Business

Work started on Selwyn project

Construction is under way on Tranquil Court on Selwyn, a $42 million mixed-use development on Selwyn Avenue in Myers Park.

Joint venture partners Crosland and Eastern Federal Corp. broke ground in June on the 2.73-acre project, which includes 109 condos and 63,000 square feet of office and retail space.

Studio, one-bedroom and two-bedroom residences and commercial space are on schedule to be completed in 2009.

“Buyer interest has been steady, and we're nearing the halfway point in terms of sales,” said Steve Mauldin, Crosland's senior vice president of mixed-use development. Condo prices start at $185,000.

The developers secured construction financing from Regions Bank.

The residential building will be four stories and the commercial building, five stories with office and small- to medium-size business space above retail.

EpiCentre lien settled

The developer of the EpiCentre in uptown Charlotte has settled a dispute with general contractor Clayco Inc. over payment for its work on the $180 million mixed-use project.

The Ghazi Co. and the contractor said in a prepared statement that the settlement clears the way to completing the final touches that will enable several new tenants to open.

Clayco had filed a $7.15 million lien against the project seeking payment for work that The Ghazi Co. said should have been paid for by Flaherty & Collins Properties, the contractor for the 210 Trade condo tower on the site.

The Ghazi Co. and Flaherty & Collins are suing each other over disputed issues involving the EpiCentre project. Those lawsuits are still pending.

WIX building sold

A partnership headed by Beacon Partners of Charlotte has purchased the WIX Filtration Corp. factory in Gastonia for $5.56 million.

The company will continue to occupy and lease the 47-year-old, 525,680-square-foot complex off Interstate 85.

Chip Stanley, director of acquisitions, spearheaded the purchase for Beacon. Tim Bahr of NAI Southern Real Estate represented the seller, Lincoln National Life Insurance Co.

Chamber jobs report

Companies announced plans during the first six months of this year to create 6,343 jobs in Mecklenburg County, down slightly from 6,569 in the same period a year ago, according to the Charlotte Chamber.

The business organization's second quarter report on new and expanding business also said the 612 firms counted in its survey announced plans to invest more than $1.53 billion and occupy 16.6 million square feet of new space.

The chamber doesn't count job losses. But economy watchers consider the numbers in its expansion report an indicator of future growth.

Retail center to open

Pinnacle Properties LLC plans a grand opening Wednesday for Rocky River Promenade, a Food Lion-anchored shopping center at Rocky River Road and Shearers Road in Mooresville.

The $20 million project includes the 35,500-square-foot grocery store, 36,265 square feet of shop space and three frontage parcels. Other signed tenants include Jin Jin, a Chinese restaurant, and Q-Nails, a nail salon.

Darrell Palasciano, Pinnacle's director of sales and leasing, said a pharmacy, a physicians group, a national restaurant chain, a dry cleaner and other retailers have expressed interest.

Creative thinkers awarded

The Carolinas Chapter of the Counselors of Real Estate has named four winners of its 2008 Creative Thinkers Award.

Spectrum Properties was cited for converting an aging office building into residential condos. Wachovia was recognized for its innovative and environmentally green First Street Cultural Campus project. LandDesign won for wrapping a big-box Lowe's store with offices, restaurants and condos. And The Furman Co. was cited for innovation and flexibility in designing an automotive research building on the Clemson University campus.

“We saw a number of extraordinary projects, both large and small, that exemplify creative solutions to complicated development opportunities,” said Frank Warren, Carolinas Chapter chair.

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