Nov. 05, 2007
 A return to tradition in Plaza-Midwood 
Plans lean more toward starter homes, with prices from $149,000

DOUG SMITH

In an uncertain home construction market, one way to minimize risk is to stick with a tried-and-true product.

That's what developers plan to do in Plaza-Midwood with a 21-unit condo project at 1928 and 2012 Hamorton Place off The Plaza near Central Avenue.

The $4.2 million project -- Hamorton Place -- will be traditional in design to blend with one of Charlotte's oldest and most desirable neighborhoods.

Paul Zarbatany of Highland Park Development Co. LLC is developing the one- and two-bedroom flats with Tom Simpson of Simpson Properties.

Zarbatany, whose portfolio also includes the Cameron condos in Plaza-Midwood and Elizabeth Place in Elizabeth, said the projects reflect his conservative approach and seem to resonate with buyers.

Plaza-Midwood often is described as cool or hip, but the developers say that doesn't mean buyers are necessarily seeking that look.

Going for traditional, Hamorton Place will be wood frame with brick exteriors and 8-by-14-foot covered porches or balconies on every unit.

The developers are launching the project as Charlotte home sales and residential building permits are softening, reflecting a national housing slowdown.

"We are a little bit concerned," Zarbatany said. "But we are hoping this price-range product will not be affected that much."

Hamorton Place is more of a starter home development, he said, with prices ranging from $149,000 to $238,500.

The price plus the traditional design and the proximity to uptown (two miles) and Plaza-Midwood's shops and restaurants should mitigate some of the risk, Zarbatany said.

He expects to start construction by the end of the year if at least 50 percent of the units are pre-sold by then. Buyers now have reservations on two units.

"I'm a conservative person," Zarbatany said. "I'll wait until I cross over that pre-sales mark just for the safety of the market."

The condos will replace a 14-unit apartment building on the nearly one-acre site.

If construction starts as anticipated, Zarbatany said it should be finished within 12 months.

He said the project was designed and will be built by Pfahl Custom Builders.

Zarbatany said the developers own a similar site across street from Hamorton Place. They plan a second phase there when this one is built out.

Development

Hamorton Place

Size: 21 condo flats, nine one-bedroom units in one building and 12 two-bedroom units in another.

Price: $149,000 to $238,500 for condos ranging from 654 to 1,020 square feet.

Location: 1928 and 2012 Hamorton Place off The Plaza.

Features: nine-foot ceilings, hardwood flooring in kitchens and formal living areas, ceramic tile flooring in baths, cultured marble vanity tops. Range, dishwasher, garbage disposal, microwaves are standard.

Development team: Highland Park Development Co. LLC, Simpson Properties, Pfahl Custom Builders.

Information: www.highlandparkdevelopment.com. 
Doug Smith