Simpson Commercial Real Estate and Brown Investment Properties have acquired a 61.7-acre site near Toyota’s $14 billion battery manufacturing facility with plans for a large-scale mixed-use development called Woody Mill. The joint venture paid $8 million for the land and is advancing a program that combines multifamily housing with retail and office uses adjacent to the regional manufacturing hub.
According to reporting cited from The Triad Business Journal, the development team intends to construct a 240-unit Class A multifamily community as the primary residential component of Woody Mill. In addition to the apartments, the concept includes seven commercial outparcels designed to be retail-focused and to accommodate restaurants and office space. The combination is positioned to leverage demand generated by the nearby battery facility and related economic activity.
The capital plan outlined for the project allocates roughly $50 million to the multifamily portion, about $30 million to the broader commercial component, and approximately $20 million to the outparcels. Together with the land acquisition cost, the contemplated investment in Woody Mill is around $100 million. No details have been released on the anticipated financing structure, lenders, or equity partners beyond the named joint venture.
The developers began working on the Woody Mill concept roughly a year and a half ago and are now approaching a decision point on the site’s final program and phasing. They expect to refine and confirm more detailed plans for the project by September. Subject to those decisions, the joint venture is targeting a construction start before the end of the year, keeping the timeline on track for an opening in the first or second quarter of 2028.
While the scope of the project and overall cost estimates have been made public, further information on building design, square footage allocations by use, tenanting strategy for the retail and office space, and specific construction milestones has not yet been disclosed. Additional details on how the development will integrate with the surrounding area and with the Toyota facility are also still to come as the sponsors move from initial planning toward execution.
