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$1.6K profit from property sale expected
Sunday, 11 February 2018 11:46

From Staff Reports 

The Buncombe County Board of Commissioners voted unanimously to unload the very complicated Ferry Road property and net a profit of $1.6 million from the sale.

The 137-acre parcel has been on the market for two years. It recently underwent a rezoning, and the city and county agreed to lift its deed restrictions.

 The parcel encompasses 137 acres. It is located in Bent Creek, between the French Broad River and Brevard Road, and it is accessed by Ferry Road. While owned by the county, it is located inside the Asheville city limits. Due to steep terrain, only about 80 acres are usable; and while the property is near I-26 and the river, Brevard Road will likely have to be widened to accommodate any project worth the purchase price.

The commissioners agreed to accept an offer of $5 million with 5 percent down from Deep River South Development II, LLC and principal Scott Gillespie. In accordance with law, the offer was subject to a 10-day upset bid process, which has passed. Headquartered in Greenville, Deep South is a developer of single-family housing communities that has previously built in South Carolina and Florida.

The county acquired the undeveloped Ferry Road property in 2015 following an emergency closed session, but its story goes back to 1995 when Henderson County acquired the parcel as part of the contentious Water Agreement that bred hostilities between Asheville, Buncombe County, and state legislators. 

Henderson County was supposed to build a sewage treatment facility on the land, and if it failed to do so by 2012, the deed was supposed to revert to Asheville. After two two-year extensions, Henderson County and Asheville entered into an agreement to sell the property,  which was then valued at $6,815,000, and split the proceeds 50-50.

 



 


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