Developers of
the Disney development in Chatham County have spent eight figures on the first parcel of land for a residential community.
In March,
developers spent $23.3 million on 217 acres of land.
A town of
Pittsboro spokesperson told WRAL News this is the first of a nine-step process to purchase 1,500 acres to build the community, which
is known as Asteria.
Asteria will
include 4,000 single-family and multi-family homes. The project is in the
initial stages of development with home sales set to begin by 2027.
DMB/SWVP
Raleigh, an LLC tied to Scottsdale, Arizona-based real estate developer DMB
Development, and Stanley Living at CP, an LLC tied to Disney, submitted
preliminary plans of the layout to the town of Pittsboro. The plans should be
publicly available in May.
The Asteria community is the second announced Storyliving by Disney community in the U.S. following the Cotino community, which is under development in Rancho Mirage, California.
In 2004, Disney sold its downtown Celebration development in Florida to private investors.
Read More: Developer buys first chunk of land toward planned Disney development in Chatham