A commercial real-estate developer expects to ramp up plans for its $65 million mixed-use development in the southern part of Winston-Salem now that work has begun on the West Clemmonsville Road Extension.
David Anastasi, a spokesman for the Tetra Cos. based in Virginia Beach, Va., said that the development, called Stafford Place, will have a suburban-style layout with retail, offices and apartments off Peters Creek Parkway.
The West Clemmonsville Road Extension is a $4 million city project. Construction started in mid-December and should pick up in mid-February.
"We're still buying some right of way along Old Salisbury and Clemmonsville roads," said Alan Temple, a project engineer for the city.
Temple said that he expects work to be completed on the extension by the end of October, weather permitting.
The Winston-Salem City Council approved a zoning request for the project last February, Anastasi said.
Anastasi said that Tetra hopes that the local market will be ready for Stafford Place around the time the extension is ready, especially given the current economic climate. The company is planning to start work on the property in the second half of the year.
"In 2009, we can spend making sure our layout is the way we want it, making sure it is engineered correctly and allocating the appropriate money," he said. "In any cyclical downturn like we're going through right now, the timing of when you hit the market is extremely important. So we can really use 2009 to really take our time or speed up the process."
He said that the company has secured financing for the project, but Tetra plans to be flexible to market demands. For example, the company believes that there is strong demand for apartments, based on market reports.
"We can develop that at any point and time once that road is finished, obviously with access to it," Anastasi said. "But we can begin developing that and sit on the retail and the office waiting for that market to turn around. Our mixed-use land plan gives us that flexibility to respond to what the market is demanding as opposed to trying to force something into a market where there's not going to be absorption."
Stafford Place will include 266 apartments, several retail buildings and sites, a clubhouse, a pool and walking trails on 36 acres.
The project will offer about 26,000 square feet of retail space and 21,000 square feet of office space.
"This is an ideal property in our portfolio," Anastasi said. "You've got current market demand. You've got a destination spot, tremendous access and the ability to deliver multiple components at one time."
He declined to give names of businesses, but he said that Tetra is getting interest from national and regional chains, as well as local retail and office businesses, including restaurants and legal professionals.
Stafford Place is the second project that Tetra has in Forsyth County. The company recently finished developing Salem Creek Industrial Park on 81 acres on the south side of West Clemmonsville Road west of Griffith Road. Three of 21 lots in Salem Creek have been sold.
■ Fran Daniel can be reached at 727-7366 or at fdaniel@wsjournal.com.
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