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Jun. 08, 2005
SouthPark starts at
$209,000
New project places premium condos
next to the upscale mall
DOUG SMITH
Try visualizing a residential
condo within footsteps of the fine dining and upscale shopping of
SouthPark mall.
Then imagine how much you'd have
to pay for an abode amid the likes of Nordstrom, Neiman Marcus and
Morton's steakhouse.
How about $209,000?
That's the starting price of the
179 units Crescent Resources LLC plans in two seven-story buildings in
$120 million
Piedmont
Town
Center
, under construction off
Fairview Road
near the mall.
The massive 20-acre development,
which also will include offices, shops and restaurants, was announced last
year. But potential buyers have been left to wonder about the actual
design, size and cost of condos.
Now that Crescent is ready to
start selling units this weekend, it's disclosing more information.
One-, two- and three-bedroom units
will range from 712 to 1,500 square feet in a condo project named Piedmont
Row. The largest units -- the penthouses -- will sell for $490,000.
Many residential brokers had
anticipated premium $1 million units in such close proximity to a mall
that attracts the region's most affluent shoppers.
But Larry Wilson, Crescent's
regional vice president, said the company's research indicates its price
range is what the SouthPark market will support.
The prices and sizes are
comparable to those of the uptown high-rise developers and condo
converters aiming to attract young professionals.
Among amenities, Piedmont Row --
which will tout its uptown skyline view -- will have a rooftop plaza open
to all residents. The terrace will include a pool, sundecks, grills and an
entertainment room.
Each unit will have a private
terrace, 10-foot ceilings, granite countertops, hardwood floors and gated,
secure parking.
Five stories of condos will be
constructed atop two levels of shops -- about 65,000 square feet -- in
Piedmont Row's two mixed-use buildings.
The condos are one portion of
Piedmont
Town
Center
, where Lincoln Harris is developing two eight-story office buildings
totaling more than 397,000 square feet in a joint venture with Crescent.
Piedmont Natural Gas will occupy
120,000 square feet in one office building. Both will have ground level
retail, where
Wilson
anticipates three white-table-cloth restaurants will lease space.
The first announced retail tenant
-- the YMCA of Greater Charlotte -- will operate a 12,650-square-foot
health and exercise facility in a building at
Carnegie Boulevard
and
Piedmont Place
.
Wilson
said the "express size" Y will be an asset to the mixed-use
community with its exercise equipment, health and wellness education
programs, classes and community services.
Construction of the first office
building is to be completed during the fourth quarter of this year. The
first residential-retail building is to be finished in the second quarter
of 2006.
The project will include such
details as a central plaza with a roundabout and a signature water
feature, a main avenue for vehicles and pedestrians and a residential park
with a lawn and reflecting pool.
Shelco Inc. is the general
contractor, and LS3P Associates Ltd. is the project architect.
Crescent Resources is acting as
the master developer of the 20-acre tract as well as the developer of
Piedmont Row.
Lincoln Harris is handling leasing
of office and retail space.
Crescent Resources, a Duke Energy
company, plans to open an on-site sale center Saturday at
5821 Carnegie Blvd.
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