Bonterra Builders

Feb 12, 2016

Some type of residential development may be coming to 214 acres near Lake Wylie. Kriss Russell The Steele Creek area of Charlotte may be the future site of a 200-acre-plus subdivision or perhaps a mixed-use development. BB Carolina Holdings, an N.C. limited-liability company for which Bonterra Builders President Darren Sutton serves as registered agent, has bought 214 acres near Lake Wylie with plans for what local real estate sources believe will be some type of residential project. Some type of residential development may be coming to 214 acres near Lake Wylie. Kriss Russell The site is located along the south side of York Road, near the new Palisades Park Elementary School in southwestern Mecklenburg County. It has three points at which York Road could be accessed from the property. Exactly what is planned for the site hasn’t been disclosed. Sutton and AV Homes Inc. (NASDAQ:AVHI), which bought Matthews-based Bonterra Builders last year, didn’t respond to requests for interviews about the transaction. One of two things could be happening with the transaction, say real estate sources. BB Carolina Holdings may be buying the land to eventually bring the development under the ownership of Bonterra Builders and AV Homes. Or BB Carolina Holdings and Sutton could develop the site separately, one source says. On Dec. 23, BB Carolina Holdings paid $6.1 million for the 12 parcels that contain a total of almost 213.5 acres. The largely wooded site near Buster Boyd Bridge is adjacent to The Palisades, a 1,600-acre master-planned community in southwest Mecklenburg. AV Homes paid $96 million for Bonterra Builders last year. Sutton remains in Matthews to lead the local homebuilder, which at the time of the sale had 50 employees and close to 1,700 lots in the Charlotte region. Bonterra Builders is a key participant in the resurrection of Walnut Creek in Lancaster County . LStar Management of Raleigh and Saybrook Capital of Santa Monica, Calif., are now developing a 2,100-lot subdivision, formerly named Edenmoor. Ken Elkins covers manufacturing, international business and economic development for the Charlotte Business Journal. Related Content