Oct. 25, 2007 

Upscale plans moving forward 
Developer looks past gloom, believes demand remains

DOUG SMITH

A new Charlotte home building company is showing confidence in the local market by starting two upscale single-family communities.

Providence Partners is building The Enclave at Chrishall, 18 houses in the $800,000 range on Park South Drive in SouthPark, and Charndon Village, 33 homes starting in the $400,000s at Boyce and Sardis roads near Lansdowne and Stonehaven.

Residential permitting and home sales have slowed in recent months in the Charlotte region reflecting the national housing slowdown.

But Providence Partners' Ernest Barry Jr., a former Wachovia Corp. executive, and Curt Hathaway, a veteran home builder, believe there is sustained demand for houses in the upper range.

Baby boomers especially want homes that allow them to remain in the same neighborhood without the responsibility of caring for yards and landscaping.

At Charndon Village, for example, individual yards will be maintained as part of a shared community upkeep program.

Turmoil in the subprime lending market is causing some production builders to cancel projects and triggering tighter mortgage lending practices.

But in the higher ranges of the housing market, buyers typically have more financial wherewithal and aren't affected by those issues, real estate experts say.

Barry said Providence Partners expects to build in the market long-term. "There is a place for good companies that create good value," he said. "If you stay focused on the details, people will find you."

The company is building model houses to show potential buyers and plans to pace construction to meet demand. Hathaway expects the projects to be completed over about two years.

Barry said the partners have the financial backing of several long-term Charlotte investors whose identities he didn't disclose. Wachovia and SunTrust Bank are the lenders, he said.

The timing was right to start despite what's occurring in the broader market, Barry said, because investors were in place, the sites were secured and the financing was approved.

The biggest drawback, he said, has been the dry weather, which has prevented crews from installing landscaping -- a centerpiece feature in both projects.

DEVELOPMENT

The Enclave at Chrishall

• Size: 18 European design homes (3,418 to 4,077 square feet) in an $18 million project on 4.6 acres.• Price: $800,000s.

• Location: Park South Drive and Woodbine Lane in SouthPark.

• Development team: Providence Partners, developer and contractor; Mark Shattuck, architect.

• Features: Gourmet kitchens, custom cabinetry, hardwoods, gas fireplaces, Jacuzzi soaking tubs, security package.

Charndon Village

• Size: 33 English estate homes (2,616 to 2,727 square feet) in a $15.5 million project on 5.5 acres.

• Price: Starting in the $400,000s.

• Location: Boyce and Sardis roads in southeast Charlotte.

• Development team: Providence Partners, developer and contractor; Mark Shattuck, architect.

• Features: Soaking tubs and separate showers, custom cabinetry in gourmet kitchens, on-demand water heaters, tile in full baths, hardwoods, gas fireplaces. Doug Smith