A condominium development in south Charlotte is on the market, with all the owners having agreed to sell their land to a developer at the same time.
The Carmel Chace Homeowners Association is seeking a buyer for their whole 21-acre site, located off Carmel Road just north of the intersection with Johnston Road. They’ve hired broker John Vickers and KW Commercial to find a buyer for the site.
“This could be completely transformed,” Vickers said. The site is now occupied by 93 condominium units that date to the 1970s, and a new buyer would likely seek to rezone the site for a new development.
“Basically they wanted to know if they had a higher value and use if they sold as one large parcel,” Vickers said of the HOA, which he’s been working with for more than a year. “After doing an analysis of the property and location, it was evident that the answer is ‘Yes.’”
Vickers said new plans could include offices, high-end shops, restaurants, apartments or townhouses. Developers will submit bids by late May, Vickers said, and the expected sale price would be roughly $1.5 million per acre. That would be about $31.5 million, or almost $340,000 per condominium unit.
A similar plan to sell the Quail Hollow East condominiums at Park Road and Sharon Road West fell through at the last minute when a homebuilder backed out, Vickers said. That deal is close to closing with a new buyer.