Two new townhouse developments are planned for close-in Charlotte neighborhoods.
The Drakeford Company, which specializes in urban, infill development, is behind the projects. The company is seeking to rezone two parcels of land, one on Central Avenue and one on 36th Street.
Bobby Drakeford, who heads the company, said he sees an opportunity to provide more for-sale housing at lower prices in the neighborhoods by building townhouses. NoDa and Plaza Midwood have both seen their single-family housing prices climb in recent years.
“If you look at the inventory of single-family homes in the areas abutting those, it’s fairly low,” said Drakeford. “In Midwood, it’s difficult to find a new home under $550,000. In NoDa, $450,000 is the entry point you see most often.”
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Both of Drakeford’s planned new developments will have prices starting in the low $300,000 range. They’ll be a mix of modern and more traditional designs, with different floor plans topping out at about 1,900 square feet.
Here are the details on each project:
▪ East 36th Street: Drakeford is planning to build up to 32 townhouses at East 36th and Holt streets. The 1.4-acre site is currently occupied by a single-story apartment complex called Twin Oaks. The proposed townhouses would be three-story, wood-framed structures. A preliminary site plan shows the development would be serviced by internal alleyways accessible from both 36th and Holt streets.
▪ Central Avenue: At the corner of Chatham and Central avenues, Drakefod is seeking to build up to 16 townhouses on a 0.55-acre site. The buildings would also be three stories, with internal alleyways accessed from Chatham Avenue. The site is currently occupied by a one-story commercial building, which includes the Pass Time Billiards hall.
Charlotte City Council will hold rezoning hearings on both of Drakeford’s plans in the coming months and decide whether to approve them.
The Drakeford Company’s past developments have included townhouses in Wesley Heights, houses in First Ward and houses in Plaza Midwood.