Eastover Glen to be converted to condos
Developers see winner in close-in location, desirable neighborhood

Charlotte's Eastover Glen Apartments will be converted to 128 condos off Randolph Road near the Mint Museum of Art and Eastover Park.

In the real estate industry, the project appears to be as close to a home run as a developer can get.

The location -- only 2.3 miles from The Square -- and pricing -- $96,200 to $184,000 -- are certain to appeal to young professionals seeking convenience to uptown offices and nearby medical centers.

The urban condo market -- fueled by low interest rates and worsening suburban traffic -- has gained momentum over the past year. Two high-rise projects are planned near the new arena, and developers are site-searching in the center city.

At Eastover Glen, the investors were motivated by the close-in location combined with their ability to offer competitive pricing in one of the city's most desirable neighborhoods, said Roy Goode, a member of the ownership team with Frank Martin and Steve McLeod.

Typically, conversions sell out quickly in Eastover and Myers Park, said Kevan Smith of LandSmith Real Estate Services, the project's development manager.

In 2002, for example, Martin's Landcraft Properties partnered with LandSmith on 24-unit Windermere on Queens, where buyers snapped up every condo on grand opening day.

And in 1996, Goode and his brother Vernon sold out 64-unit Alston Court off Randolph Road within six weeks of their grand opening.

The investors haven't completed the purchase of Eastover Glen at Cranbrook Lane and Randolph Road. But under their agreement with Atlanta-based owner Eaststone LLC, they can begin accepting contracts starting in October.

Smith said renters, who were mailed letters notifying them of the plan, will have the first option to buy their units. Conversion will be done in phases as leases expire over the next year, he said.

The investors estimate the completed value of the condos, to be named the Villages of Eastover Glen, will be about $12 million.

Eastover Glen, which includes nine three-story residential buildings, a clubhouse, fitness center and pool, was developed on 7.3 acres in 1987 by Charter Properties with E.C. Griffith Co.

The complex was designed by Charlotte architect David Furman, whose recent trendy projects can be seen in First Ward, Fourth Ward and South End.

Eastover Glen's investors plan extensive renovations to units and improvements to the clubhouse, pool and landscaping.

Buildings will be repainted in colors ranging from earth tones to blues and grouped into four "villages" -- Biltmore, Colville, Hempstead and Fenton -- to give owners a sense of neighborhood.

Each building will have a wireless Internet hub, so residents can use laptops anywhere inside or outside their units.

The clubhouse will be repainted, redecorated and refurnished as "The Pub," with leather chairs, bar stools and hardwood floors to create a gathering place and venue for private parties.

The pool area will get new furniture plus resurfacing with a "cool deck" coating to keep swimmers from getting their feet burned on hot concrete.

Hardwood floors will be standard in living, dining, kitchen and hall areas. Bedrooms will get new carpet, and kitchens will have granite countertops with a tile backsplash and new maple, cherry or white cabinets.

Bathrooms will get new ceramic tile, pedestal sinks, toilets and faucets; fireplaces and mantels will be upgraded, and interior lighting fixtures will be replaced.

Units, from 605 square feet to 1,037 square feet, will include floor plans with one bedroom/one bath, two bedrooms/one bath and two bedrooms/two baths.

Smith said the investors won't accept any contracts until an Oct. 5 grand opening. The construction team will have model units available by then for inspection.

Helen Adams Realty is handling sales and marketing.

Narmour Wright Associates' Tom Wright, architect, and Carrie Frye, interior designer, designed the conversion project.

Chris Whitaker is the project manager for general contractor Joe Mann Builders.

Smith believes Eastover has a "branding effect" that will attract condo buyers familiar with Charlotte, but the Eastover Glen conversion also is more than five times larger than the other projects he and Martin did together.

He'd love to see a sellout in one day, but he's not predicting that.