East West Capital, within a month of closing the purchase of 28 acres on Overlook Road, has successfully secured the continued right to build a previously approved development of up to 190 residential units on the property, thus retaining flexibility to use the property to its fullest potential.
The Permit for the Planned Unit Development was originally approved on February 14, 2007. The approval was set to expire this year unless extended by application and public hearing. As a result of the December 11, 2013, Buncombe County Board of Adjustment hearing, East West Capital obtained a zoning vested right until 2017.
“We were pleased to obtain an additional three years to build the approved development on this site,” said Brian Nelson, a principal of the company. “We may not proceed to develop that level of density here, but the flexibility is invaluable to us.”
The property was approved for this development prior to market changes and prior to East West Capital’s acquisition of the land in 2013.
David Moritz, a principal of the company, said “The extension was an excellent outcome and we appreciate the Board’s consideration and approval. We will continue to assess the surrounding market and neighborhoods for the best use of this outstanding property.”
The Overlook property is the largest in-fill property in the heart of South Asheville. It consists of approximately 28 acres, conveniently located near excellent public and private schools, retail, supermarkets, parks and the library. It sits between the airport and downtown Asheville and borders some of Asheville’s finest residential neighborhoods.