Construction of the Aspen Heights student residential complex on Fair Road has resulted in a mini real estate boom in the area.
Located on the east side of Fair Road, just north of the intersection of Fair Road (Highway 67) and Burkhalter Road, development of the 64-acre property appears to be the impetus for adjoining properties hitting the market including outparcels being offered at the Fair Road entrance to the complex.
Local realtor Nick Propps is the listing agent for the outparcels in addition to several other properties near the development that have gone up for sale.
"There are 7.5 acres that have been made available by the owners of Aspen Heights," Propps said. "We envision four to six outparcels of around 1.6 acres per outparcel. All of this land fronts Fair Road."
Propps said the asking price is $522,000 per acre for the outparcels.
"It really is a terrific location with a 1,000 or so students living right there behind it, in addition to all of the students living in residential complexes just off of Burkhalter and Langston Chapel Roads," he said. "I can think of several different types of businesses that this location would suit, but every time I try and determine what I think would be a great use, somebody comes along with a better idea. So, I wouldn't even want to predict who would be interested in developing it."
Also being listed by Propps are the northwest and northeast corners of the Fair Road and Burkhalter Road intersection. According to the Bulloch County tax assessor's website, both corner parcels are approximately .9 acres.
"Those two properties are being listed for $653,000 per acre," Propps said. "That is an incredibly busy intersection, and a tremendous amount of traffic goes through there every day. As with the outparcels, I can envision many uses, but we will have to see."
Craig Deal, owner of Deal's Furniture, Mattress Outlet and Gifts, owns nine acres in the area including a seven-acre parcel fronting both Fair and Burkhalter Roads. He is keenly interested in the development that is going on in near his properties.
"Obviously, what happens with the properties being offered affects my land," he said. "I don't know that I am ready to believe that a major development boom is just around the corner at this time, but I do feel it is imminent. With the growth of Georgia Southern University, and continued residential development in this area, one would have to think that it is only a matter of time."
According to Propps, there is significant single-family residential development slated for the area including a new neighborhood that he is involved with.
"The name of the subdivision is Chatham Place, and it has 95 home sites within it," he said. "It is located on Herman Rushing Road, not too far off of Burkhalter. Roads within the subdivision have been constructed, and we are in the process of determining who the builder is going to be."
Propps said houses in Chatham Place will be in the $140,000 to $150,000 range.
"This neighborhood is going to be very nicely done," he said. "It is going to be really well controlled with strict covenants and a nice entrance. Also, we will be retaining ownership until the neighborhood is completely built out."
Although rumors of other residential development in the area have been circulating, no plans for it have been submitted to Randy Newman, director of planning and zoning for Bulloch County.
"We have not received any formal plans for another development in that area," he said. "Now, there has been an application for a zoning change for a PUD in the Pretoria Rushing Road and Burkhalter Road area, and we will see what happens there."
The developers of Aspen Heights said the complex will be ready in time for fall semester of 2013.