Charlotte Business Journal: Childress Klein, Crosland Southeast buy land for Waverly development in south Charlotte

Will Boye, Senior Staff Writer

Childress Klein Properties and Crosland Southeast have purchased a 49 percent interest in the south Charlotte site for the planned Waverly multi-use development, and the two real estate firms have sold portions of the site to residential and apartment developers.

Earlier this month, Childress Klein and Crosland Southeast bought their stake in 85 acres at the intersection of Providence and Ardrey Kell roads from the Matthews family for $10.6 million.

The firms and the family then sold 17.5 acres for $7.65 million to a company managed by apartment development firm Terwilliger Pappas and Federal Capital Partners, a real estate investment firm based in Maryland. A separate 16-acre parcel was sold to an affiliate of JEN Partners for $3 million. JEN Partners, based in New York, is an investor in residential land and homebuilding companies.

Last year, Childress Klein and Crosland Southeast announced they had selected David Weekley Homes to develop 150 single-family homes and townhomes at Waverly and had chosen Terwilliger Pappas to develop 375 upscale apartments at the site.

Childress Klein, Crosland Southeast and the Matthews family also purchased a 3.6-acre parcel across from Golf Links Drive from Realand, a limited liability company managed by Ken Chapman and Thomas Mussoni, for $3 million. The developers plan to add a traffic light at the intersection of Golf Links Drive and Providence Road for another access point into the property.

Earlier this year, Charlotte City Council members approved a rezoning for the Waverly project that allows for 560,000 square feet of commercial space, a 150-room hotel and up to 561 apartments, single-family homes and townhomes. The commercial component will include 230,000 square feet of retail and restaurant space, anchored by a Whole Foods Market Inc. location set to open in 2016, and approximately 330,000 square feet of office and medical office space.
Childress Klein and Crosland Southeast will handle the office and retail development, but they have begun talking with hospitality developers about the hotel piece.
After the rezoning, Chris Thomas, a partner with Childress Klein, said he expected site work at Waverly to begin shortly after the land transaction closed.