Chatham residents have known for some time that the Preston Development Group was buying up land between Pittsboro and Cary south of Highway 64, but it was widely speculated that this land was being acquired for a housing development. As it turns out the developers have something much bigger in mind: a new research park that encompasses research facilities such as those found in Research Triangle Park, but also housing and probably commercial development as well.
Curiously, there have been no press releases or other news articles regarding this development; nothing except this video that mysteriously appeared one day last week. It’s about 8 minutes long, but well worth watching. It appears to me that the developers are positioning Chatham Park to be sold to a major national group but I’ll be watching carefully for further developments.
Update 2/14/12: A representative from Preston Development found this post and wrote to me that this video was intended for specific individuals rather than for the general public. They do not have a master plan, nor do they know what the project will look like. They are working on water and sewer and transportation at the moment (I suspect this has something to do with the 15-501 bypass around Pittsboro.)