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KERNERSVILLE, NC-The Hommel Group, with offices in New York and North Carolina, has broken ground on Caleb’s Creek. The 1,000-acre mixed-use development carries an estimated $800-million project value.

Plans for the project, being developed on Teague Road south of Interstate 40 on the former Pine Tree Golf Course, call for an 18-hole golf course with clubhouse and sports facility center, 6,000 residential units, two hotel sites and 107 acres of commercial land. The residential units will be a mix of townhomes, single-family homes and apartments.

Hommel Group acquired the project from a development group led by Wally Freemon and Jim Brady in October. Terms of the sale were not disclosed. The New York City-based Kaufman Organization arranged the sale of the project. “The deal was in its mid-phase when Kaufman was brought into the transaction and managed to arrange the sale within seven business days,” says the Hommel Group principal Dan Hommel.

Peter Pacific, Monica O’Toole and Daniel Lipton, of the Kaufman Organization, will handle the exclusive sales of the commercial and retail portions of the project. Locally based D. Joyce Real Estate Inc. will handle the sales and marketing of the residential components. All approvals are in place for the project, which is expected to take about three to four years to complete.

Pacific tells GlobeSt.com that most of the commercial land will be developed into retail space, including big box and strip center developments. “So far, no parties have come forward expressing interest in office development,” Pacific says.

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