One of Charlotte's oldest apartment complexes is
going condo.
The 55-year-old Scotland Colony Apartments at
Westfield Road and Lynnwood Drive in Myers Park will become The Cottages
At Scotland Colony, a 20-unit project.
Developers Frank Martin of Landcraft Properties and
Kevan Smith of LandSmith Real Estate Services are unveiling a model unit
at a grand opening from 11 a.m.-2 p.m. today.
Smith said the Myers Park location and the
developers' recent success with a similar conversion project on Queens
Road convinced them the timing was right.
The condos are selling from $139,500 to $163,500 in
one of Charlotte's most desirable -- and pricey -- neighborhoods.
Smith believes the project's
"affordability" will appeal to young professionals, much like
24-unit Windermere on Queens, which he and Martin sold out in just 6 1/2
hours last summer.
Smith said buyers -- primarily single professional
women -- already have contracts on 11 condos in the Scotland Colony
project, valued at roughly $3 million.
Developers say smaller apartment projects in
established neighborhoods generally are prime prospects for conversion.
They are more likely to become available to local
investors because large apartment ownership groups typically prefer
projects of 150 or more units.
Condo conversion was a popular trend in Charlotte
during the 1970s and early 1980s, but the city has seen only a handful
since.
The boom lost its luster back then, developers say,
because the market became flooded and condo owners had difficulty selling
when they needed to relocate.
In recent years, developers have focused mainly on
new condo projects aimed primarily at downsizing empty nesters and young
professionals.
Smith said 17 units in The Cottages At Scotland
Colony total 735 square feet each with two-bedrooms and one bath. Three
units total 850 square feet each with two bedrooms and two full baths.
The developers began renovating the brick buildings
in September and expect to close on the first units by mid-January.
Smith said workers replaced roofs, installed new gas
heating systems, refinished hardwood floors and replaced bathroom tubs,
faucets and toilets.
Remodeled kitchens include new cabinetry with
built-in wine racks, tile counter tops and new GE appliances.
Smith said he and Martin bought the apartments last
summer from Cutter Davis and took over renovation from him.
Charlotte-based AGS Construction Co. is the general
contractor, and Carrie Frye of Narmour Wright Associates is the interior
designer.
