JAMESTOWN — A Greensboro company wants to transform a large farm into a mixed-used development that would significantly alter the town’s footprint.
The proposal from Diamondback Investment Group would turn a massive piece of land — 467 wooded acres — at the intersection of Guilford College and Mackay roads into a development with roughly 1,700 residences.
“Our intended goal for this project is to make something that is meaningful and lasting,” said Zack Tran, who co-founded and operates Diamondback with Hal Kern.
According to Tran, the median home price would be around $250,000.
“This land is going to be developed in a modern fashion very close to what everything else is already developed there,” said Robbie Perkins, the former Greensboro mayor and realtor who helped put the deal together. “The benefit is this layout flows together and is blended ... as opposed to a disjointed kind of hodge-podge of individual properties.”
Diamondback is buying the farm from the family of the late Ted Johnson, the former executive director of Piedmont Triad International Airport.
The development, which would be named Castleton Village, also calls for 311 apartments and a retail area anchored by a grocer that would front Guilford College Road.
Tran said having a grocery store in the development is a benefit because it will cut down on the number of cars entering Guilford College Road.
“It’s just good planning,” he said.
Guilford College Road is one of the draws for Diamondback because, unlike other residential projects of this type, significant improvements won’t be needed to accommodate the additional traffic a new development would bring.
“Rarely do you have a road system just about fully developed before you start building,” Perkins said. “There is no traffic issue with this site.”
Two tracts on the corners of the property would be reserved for low-impact commercial development such as medical or professional offices.
The plan calls for more than one-fourth of the property to remain as green space with walking trails.
It would also include other amenities, including a swimming pool and play areas for children.
The property is at the eastern edge of Jamestown although it hasn’t been formally annexed.
Diamondback, which has developments across the state, would like to get a “planned use” ordinance that would allow the company to have residential homes and commercial development as basically part of the same project.
Jamestown currently doesn’t have such an ordinance, but the town council will vote on one at a meeting next week. The ordinance could govern future projects in Jamestown.
If things move forward, Tran said the planning phase could take four to six months with the first homes completed between one to two years after that.
Overall, the whole project could take anywhere from five to 10 years to complete.
“As the market continues to absorb these sites, we will continue to develop,” Tran said. “We are going to be prudent about it.”