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CHARLOTTE, NC-Site work is expected to begin this winter on Tranquil Court on Selwyn, a 112-unit condominium project that is part of a larger mixed-use development in Myers Park. Vertical construction is anticipated in spring 2008 on the project, which is being undertaken by locally based Crosland LLC and Eastern Federal Corp.

The project will consist of two four-story buildings on a 2.73-acre infill site at Selwyn and Tranquil avenues. It will feature studio, one- and two-bedroom units ranging in size from 562 sf to 1,419 sf. Prices range from $175,000 to $495,000.

The project is on the site of a former hotel and music school, which have been demolished, Crosland senior vice president of mixed-use development Steve Mauldin tells GlobeSt.com. “The project is in one of the most desirable neighborhoods in Charlotte with stately homes and old oak trees,” he says. “With most of the single-family homes selling for over $600,000, our approach is to provide more affordable housing.”

A five-story, 62,000-sf commercial building adjacent to the residential buildings will include three floors of class A office space above two floors of retail space. Pedestrian-level retail is expected to draw small shops and dining and the second-floor retail space is expected to draw service-oriented retail tenants.

The project is aimed at providing lower cost condominiums in the area. Others just a few blocks north of the site routinely sell for $1 million or higher. While the higher-end condos are designed for those seeking proximity to Myers Park Country Club, Tranquil Court on Selwyn is aimed at residents seeking housing that is walking distance to popular local attractions, such as Nolen Kitchen and Selwyn Pub, Crosland execs say.

The project is being developed on land acquired by Eastern Federal in 2005 and 2006 near existing retail properties the company already owns. Residential sales are being handled by Cottingham-Chalk's developer services division. The design team includes LandDesign and BB+M Architecture. Crosland's contracting division is constructing the residential building while J.F. Schultze Construction will be the site, parking structure and commercial building general contractor. Retail leasing will be handled by Crosland, with First Colony Corp. handling office space leasing. All companies involved in the project are locally based.

Instant Insights /

Crosland JV Eyes Spring Start for 112-Unit Plan

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