East West Capital will develop, in partnership with Mosaic Community Lifestyle Realty and JAG & Associates Construction, a new green compact neighborhood in the heart of West Asheville. The property is a short walk to Haywood Road’s cafes, entertainment and shops. With the development, we are also helping to catalyze the opening of an adjacent city park.
This unique development project in West Asheville, off Craggy Avenue and Tanglewood Avenue, is the largest developable property in the area. It results from the purchase of 2 parcels that connect for 8 acres in total.
“We’re excited about this project and the opportunity to make a positive impact,” said Brian Nelson, Principal of East West Capital. “Our goal is to create a beautiful, low impact neighborhood that serves the community and growing market demand.”
East West Capital, based in Asheville, focuses on the acquisition and development of unique projects. David Moritz, Principal, said “We will be able to focus on the character of the development so that it fits within the existing community fabric. There is a lack of supply of new homes in the area yet growing demand, particularly for new green-built homes.”
Next to the project, there is an 8-acre wooded property. The Conservation Trust of North Carolina conveyed the property subject to a conservation agreement for future use as a low-impact nature recreation area, but it has been landlocked and inaccessible.
“By working with the community, we hope to provide a public trail across our project and see walking trails go in to create an adjacent city park,” said Mike Figura of Mosaic, a local realty company which specializes in green homes and does extensive work in West Asheville. “There are some magnificent oak trees on the city’s property, and there is the potential to connect this park to the greenway down to the River Arts District.”
The project design will include open space, trails, green built homes, and stormwater BMPs. Homes will likely include 2, 3 and 4 bedrooms, many with walk-out basements. A community garden, pavilion and creekside walking path are currently planned.
“Our team takes responsible development seriously in all aspects of design and construction,” said Jody Guokas of JAG, an Asheville builder which emphasizes green and energy efficiency in product selection, construction and personal lives. “In addition, our design of the neighborhood will seek to preserve a tree buffer along Tanglewood Avenue”
As an established neighborhood just minutes to downtown Asheville and to the Pisgah National Forest, West Asheville has significant density and less than 4 months of inventory for sale. There are currently no new construction, consistently designed single-family subdivisions. The combination of this new neighborhood with the opening of the adjacent park makes this a unique community project.