Pushing east: Up to 1,850 homes coming to fast-growing Knightdale in Wake County
A big, master-planned community is coming to Knightdale, near the southeastern edge of Raleigh.
South Carolina-based Mungo Homes has closed on the final piece of a 500 acre-plus assemblage, paying $10 million for 354 acres at 2916 Hodge Road and 7000 Poole Road, according to Wake County deed records.
Added to adjacent parcels on Hodge Road previously purchased, the developer said it can now push ahead with plans for up to 1,850 homes after securing rezoning and annexation approvals in September.
Called Banks 20, the project calls for a mix of single-family homes, townhomes, and apartments along the Neuse River. Another 10,000 square feet of non-residential space is planned.
“Banks 20 is our largest master-planned neighborhood in any market,” said Chris Simmering, vice president of land acquisition and development at Mungo Homes, an affiliate of Clayton Properties Group, in a release.
The project’s budget for amenities alone is upwards of $20 million, Simmering said. It includes a network of trails and sidewalks, a rooftop terrace and swimming pool, and access points to the Neuse River.
The property is also less than one mile from a planned interchange at Poole Road as part of the ongoing Interstate 540 extension. Once complete in 2029, it will provide residents with shorter commute times to downtown Raleigh, Simmering said.
“It’s set to offer something for everyone,” he said.
A parcel of land for a future city of Raleigh fire station has also been reserved. Home prices will vary based on product types and include rental options, the company said.
Construction is slated to begin in 2025, with the first units delivered in 2026.
Knightdale’s rise
Between the region’s growing housing shortage and high home prices, buyers are increasingly moving to smaller, outlying towns like Knightdale to afford homes.
In August, Knightdale home prices were down 15% compared to last year, selling for a median price of $370,00, Redfin data shows. Compare that to Raleigh, where the median price stood at $411,560 in August, a 2.1% year-over-year jump.
As of 2022, Knightdale had a population of 19,703, according to the U.S. Census Bureau. That was up from 11,401 in 2010.
Builders are rushing to meet surging demand. DRB Homes is planning a 146-home development with 15,000 square feet of commercial space in northern Knightdale, the Triangle Business Journal reported.
Atlas Stark is also proposing over 50,000 square feet of commercial space for the Knightdale Station community.
This story was originally published October 9, 2023 at 1:43 PM with the headline "Pushing east: Up to 1,850 homes coming to fast-growing Knightdale in Wake County."
