CHARLOTTE, NC - Cushman & Wakefield has been exclusively retained to sell The Coves at Lake Wylie, a premier lakefront residential development site with 499 fully permitted residential lots. The project is in The Palisades, one of the most sought-after suburban neighborhoods in Charlotte, and is the last undeveloped community within the master-planned development. It is truly a unique homebuilding opportunity and one of the last of its scale still available in this explosive growth city.
Alex Phillips, Andrew Slowik, Louis Smart and Battle Smith of Cushman & Wakefield are representing the seller, Drapac Capital Partners, in all marketing efforts. The property will be sold with an approved Land Disturbance Permit (LDP), providing the rare opportunity for development to begin immediately following its sale. The team will be collecting offers on June 27, 2024.
"This is a special property positioned in a severely supply constrained submarket. It presents the right buyer an opportunity to deliver a one-of-a-kind asset with a mix of townhomes, detached single family, and lakefront options - not only homes but also an enviable waterfront amenity space. We anticipate the unrivaled scale will attract regional attention,” said Phillips, Director within Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.
The three-acre waterfront pad included with The Coves at Lake Wylie offers an exciting opportunity to deliver a market-leading private amenity. This concept includes a pool, clubhouse, pickleball courts, multi-slip dock, ramp and kayak launch. Extensive walking paths and lawn space can be programmed to enhance resident wellbeing. Docks are permitted through Duke Energy and the amenity site plan through Charlotte Land Development.
A highly desirable and irreplaceable in-place zoning that allows for a strategic mix of single-family detached, townhome and lakefront lots. Additionally, there are no rental restrictions on the single-family portion of the property (73%), no minimum home size and limited off-site requirements. Once built, the community will become part of the award-winning 1,600-acre, 12,800 home master-planned community known as The Palisades. Future residents will benefit from access to a wider range of resort-style amenities than any other neighborhood in Charlotte such as a golf course, sports complex, and equestrian center.
The Coves at Lake Wylie will also be ideally situated near national retailers, grocers, and a variety of restaurants and just 30 minutes away from Charlotte’s city center, offering unmatched accessibility. Charlotte’s average population growth of 3.3% over the last five years is approximately eight times the national average. The metro was the sixth fastest growing in the U.S. in 2023 with close to 1,000 people per week moving to the area.
"Through first class stewardship, Drapac unlocked an opportunity to capitalize on Charlotte’s explosive population growth and deliver one of the Southeast’s preeminent communities. We are excited to partner with their team in identifying the prospective purchaser best positioned to deliver on the vision,” added Slowik, Managing Director and Lead of Cushman & Wakefield’s National Land Advisory Group.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2023, the group closed $5 billion in sales volume through 151 deals and 26,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com