diamondback sells johnson farm in jamestown to d.r. horton for $18 million

Diamondback Investment Group, which tried unsuccessfully for almost a year to develop a planned unit development on a 443-acre tract of the former Johnson family farm in Jamestown, has sold the land to D.R. Horton (NYSE: DHI) through a special warranty deed for $18 million, according to Guilford County records posted online Thursday. So the land along Guilford College and Mackay roads seems destined to be filled with single-family homes by the nation's largest home builder by volume. In February 2021, Jamestown Town Council denied a PUD zoning request by Diamondback for a mixture of single-family homes, townhomes and limited retail by a unanimous vote ending a contentious and heated battle that stretched over a year between Diamondback and local opposition groups. The proposed Castleton Village project near the corner of Guilford College Road, Mackay Road and Guilford Road had faced considerable neighborhood opposition from those concerned about its density LLOYD WHITTINGTON Diamondback, led by partners Zach Tran and Hal Kern, had made several alterations to various plans in an attempt to win support to develop a PUD they named Castleton Village on the property. The land was formerly owned by the family of the late Ted Johnson, the longtime executive director of Piedmont Triad International Airport. RECOMMENDED

But local homeowners and the town council cited high density as their main reason for opposition, though several other reasons, including a lack of trust in Diamondback, were given as well. In February 2020, Diamondback first announced an option on the land and plans for 1612 housing units (single-family, apartments and townhomes) as well as a grocery or big box store. Large retail area plans were later replaced by plans with a church and ball fields. The final plan that the Jamestown council rejected had 714 single-family homes, 521 townhomes — Diamondback eliminated apartments — and 34 mixed-use buildings. Diamondback was represented at the planning board and town council meetings by attorney Amanda Hodierne of Isaacson Isaacson Sheridan Fountain and Leftwich of Greensboro. During contentious meetings with the planning board and town council, Diamondback said it was prepared to develop single-family housing on the property if its zoning request was denied. A D.R. Horton development would lead to a dramatic population increase in Jamestown, which has a population estimated at just over 4,000. With a shortage of developable lots and with single-family housing booming despite spiraling prices and long delays for building materials, the 443 acres in a fast-growing sector of the Triad is particularly attractive. TBJ reported in February that D.R. Horton plans to build more than 1,000 homes and condos on part of the former Coble Dairy Farm in Davidson County's Tyro community, west of Lexington. The 436-acre property, which sits at the corner of Old Salisbury and Tyro roads near Sapona Golf, Swim & Tennis Club, is owned by Hubbard Commercial of Winston-Salem, which paid almost $3.8 million for the property at auction in 2005,