A Dallas-based real estate developer is under contract to purchase the 108-acre Marinoni farm land at the southeast corner of Wedington Drive and Interstate-49 in west Fayetteville. The land adjoins a recently purchased group of lots where a new Cross Church and several businesses are planned.
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The mostly vacant pasture at the southeast corner of Wedington Drive and Interstate-49 won’t be quiet for long.
Dallas-based Provident Realty Advisors are under contract to purchase the entire 108-acre Marinoni farm with plans to build an upscale, mixed-use development.
The land, owned for decades by the Marinoni family, adjoins a recently purchased group of lots where a new Cross Church and several other businesses are planned.
JC Burciaga, a development partner with Provident, said the plan is to build a variety of retail shops, restaurants, entertainment venues, and office spaces on the land, as well as multi-family residential units and some type of senior living component.
The Texas real estate firm is responsible for many traditional and boutique-style projects around the country, including the recently opened Preston Hollow Village in Dallas. The 42-acre development at North Central Expressway and Walnut Hill Lane includes 1,200 planned dwelling units and 300,000 square feet of retail, restaurant and office space anchored by a Trader Joe’s specialty grocery store.
Burciaga said the Fayetteville development is expected to take three to five years to complete, and that the work would be done in multiple phases. He said phase one could begin as early as fall 2016 if zoning requests and site plans are approved.
While the company isn’t ready to announce any tenants, Burciaga said some major retail commitments are expected to line up this summer.
“The tenant interest has been amazing,” said Burciaga.
It’s not the first look developers have had at the Marinoni land, but it’s the first time the entire farm has been under contract.
The property was one of several sites considered for a new Fayetteville high school in the mid-2000s. Most recently, Alabama-based Capstone Collegiate Communities, planned to build a 700-bedroom student housing complex on about a quarter of the land, but the deal fell through after city-recommended infrastructure improvements proved too costly for the developer.
Paula Marinoni, one of seven Marinoni siblings, has for years talked about her family’s vision for the land – one that includes a mix of suburban live, work, shop and play areas.
Marinoni said Friday she was excited to see the plan come together under one deal, instead of trying to piece it together with several contracts.
“We’re beyond happy,” said Marinoni. “This is infinitely better than anything we’ve considered in the past.
“Our family has been in Fayetteville since 1905, so we have deep roots here. We’ve always wanted to see this land become something great that the whole city can be proud of. We believe this is it.”
