The Charlotte business Journal reports more luxury development is Union County market as a Houston developer plans an infill of gated projects for an area near South Charlotte NC Real Estate near the Providence Road area.
Heath Sessions believes that even in a lousy economy he can find nine families willing to build $1.5 million homes on oversized lots in Waddington, NC. So, he's going ahead with plans for The Retreat, a 14 acre gated community of Providence Road in Union County. Lots are available at prices ranging from high $200,000s to almost $400,000. Sessions, Chief Operating Officer of Collective Asset Partners of Houston, reasons the Charlotte area's economy hasn't been as hard hit as many markets. And he believes The Retreat will attract the interest of middle-aged couples that like the idea of a small gated community near the amenities of Waddington. The company hasn't disclosed how much it plans to invest in the project. Sessions expects the community will be fully occupied within three years. There are nine potential homeowners who want to enjoy the lifestyle over the next two or three years. Sessions thinks the larger lot sizes ranging from 1 acre to 1.5 acres will be a selling point in an area where large homes are being built on half acre lots. The Retreat may not have much trouble finding a limited number of buyers, says housing analyst Ed Dunn1vant, director of Metrostudy’s North Carolina division. They're not putting 300 lots on the ground out there, he says. That is really what I call a niche in the marketing. The developer has added touch of green to the subdivision, bringing in 100-year-old fallen cedar from Canada for fencing. It's almost limiting road widths to 14 feet instead of standard 24 feet to limit damage to treat root systems. Session acknowledges he could have chosen a more prosperous time to bring an upscale community online. We have a good project and a good piece of property and the financial strength to hold on to it. It's the first community here for Collective Asset Partners. Others could follow, Sessions says. Water, sewer, roads and other infrastructure are in place at the site, he says. He's considering a list of approved builders for The Retreat but doesn't want to discourage sales to potential homeowners who also have builders in mind. Athena Realty is listing the lots. Nearby there's another 50 acres that could allow Sessions to expand the community. He has also bought a 2 acre lot nearby with plans for his own home. Collective Asset Partners is a private equity group formed to provide financing for developers strapped for cash. The company has developed a commercial mixed-use project and a set of luxury town homes in Fort Worth Texas. It also owns a calcium carbonate mine in Southern California. Sessions met a senior partner with the company as it looked in the Charlotte area for investment. He signed on with Collective Asset Partners to find land for a community here. Sessions has relocated to the Charlotte area from Charleston, South Carolina after marrying a York County native.