Ryan Homes will be developing 118 luxury two- and three-bedroom townhomes in the Oakhurst Square development in southeast Charlotte.
David Krug & Associates said in a statement Tuesday that one of its affiliates sold the residential portion of Oakhurst Square, a 19-acre mixed-use development at the corner of Chippendale and Monroe roads. The deal closed late last week, said David Krug, who owns the real estate development firm.
The residential portion takes up about 11 acres of the property, Krug said. It’s on the site of the old Woonsocket Mill on Monroe Road, which was torn down about a decade ago.
Krug said he expects Ryan Homes will break ground “immediately” on the townhomes.
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Jonathan Beall of RED Partners represented Krug in the deal and will be handling leasing of the development, which includes 70,000 square feet of mixed-use retail.