Forsyth County will likely offer some incentives for a high-end auto storage facility planned for south Forsyth.
The Forsyth County Development Authority voted 5-0, with members Larry Duckworth and Ben Knight absent, to approve an inducement resolution, the first step toward issuing revenue bonds, for The Stables Motor Plaza, a 25-acre development on McFarland Parkway. The maximum amount to be bonded would be $38,500,000.
The company will slowly work its way to paying full property taxes. Taxes will not be paid the first year and will rise by 10 percent of the total taxes until paying 100 percent in the 11th year.
Per the inducement resolution, the first phase is to be completed by Dec. 31, 2019.
Once completed, the development will have 30 private garages for high-end vehicles, a warehouse storage facility, an automotive retail center and a parking deck. More than 150 permanent, full-time jobs are also expected to be supported by the development.
Several out parcels and about six acres of nature preserve will be part of the overall development.
“The Stables Motor Plaza is actually a retail village and high-end car storage,” said Jeff Beal with developer Destination Development Partners. “The front part of this, which is nine acres, is going to be all retail and it’s all going to be automotive-focused … we have a high-end car wash here with detail salon.”
“There’s another anchor that is a high-end pre-owned car dealership … these cars are $60,000, $80,000, $100,000 or more.
The storage rooms will vary in size and have rollup doors that allow members in the indoor facility to check out and compare other cars. Most of the units will be sold, though some will be for rent.
Beal said of the 3,500 registered cars worth more than $125,000, 1,700 are within five miles of the site, making the area a smart place for the project.
This is the second project this year to be approved for an inducement resolution by the authority. In February, Sports Warehouse received a resolution to bring the company’s east coast hub to Bluegrass Lakes Parkway in south Forsyth.