Charlotte Business Journal: City signs off on Waverly development

Will Boye, Senior Staff Writer
Charlotte City Council approved the rezoning of 90 acres in south Charlotte on Monday, clearing the way for development firms Childress Klein Properties and Crosland Southeast to begin work on Waverly.
The rezoning will allow development of 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 set to open in 2016, and 330,000 square feet of office and medical space.
Chris Thomas, a partner with Childress Klein, says the firms expect to close this summer on the property at the intersection of Providence and Ardrey Kell roads.
Thomas says prospective tenants have already expressed interest in a proposed 125,000 square-foot office building and a 40,000 square-foot medical building.
Plans for Waverly include a “vibrant plaza” with amenities such as water features, specialty paving, seating and artwork.
The developers have selected David Weekley Homes to build 150 single-family homes and townhomes and Terwilliger Pappas Multifamily Partners to develop 375 apartments. Each company is under contract to purchase about 18 acres, largely on the eastern half of the property.
David Weekley plans to build homes ranging from 2,000 to more than 4,000 square feet, with townhomes starting in the high $300,000s and single-family homes ranging from the $400,000’s to the $600,000’s.
The city staff said the developers’ planned transportation improvements, including the addition of a traffic light at the intersection of Golf Links Drive and Providence Road, will be sufficient to mitigate the traffic generated by the project.