About the Property
Parkwood Square is a 59-unit for-sale residential community located less than ¼ mile from Uptown Charlotte in the Optimist Park neighborhood. Among its desirable urban amenities, the site is directly across from Optimist Hall, a renovated historic mill which includes 147,000 SF of restaurant, retail, office and food-hall space, and is a block from the Parkwood Station Lynx Light Rail stop. This urban community features 16’ wide townhomes with two-car garages, and most homes include large outdoor terraces with skyline views.
Developing the property was a complex assemblage featuring nine individual parcels controlled by three separate owners. Beauxwright and our partners negotiated effectively to ensure a smooth closing that was contingent upon a successful rezoning of the assemblage.
We worked alongside neighborhood leaders, Charlotte City Council, Charlotte’s Housing and Neighborhood Services team, and other community stakeholders to improve the project’s entitlements, increasing the by-right density from 39 homes to 59 homes. Through this effort, we were afforded an opportunity to share some of the rezoning benefit with the community by integrating the House Charlotte program, an affordable housing initiative that enabled 10% of our units to be offered at a significant discount to qualified buyers.
Throughout the site development process, Beauxwright carefully managed construction decisions and worked in a collaborative manner with our contractor, engineering team, and geotechnical vendor. This hands-on approach resulted in meaningful cost savings, a faster construction timeline two months ahead of schedule, and an accelerated loan paydown. The community was fully sold out as of March 2020.