Tranquil Court on Selwyn Breaks Ground

Charlotte, N.C., July 25, 2008 – Crosland and Eastern Federal Corp.’s joint venture, Tranquil Court on Selwyn, broke ground on June 2. Cottingham-Chalk Developer Services is leading the residential sales for the mixed-use development on Selwyn Avenue in Myers Park, about four miles from downtown Charlotte and less than a mile from Queens University.

This groundbreaking marks the end of pre-construction pricing. “We’re extremely pleased with the market acceptance of this project and the steady pace of unit sales since marketing efforts began,” said Steve Mauldin, Crosland’s senior vice president of mixed-use development. “We remain on our original schedule and will begin delivering residences in late 2009.”

Tranquil Court on Selwyn is the four-story residential component of a $42 million mixed-use development, which will be comprised of two buildings on a 2.73-acre site at Selwyn and Tranquil avenues. The 109 residences feature studio, one- and two-bedroom homes ranging from 562 to 1,419 square feet. After several price increases over the last 10 months, condominiums start at $185,000.

While some other in-town condominium projects have been put on hold, Tranquil Court on Selwyn has a distinct pricing niche within Myers Park and is moving forward with construction financing secured from Regions Bank. In addition to price and location, the primary draws of the residences include thoughtful design, well-appointed finishes, and sun-filled floorplans with beautiful views. Exterior residences overlook the mature oaks of Myers Park, several of which have been preserved on the site, while interior residences look out to a private, lush courtyard.

The commercial component, totaling approximately 63,000 square feet and consisting of a five-story building adjacent to the residences, will include class-A office space for small- and medium-sized businesses above retail. Pedestrian-level retail is expected to feature boutique shops and dining offerings. The commercial building is scheduled to be complete in late 2009 as well.

The brownstone-inspired project was designed by BB+M Architecture. Underground, access-controlled parking will be provided to residents at a ratio of one space per bedroom. Standard interior features such as hardwood floors, GE Profile appliances and granite countertops are on display in the Tranquil Court on Selwyn sales center at 2904 Selwyn Ave. (next door to Edible Art in the Colony Shops). Renderings, floorplans and other details can be found online at TranquilCourtOnSelwyn.com.

Tranquil Court on Selwyn is being developed on property acquired by Eastern Federal in 2005 and 2006, and is near existing retail shops that the company already owned at the intersection of Selwyn Avenue and Colony Road. Both Crosland and Eastern Federal have a vested interest in the area that goes back decades: Eastern Federal has owned shops at that intersection since 1949, a portion of which were developed by John Crosland, Sr. in 1938 as part of Club Colony, Crosland’s first mixed-use development.

Crosland’s contracting division is constructing the residential building, while J. F. Schultze Construction is the site, parking structure and commercial building general contractor. Retail leasing will be handled by Crosland, with First Colony Corp. handling office brokerage.