Dec. 10, 2007 
Cotswold attracts luxury condo plan
 11 dwellings on way to 0.6-acre tract near Randolph Road

DOUG SMITH

Luxury condos are coming to a quiet neighborhood street off Randolph Road in Cotswold.

Eleven-unit Canterbury Square, 155 N. Canterbury Road, is the type of project developers typically prefer to build in Myers Park and Eastover.

The Colville Co. chose the 0.6-acre Cotswold site because of its multifamily zoning and convenient location between Cotswold Village Shops (Randolph and Sharon Amity roads) and the center city.

Condo flats will range from 1,430 to 2,650 square feet and sell for $399,000 to $749,000.

The Cotswold area already is experiencing increased single-family and multifamily infill development, and real estate experts believe it's primed for more.

"I think you are going to see that whole corridor expand," said Charlotte multifamily analyst Emma Littlejohn of The Littlejohn Group.

Cotswold is caught between higher density residential development surging inward along Randolph, Sardis and Providence roads and multifamily development extending outward from the core, she said.

"I really like Cotswold as a residential redevelopment location," Littlejohn said. "It's in an area that has been underserved."

That opinion is shared by Charlie Strickland, president of The Colville Co., which demolished an old eight-unit apartment complex to make way for $6 million Canterbury Square.

With the land already zoned properly for his development, he's prepared to proceed with construction as soon as at least half his 11 units are sold.

Canterbury Square will be only two stories, he said, to "maintain harmony" with the neighborhood. Parking and individual storage spaces will be beneath the residences.

Strickland adjusted his plans after he started marketing because potential customers told him they wanted larger units.

Now, he believes, the condos will appeal to buyers -- older baby boomers specifically -- seeking more space than typically offered in an abundance of projects with 900- to 1,300-square-foot units.

Canterbury Square residences will have large, open family rooms overlooking private balconies, formal dining rooms and master bedroom suites as large as 18 feet by 15 feet.

Master baths have separate Jacuzzi tubs and showers. Other features include 10-foot ceilings, granite counter tops, stainless steel appliances, custom cabinetry, fireplaces and security code access to building entrances and elevators.

Strickland, whose company will develop and build the condos, hopes to complete work by the fourth quarter of 2008.

He's kicking off the project in a typically slow season for real estate sales and in a local market experiencing a decline in residential building permits and sales.

Three units have been reserved so far.

And unlike some production builders, The Colville Co. isn't carrying any inventory. Strickland said the company recently sold its last townhome in a new Myers Park project named Chelsea Park.

Paragon Commercial Bank is providing construction financing for Canterbury Square. Onxley Architecture designed the project.

Strickland said an on-site sales center is open 2 p.m.-5 p.m. Friday-Sunday and by appointment. More information: www.thecolvillecompany.com.

Development Doug

Smith