A prime parcel is hitting the market in south Charlotte: The Quail Hollow East condominiums are for sale.
Quail Hollow East is being sold as a single property, comprising 13 acres at the northwest corner of Park Road and Sharon Road West. The Quail Hollow East association expects a developer will purchase the whole property and tear down the 82 condominium units, which are in 12 buildings.
“We felt now is the right time to take the entire property to market. Given the age of the buildings, we thought it was time for QHE to undergo a major transformation,” Jay Shapiro, president of the association said in a statement. Property records show the buildings date to the early 1970s. “We came to the realization that the property was worth far more as one large parcel than it is as single condo sales.”
A high-end townhouse development is likely for the site, Shapiro said. The condominium development is one of three associations that, along with a group of single family houses, make up Quail Hollow Estates.
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Council member Kenny Smith, who represents the district, said a project that increases the number of units on the site could face opposition if it requires a rezoning.
“The neighbors of the Park Sharon community have concerns about increasing density,” said Smith.
The Quail Hollow East association has retained John Vickers of KW Commercial to market the site. Vickers said the site is zoned for 12 units an acre, and he doesn’t know whether a developer would seek to increase that. An “overwhelming majority” of owners in Quail Hollow East have agreed to the sale, he said.
Vickers said it’s unusual for a condominium project of this size to be listed as a single property.
“I have never seen a condominium project this size go to market in bulk,” said Vickers. “There has been a lot of interest. This is a rare opportunity to develop prime real estate of this size.”