Charlotte - Developers commonly build high-end condos on cleared sites in Myers Park, but Tranquil Court on Selwyn will go beyond that by adding shops and offices. Crosland LLC and Eastern Federal Corp. are planning a mixed-use project with a five-story commercial building beside a four-story, 112-unit condo building.
Suburbanites are accustomed to such developments, but it's rare to find enough land and to get zoning for them in established neighborhoods near the city's core.
This could be a Next Big Thing for Myers Park because of its potential to blend residences, offices, restaurants, shops and services into a neighborhood delighted to get rid of an eyesore.
In essence, two types of development more typical of suburban projects -- mixed-use and multi-use -- would be used to reweave the urban fabric.
The commercial building would be mixed-use because it combines office and retail in the same building, said Kathleen Rose of Rose & Associates Southeast Inc., a Davidson land development and real estate advisory services firm.
Commercial and residential on the same site also would make the development multi-use, she said.
Rose expects to see more projects like Tranquil Court as land gets more expensive and developers try to control costs by mixing uses on compact urban sites.
In addition, she said, neighborhoods like Myers Park provide an immediate customer base for the shops and services.
Eastern Federal started the process for Tranquil Court about two years ago by paying almost $2.9 million for the frayed, 34-year-old Manor House extended-stay motel complex, which it demolished at Selwyn and Tranquil avenues.
CEO Carter Meiselman said at the time that he intended to develop something more in keeping with the character and appearance of the neighborhood.
That led to a rezoning in which Eastern Federal eventually revised its plans to respond to concerns of nearby residents. It reduced, for example, the number of units from a proposed 179, moved planned buildings farther from houses, added buffering and designed driveway access to keep commercial traffic on the Selwyn side of the site.
Eastern Federal also said it would work to preserve several mature oak trees on the site.
Once the City Council approved the rezoning, Meiselman partnered with Crosland, which plans to start site work by November on the 2.73-acre site.
Studio, one-bedroom and two-bedroom condos (562 to 1,419 square feet) are priced from $175,000 to the $400,000s.
Crosland describes the floor plans as wide and shallow, allowing natural light into every room of each unit to reduce power and lighting requirements.
The project also will include a light-reflective "cool roof" system for energy efficiency.
Crosland said the condos, inspired by brownstone dwellings in historic districts such as Georgetown and Boston, will use materials that blend aesthetically with Myers Park.
Some units will face a private courtyard, and others will overlook the Myers Park tree canopy.
The 62,000-square-foot commercial structure will include three floors of offices for small- to medium-sized businesses above two floors of retail space.
Shops and dining -- Crosland is aiming for at least one upscale restaurant -- will be on the ground level, and service retail will be on the second floor.
Underground parking spaces will serve both buildings.
Crosland expects to start work on the buildings in spring 2008 and finish by the third quarter of 2009.
The project announcement comes in the face of declining residential sales and building permits as Charlotte begins to feel the effects of a nationwide housing market slowdown.
One local developer recently indefinitely postponed plans for a 97-unit condo project off Park Road in Se
Source: Charlotte Observer