Oct. 29, 2007

Overlooked apartments catch developer's eye
Park Road complex to be converted into condos 
DOUG SMITH

Drivers typically zoom past a nearly 40-year-old apartment complex in the 4900 block of Park Road without ever realizing it's there.

But a developer did notice, not so much the aging buildings but the strategic location.

The Colonial Park Apartments are not far from SouthPark mall and Park Road Shopping Center and are within walking distance of shops, restaurants and services.

That makes the complex -- between Selwyn Avenue and Seneca Place -- a prime site for residential condos.

Selwyn Commons LLC pounced on the opportunity, putting the 1.6 acres under contract for purchase with plans to convert the buildings to 41 one-, two- and three-bedroom condos.

Prices in Selwyn Commons -- the planned condo community's name -- range from $125,000 to $179,900 for 620- to 975-square-foot units.

The developer plans to spend $3 million installing new roofing, replacing wiring and heating/air systems, redoing baths and kitchens, and adding courtyards and landscaping.

Passersby should notice one big change -- the brown apartment buildings will re-emerge as off-white with balconies or terraces on each unit.

Williams said the idea was to create an affordable and chic community for first-time buyers.

Residents will be able to socialize at two gathering-place courtyards with outdoor seating and grills. And the swimming pool will be refurbished.

The concept is similar, Williams said, to The Grove condos, where he worked with developers to convert a 1948 apartment building off Randolph Road to an Art Deco-design condo community targeting young buyers.

Wagner Murray Architects designed both makeovers.

The project is planned at a time many builders are worried about the direction of the Charlotte residential market.

Housing permits and sales have slowed, reflecting a national housing downturn and turmoil in subprime lending.

But Williams said this particular condo niche and price range doesn't appear to be affected.

The developer plans to complete the purchase of the apartments soon and expects to move in the first condo owners by April, Williams said.

Park Sterling Bank is the lender for the conversion, and Bank of America will work with buyers as the project's preferred mortgage lender, he said.

Development

Selwyn Commons

Size: 41 converted condos, 620 to 975 square feet, on 1.6 acres.

Price: $125,000 to $179,900.

Location: 4919 Park Road, between Selwyn Avenue and Seneca Place.

Features: Two courtyards, balconies or terraces, refurbished pool, wireless Internet, new bathrooms, renovated kitchens, new heating/air systems, hardwood floors.

Grand opening: Nov. 6, 11:30 a.m.-1:30 p.m., two model units on display. Doug

Smith