The Falls presents a rare opportunity to acquire and shape an established mountain community in one of Western North Carolina’s most scenic and sought-after regions. Positioned near Bryson City and the Great Smoky Mountains, this offering combines existing infrastructure, flexible land planning, and significant upside potential for a thoughtful developer or long-term investor. Originally conceived over 20 years ago, The Falls was designed as a nature-forward community with dramatic topography, waterfalls, and long-range mountain views. The southeast 146 acres within gated community features a network of paved roads winding through the landscape, with underground power in place throughout much of the development. In this section, high-speed internet and cable are available via Zito Media—an increasingly important amenity for today’s buyers. While the original plan remains conceptual and unrecorded, the property has evolved over time, with adjusted lot configurations and redefined open spaces that enhance both usability and value. A key highlight is the Summit Park area, which offers the potential to create a limited collection of premier view homesites while still preserving meaningful shared space—allowing for a high-end, low-density product that aligns with current market demand. The offering also includes a separately deeded, unrestricted 12+ acre tract near the entrance, providing additional flexibility for future use, amenities, or alternative development concepts. Further expanding the opportunity is an adjacent 20+-acre tract, available for acquisition, with two established access points—one from the northwest boundary of the community and another via Kim Way. This additional acreage creates the potential for expanded inventory or phased development. Importantly, the sale includes Special Declarant Rights, as defined under North Carolina General Statute Chapter 47F, which may be assigned to the purchaser of the remaining restricted property. These rights provide a unique level of control over the future direction, governance, and buildout of the community. For a developer seeking a legacy project in a supply-constrained mountain market, The Falls offers scale, flexibility, infrastructure, and the ability to reimagine and execute a vision that meets today’s buyer expectations.