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Forsyth County staff recommend accepting $3 million offer for 3.5 acres at Sturmer Park Circle
Summary
County staff recommended the board accept a $3,000,000 offer from BNC Land Company LLC for 3.5 acres of county-owned land near high-traffic University/Chateau area; buyer proposes fuel station, restaurant and retail and offered a 6-month due diligence period and 5% earnest money.
Forsyth County staff told commissioners on March 10 that they recommend accepting the highest offer—$3,000,000—from BNC Land Company LLC for a 3.5-acre portion of county-owned property adjacent to Sturmer Park Circle.
Kirby Robinson, community economic development director, said the developable portion of the surplus parcel is roughly 9 acres overall and the board previously declared roughly 6 acres surplus in 2015. The 3.5-acre subject parcel lies near University Drive and includes a high annual average daily traffic count, Robinson said, and the buyer proposes to develop the site as a fuel station, restaurant and other potential retail uses.
Robinson said the buyer's offer includes a six-month due diligence period with a possible 60-day extension for environmental, geotechnical and traffic studies, and a 5% earnest money deposit that becomes nonrefundable after the buyer obtains rezoning and site plan approval. He told the board the buyer deposited $150,000 with the clerk and no upset bids were received during the 10-day upset bid period.
County staff provided a preliminary market comparison noting that undeveloped land values in the area run roughly $16 to $19 per square foot and that the buyer's offer equates to about $19.67 per square foot for the 3.5-acre parcel. The sale would require rezoning and subdivision review because the lot is under 10 acres, and staff noted closing terms would permit a 90-day permitting period and a 30-day closing after permits.
Robinson said sale proceeds were previously programmed in an earlier board plan for museum funding, and that the buyer had offered to attend the March 13 meeting to present a conceptual use plan. Commissioners asked staff to invite the buyer for a brief presentation on Thursday to discuss traffic expectations and the nature of end users who might occupy the site.
The briefing recorded no formal board vote; staff recommended proceeding with acceptance and to present the offer for board action on March 13.
