|  |  | Crosland and Eastern Federal Launch Tranquil Court on Selwyn in Myers ParkCharlotte, N.C., Oct. 8, 2007 –Crosland LLC has joined with Eastern Federal Corp. to create a mixed-use development in Myers Park, about four miles from downtown Charlotte and less than a mile from Queens University. Sales began on Oct. 3 of 112 condominium homes in the residential portion of the project, Tranquil Court on Selwyn. Initial prices range from $175,000 to $495,000.
Site work begins this winter, with vertical construction expected to start in spring 2008.
Tranquil Court on Selwyn is the four-story residential component of a larger mixed-use development, which will be comprised of two buildings on a 2.73-acre infill site at Selwyn and Tranquil avenues. The residences will feature studio, one- and two-bedroom homes ranging from 562 to 1,419 square feet. The building is architecturally inspired by brownstone residences in historic districts such as Boston and Georgetown and will feature a rich palette of exterior materials consistent with the Myers Park aesthetic.
A five-story commercial building adjacent to the residences will include three floors of class-A office space for small- and medium-sized businesses above two floors of retail tenants, totaling approximately 62,000 square feet. Pedestrian-level retail is expected to feature boutique shops and dining offerings. The second level will feature service-oriented retail.
Tranquil Court on Selwyn is being developed on property acquired by Eastern Federal in 2005 and 2006, near existing retail shops that the company already owned on both sides of Selwyn Avenue where Colony Road ends. Both companies have a vested interest in the area that goes back decades: Eastern Federal has owned existing shops at that intersection since 1949, a portion of which were developed by John Crosland Sr. in 1938 as part of Club Colony, the company’s first mixed-use development.
“We have a long history with Crosland and know from experience they will deliver a first-class project in a first-class manner,” said Carter Meiselman, CEO of Eastern Federal. “They have repeatedly proven that they can execute flawlessly across the entire real estate spectrum from development to construction to leasing and have the financial strength to finish what they start.”
Crosland Returns to Its Roots
Not only is Crosland going back to a familiar location, but Tranquil Court on Selwyn also marks the company’s return to for-sale residences in Charlotte. Many homes in the Myers Park neighborhoods surrounding Tranquil Court on Selwyn were built by Crosland. The company exited the business of building single-family homes years ago, while continuing to build high-quality apartment residences. Additionally, Crosland is currently constructing condominiums as part of large mixed-use projects in Nashville, Tenn., and Asheville, N.C.
“This project underscores Crosland’s ability to develop a challenging infill site with an appealing mix of uses that will enhance the neighborhood,” said Steve Mauldin, Crosland’s senior vice president of mixed-use development. “At places such as Birkdale Village and Alpha Mill, residents routinely ask if they can purchase our homes rather than rent. We’ve developed and constructed these and other recent apartments with condominium-quality finishes and amenities, so we’re very comfortable with this product. In fact, I expect many of our initial residents will come from our apartment communities.”
Tranquil Court on Selwyn carves out a niche that is currently unserved in Myers Park. High-end condominiums just a couple of blocks north on Selwyn routinely sell for $1 million and up. While those projects emphasize their proximity to Myers Park Country Club, Tranquil Court on Selwyn is targeted to residents who desire to live in Myers Park and may want to walk to popular establishments such as Nolen Kitchen and Selwyn Pub.
“We feel there are simply no other condominiums in Charlotte that offer this mix of price point, Myers Park living, and shops and restaurants right at your front door,” said Mauldin.
Beyond price and location, the primary draw of the residences will be sun-filled floorplans with spectacular views. Shallow, wide floorplans allow natural light to every room of every unit, reducing power and lighting requirements. Exterior residences will overlook the mature oaks of Myers Park, several of which are being preserved on the site, while interior residences will look out to a private, lush courtyard.
The project utilizes a light-reflective “cool roof” roofing system for energy efficiency. Underground, access-controlled parking will be provided to residents at a ratio of one space per bedroom. Standard interior features such as hardwood floors, GE Profile appliances and granite countertops are on display in the Tranquil Court on Selwyn sales center at 2904 Selwyn Ave. Renderings, floor plans and other details can be found online at TranquilCourtOnSelwyn.com.
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 brokerage.
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