The developers of Ayrsley in southwest Charlotte are
a step closer to creating a "town center" amid one of
Mecklenburg's largest concentrations of industrial and business parks.
Cambridge Partners, which announced the project
about 3 1/2 years ago, has completed a deal with Lennar Corp. to build 77
townhomes in the 129-acre mixed use development at N.C. 49 and Interstate
485.
Ayrsley, one of the largest projects of its kind
ever in the county, eventually will include 1,605 multifamily residences,
1.8 million square feet of offices and 340,000 square feet of retail.
"That's why this townhome project is
important," said Robert McMillan, Cambridge Partners' director of
leasing. "It means we are beginning to deliver on the promise of a
true live-work-retail experience."
Restaurants and shops are open in the initial 34,000
square feet of retail space, and the Steele Creek YMCA has opened in a
32,500-square-foot building.
Construction is expected to start next month on
Ayrsley's first office building, a three-story, 60,000-square-foot
structure.
Restaurants and shops in the project's "front
door" buildings along N.C. 49 (South Tryon) are attracting customers
from nearby business parks and residential neighborhoods.
That made the timing right for Ayrsley's developers
to capitalize on the traffic and offer visitors a chance to live there.
At the same time, accessibility to the area is
improving as the state works to complete a 7.4-mile segment of I-485 in
west Mecklenburg from the N.C. 49 interchange to Wilkinson Boulevard and
Interstate 85 by summer.
Cambridge Partners' research shows that southwest
Charlotte is one of the city's largest employment hubs. About 50,000
people a day commute to work there, compared with about 55,000 to uptown
Charlotte.
Once the I-485 link is completed to Interstate 85,
the developers estimate the trade area served by Ayrsley will grow to
about 125,000 people.
Cambridge Partners says interest has intensified in
recent weeks in Ayrsley's remaining retail spaces and undeveloped
commercial and residential parcels.
Lennar Corp. has a contract with Cambridge Partners
to purchase for an undisclosed price about 7.7 acres in Ayrsley.
The $6 billion Miami-based home-building company
entered the Charlotte area market in 2001 with the purchase of Don
Galloway Homes.
It used both names to identify the Charlotte
operation until consolidating its Carolinas units under the Lennar name
this month.
Mason Reilly, Lennar's director of sales and
marketing in Charlotte, said the Ayrsley townhomes will showcase the
company's "Everything's Included" program.
That means that every feature prospective buyers see
in a model unit -- from maple cabinets to stainless steel appliances -- is
included in the list price.
In some cases, she said, other builders show models
with "upgrades" that can be purchased for an additional charge.
Lennar will offer Ayrsley buyers a choice of three
floor plans. Each plan includes three bedrooms. The sizes are 1,883 square
feet, 2,123 square feet and 2,343 square feet. Units will sell for
$145,000, $155,000 and $165,000.
Reilly said Lennar expects to start selling
townhomes from an Ayrsley office in March.
Cambridge Partners has begun grading streets and
preparing a site for the residential development.
If construction starts in April or May as
anticipated, Reilly said, the first units should be available for
occupancy in early fall.
McMillan said the developers plan a variety of
multifamily housing -- apartments, condos and possibly live-work units --
and a variety of price ranges.
Lennar might consider another project in Ayrsley,
but, Reilly said, that decision is yet to be made.
Mixed-use developments such as Ayrsley are popular
with urban planners because they put jobs and services within walking
distance of residents, helping reduce vehicular traffic and air pollution.
Cambridge Partners hired noted new urbanism advocate
Andres Duany of Plater-Zyberk & Co. to help refine its development
scheme.
The retail component will include a full-service
hotel, an extended-stay hotel, a movie theater and "lifestyle"
stores similar to Huntersville's Birkdale Village, which includes Banana
Republic, Dick's Sporting Goods and Gap/Gap Kids.
McMillan said signing those "junior
anchors" likely will be the next phase of Ayrsley. He plans initially
to seek fashion, home and office supplies tenants.
