A 31.61-acre tract of land on Hwy. 54 across from Piedmont Fayette Hospital is to be auctioned off on-site Thursday, June 25, at 1 p.m.
“The property is being auctioned for the current owners in order to retire the debt which stands around $500,000 ($15,817 per acre) allowing the sellers to expand their core business,” said John L. Johnson of Sperry Van Ness, which has been retained to conduct the auction.
The tract is designated for mixed use in the West Fayetteville Planned Community District Ordinance and should allow retail, hospitality, offices, assisted living, and multifamily developments subject to approval by the city. Located across from the hospital and next to medical offices, the Dogwood Forest assisted living facility, Cleveland Elementary and Bennett’s Mill Middle School, the property could house many types of developments.
The site is in close proximity to Pinewood Studios and other ongoing developments as well as the hospital, one of the largest employers in the county.
Sperry Van Ness will be conducting the auction in cooperation with William Mixon of Brothers Company Real Estate.
“I think the real value of the tract for a mixed use project is somewhere around $4.5 million,” he said. “The owners have made the decision to focus on expanding their core business and won’t have the time or resources to develop the property. This is a very efficient way to expedite the sale of a prime development site for a highly motivated client.”
For more information, visit www.svniac.com or www.interstateauction.com.
