Bidding War Erupts Over Tanglewood Business Park

The Tanglewood Business Park in  Clemmons has become the center of an intense bidding war, drawing significant attention from developers and investors alike.

 

Recently, Keystone Homes submitted a bid of $4.63 million for the 167-acre property, surpassing the previous offer of $4.41 million made by Williams Development Group.

 

This escalation has triggered a new bidding window, with the minimum required bid now set at $4.86 million.

 

The Forsyth County Board of Commissioners has outlined that the upset bid process will continue until no further bids are received.

 

At that point, the commissioners will decide whether to accept the highest offer, retaining the authority to reject any proposal at any time.

 

Located on the southern side of Idols Road at Topsider Road, approximately two miles from Interstate 40, the Tanglewood Business Park has been marketed as a business hub since 2009.

 

However, it has faced challenges in attracting tenants.

 

In January, the commissioners agreed to consider offers to transform the site into residential housing, broadening its potential use.

 

Keystone Homes, established in Greensboro in 1996 by Scott Wallace and Mark Michael, specializes in building and managing apartments and single-family homes across the Triad region.

 

According to recent reports, Keystone ranks as the fifth busiest homebuilder in the area and the 11th largest apartment management company.

 

The Williams Development Group of Winston-Salem initiated the bidding process in January with a $4 million offer.

 

In a letter at the time, Dixon Pitt, the group's director of residential real estate, expressed plans to develop the park into a neighborhood, reserving a portion of units for affordable housing.

 

Following this, Keystone submitted a $4.2 million bid, which was then countered by Williams Development's $4.41 million offer in early March.

 

Should the county accept a proposal to convert the property into housing, rezoning from its current light industrial classification would be necessary.

 

Additionally, the county would need to address or amend the existing restrictive covenants that govern the property's use, development, and maintenance.

 

These covenants were established when furniture manufacturer Beaufurn purchased 14.5 acres in the park in 2017.

 

The county reacquired this land in 2019 after the Village of Clemmons Council decided against providing financial support for the park.

 

County Manager Shontell Robinson has indicated that  Clemmons prefers either maintaining the restrictive covenants or annexing the property into the village.

 

While the village previously showed interest in purchasing the property, no formal bid has been submitted.

 

This bidding war underscores the growing interest in the Tanglewood Business Park and reflects broader trends in the Forsyth County real estate market.

 

According to recent data, the average home value in Forsyth County over the last 30 days is $385,113, marking a 6.9% increase over the same period in 2025.

 

Homes typically go pending in around 63 days, indicating a relatively balanced market. This is up from an average of 48 days on market during this period last year. 

 

In Clemmons specifically, the median home value stands at $310,000, highlighting the area's appeal to both developers and potential residents. The median home value is up from $296,750 from the same period in 2025, which is 4.5% increase. Overall, the Clemmons real estate market is still very strong.

 

As the bidding process continues, stakeholders are closely monitoring developments, recognizing the potential impact on the local community and the broader real estate landscape.

 

Beyond the bidding war itself, many residents will likely be asking a practical question: can Clemmons infrastructure handle another housing community off Idols Road? Any future development proposal would likely bring added attention to traffic congestion, school crowding, stormwater runoff, utility capacity, and the overall strain that new residential growth could place on village services and nearby neighborhoods.