Poole Road, less than a mile from Banks 20, officials said.
The deal came together over several years as CBRE|Raleigh helped Clayton Properties Group buy land adjacent to Hodge Road, bringing the group’s total to more than 500 acres.