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JV to construct $800M mixed-use project in North Carolina

A joint venture between John Fugo of Montgomery Carolina Inc. and Kirk Bradley of Lee-Moore Capital Co. is developing an $800 million mixed-use project in Chatham County, N.C., Triangle Business Journal reported.

According to the report, Phase I of the Mosaic, a 44-acre, $140 million entertainment and lifestyle complex, is expected to start in spring 2018. The first phase will include a 120-room hotel, 210 apartments and 200,000 square feet of shops, restaurants and services.

The Eco Group joint venture aims to complete the project by 2025, with Phase II projected to cost $250 million. The third and final phase will cover 187 acres and have a development cost of about $400 million, according to the report.