Pappas Properties plans 68-acre expansion in Berewick
03/26/2014 6:56 PM
03/26/2014 6:57 PM
Pappas Properties said Wednesday it is planning a 68-acre expansion of its 1,200-acre Berewick master-planned community in southwest Charlotte.
Miami-based homebuilder Lennar Corp. will build single-family homes ranging from 2,200 to 3,500 square feet apiece in the expansion of Berewick’s Aberdeen section. Lennar has not yet filed plans for the number of homes it intends to build, a Pappas Properties spokesman said Wednesday. The spokesman said an estimated 200 homes might be built in the expanded area.
The new homes are among other construction expected this year in Berewick, where 1,100 homes have already been built.
Pappas Properties expects to break ground before year’s end on a town center in the project. The center will feature a shopping complex to be anchored by a Harris Teeter at the intersection of Steele Creek Road and Shopton Road West. The shopping complex is planned to have “numerous” restaurants and other retailers, a Pappas Properties press release said.
Construction on homes in Berewick started about a decade ago. The project features ponds, walking trails and about 300 acres of green space, according to Pappas Properties.
Lennar’s new homes will be priced starting in the low $200,000 range. The average home in Berewick sold last year for $250,000, the Pappas Properties spokesman said.
Other projects are in the works for the area. Charlotte Premium Outlets, Charlotte’s first outlet mall, is set to open in Steele Creek July 31. The mall is being built as a joint venture by mall companies Simon Property Group and Tanger Factory Outlet Centers.
The plans for additional homes in Berewick comes at a time of low inventory of houses for sale in Charlotte and other parts of the U.S.
Inventory of existing homes for sale in the 18-county region stood at a 4.9-month supply in February, according to the Charlotte Regional Realtor Association.
A widely accepted definition of a buyer’s market is one with six months or more of inventory.
Pappas Properties’ other projects include Birkdale Village in Huntersville and Phillips Place in SouthPark.
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