Infill aims to complement
Myers Park apartment building to be
condos
DOUG SMITH
A new residential developer's first project will
make a statement about the company.
Insite Residential LLC plans to convert an
85-year-old Myers Park apartment building to condos, saving many of the
original features and making sure it blends with the neighborhood.
Principal David Smoots describes the company's
approach to residential infill and mixed-use projects as "speaking
to the neighborhood" rather than relying on cookie-cutter designs
that might appear out of place.
The Ardsley at 1025 Ardsley Road will combine new
plumbing, heating/air and electrical systems with original plaster
walls, quarter-sawn hardwood floors, 9 1/2-foot ceilings and Spanish
tile roof elements.
Smoots estimates the value of the project at $2.3
million.
Eight condo flats in the two-story masonry and
steel structure will range from 900 to 950 square feet and be priced
about $270,000 to $290,000.
Smoots said all the apartment tenants have
relocated.
The new company is a wholly owned subsidiary of
Insite Properties LLC, which had been seeking a residential partner to
complement its office and retail development business.
Principal Jay Blanton said that by teaming with
Smoots, Insite will enhance its ability to do mixed-use projects that
include retail, office and residential.
Urban planners favor such projects because they
tend to be pedestrian-friendly and help reduce air-polluting car trips.
Blanton said becoming a multifaceted developer was
part of Insite's long-term strategy.
In its Mint Hill Village project on Matthews-Mint
Hill Road, the company earlier sold a townhome tract to a residential
developer, Blanton said, because it didn't have the capacity at the time
to take on such projects.
Six-year-old Insite Properties has more than $30
million in commercial development under way, including projects in
Matthews and Mint Hill.
Smoots said Insite Residential has identified
sites in Charlotte for future projects and will look for opportunities
to develop apartments, condos, townhomes and single-family homes
throughout the region.
Blanton said he and Smoots have known each other
for about 10 years and felt comfortable working together.
Smoots left Charlotte custom home builder Simonini
Builders in January after five and a half years as sales manager with
the aim of running his own business.
As the principal at the helm of Insite
Residential, that's what he will be doing, Blanton said.
DEVELOPMENT
The Ardsley
Project: Conversion of apartment building
at 1025 Ardsley Road to eight condos.
Units: 900 to 950 square feet, priced in
the $270,000- to $290,000-range. Two condos have been reserved.
Features: Enclosed balconies, optional
screen porches, covered parking with storage, stainless steel
appliances, granite kitchen countertops, full tile shower with bench.
Timetable: Construction to start in
mid-March, completion by October.
Development team: Insite Residential,
developer; Doerre Construction, contractor; The Wilson Group, architect;
Urban Design Partners, site engineer, First Charter, lender.
Sales: Bissell Hayes Inc., Realtors, Missy
Stewart. Doug Smith
