Pittsboro, N.C., a town of roughly 5,000 residents, is undergoing a dramatic transformation through Chatham Park, a master-planned community that could expand the population to over 60,000 in the next two decades. Preston Development Company is building more than 22,000 homes and 22 million square feet of commercial space on thousands of acres, turning the small town into a major suburb of Raleigh.

The development has already reshaped the housing market. Average home prices in Pittsboro have surged to roughly $550,000 from $360,000 in 2020, raising concerns about displacement of longtime residents. Preston has agreed to make 7.5% of new homes affordably priced. The project is part of a broader wave of master-planned communities popping up nationwide to address housing shortages, though critics worry about sprawl, increased traffic and higher property taxes to fund public services.

Preston, led by Tim Smith and Julian Rawl, previously doubled Cary's population in the 1990s through a similar project. The firm partnered with James Goodnight, founder of SAS, to pursue this expansion. The company received approval in November to build on 5,000 additional acres, though residents and some commissioners worry about giving developers too much latitude. The town faces questions about whether its character can survive such rapid growth.