Former Modern Subaru of Boone location

The 2.559-acre lot at 199 N.C. 105 Extension is tiered with the former Modern Subaru of Boone dealership in the back of the lot.

BOONE — A Pittsburgh-based developer has finalized the purchase of a 2.559-acre tract of land at 199 N.C. 105 Extension for $2.5 million, and was approved for a building permit for a 186-bed, $11 million project.

Effective with a deed signed on Oct. 11, the property is now owned by MD Boone LLC, which lists Matt Durbin of Pittsburgh as its officer. Durbin is the managing partner of Maifly Development, also of Pittsburgh. Maifly Development, according to its website, builds multi-family and student housing apartment communities, with ongoing and completed projects at several universities from Oregon to New York.

The property was previously owned by Robert Dunn of Browns Summit under the LLC Seven Properties Boone. When reached, Dunn declined comment. Durbin did not return an immediate request for comment. Watauga County Register of Deeds records show that Dunn and Seven Properties purchased the land in July 2008 for $2.6 million.

According to Watauga County, as of Jan. 1, the tax value of the building and the land it sits on was $1,267,800.

The sale comes after the town of Boone’s Planning and Inspections office approved Durbin’s building permit on Sept. 26 after it was originally filed Aug. 13. No other permits for the property have been filed at this time, the office confirmed.

According to the now-approved building permit, the plan for the property is for an $11 million project, which will consist of a four-story, 78,232-square-foot mixed-use building and a three-story, 21,102-square-foot multi-family building. The plan also calls for all new parking, landscaping and infrastructure improvements, according to the details of the project.

The project is planned to have 113 units and 186 bedrooms, according to the application. Brent Davis of the Boone-based Brent Davis Architecture is listed as the designer for the project.

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