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Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owner of Summer Rose Reserve (the “Property”±35.02 acre Southeast Durham Residential Development Opportunity consisting of two noncontiguous tracts in Durham County, NC. Summer Rose Reserve comprises an eastern section of 5122 and 5202 Summer Rose Lane (±16.90 acres) and a western section of 5211 Summer Rose Lane (±18.12 acres) which are currently zoned Rural Residential (RR). The property is subject to restrictive covenants which allow for single-family detached lots with a minimum size of 30,000 SF. The site currently maintains access to public water within Summer Rose Lane (NCDOT maintained) and sewer is estimated to be within ±1,000 feet from two neighboring developments. With its proximity to Brier Creek and Downtown Durham, Summer Rose Reserve provides a unique opportunity for large lot residential development.

Restrictive covenants were placed on the property in 1973 and amended in 1979 limiting the property to development of single-family detached homes on lots 30,000 SF or greater. In addition to size, the lots must be a minimum of 100' wide and maintain a minimum front setback of 50' as well as a 10' drainage easement along the rear property line for each lot. Each home is permitted to be constructed up to 2.5 stories and can utilize an attached garage for no more than two cars. Durham County has seen a lack of large lot residential development in the last few years, but prices have remained strong with average sales prices per SF exceeding those in neighboring Wake County ($359 PSF vs. $349 PSF). The existing zoning and covenants remove the lengthy rezoning process and allow for the opportunity to capitalize on a void in the market due to a lack of large lot development in an area with an enormous supply of much smaller lot single-family homes and townhomes.

Supported by a rapidly growing Southeast Durham location, Summer Rose Reserve is located 4 minutes from Highway 70, nine minutes from the northern edge of RTP, 10 minutes from Brier Creek, and 16 minutes from Downtown Durham. Due to location, the site maintains ease of access to amenities and employment via Hwy 70 and I-540. Additionally, the Durham Chapel Hill Carrboro (DCHC) Metropolitan Planning Organization (MPO) has identified Northern Durham Parkway to extend through the eastern portion of 5122 Summer Rose Lane. Although the final route has not yet been finalized, this connection will significantly improve regional access to the site.

Zoned Rural Residential (RR), the site can support by-right development of single-family homes on lots 30,000 SF or greater. The site has as designated Place Type of Mixed Residential Neighborhood (MRN), however, due to restrictive covenants the minimum lot size allowed on the property is 30,000 SF. While additional density cannot be achieved without a change to the covenants, the property can be developed by-right today without a lengthy rezoning process.