Charlotte Business Journal: Residential developers, Waverly name chosen for $200M project

Will Boye
Senior Staff Writer
Charlotte Business Journal
Childress Klein Properties and Crosland Southeast have reached agreements to sell 36 acres of their planned multi-use project in south Charlotte to single-family and multifamily developers, and they also have a name for the 90-acre project: Waverly.
Earlier this year Childress Klein and Crosland Southeast announced plans for Waverly, located at the intersection of Providence and Ardrey Kell roads, across from the Rea Village shopping center in south Charlotte. The two firms are seeking a rezoning that would permit them to develop 250,000 square feet of retail anchored by a specialty grocer, approximately 300,000 square feet of office and medical office space, a 150-room hotel and up to 561 apartments, single-family homes and townhomes.
The two Charlotte development firms have selected David Weekley Homes to develop 150 single-family homes and townhomes and Terwilliger Pappas Multifamily Partners to develop 375 upscale apartments at Waverly. Each company is under contract to purchase approximately 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 at Waverly, with townhomes starting in the high $300,000s and single-family homes ranging from the $400,000s to the $600,000s.
“We believe Waverly will provide an excellent opportunity for homeowners to invest in a great lifestyle with exceptional walkability to desirable restaurants and shops,” said Mark Gibbs, Charlotte division president at David Weekley Homes, in a release.
Terwilliger Pappas Multifamily Partners is a new multifamily venture led by Charlotte developer Peter A. Pappas and Ron Terwilliger, the former CEO of Trammel Crow Residential. The firm is developing a 239-unit luxury apartment complex at the mixed-use Sharon Square development in SouthPark. Its project at Waverly will be called Solis Waverly and will offer one, two and three-bedroom floorplans, including many with optional direct access garages.
The deal brings two developer cousins together on the project: Peter A. Pappas of Terwilliger Pappas is first cousins with Peter B. Pappas, a partner at Crosland Southeast. Peter A. Pappas worked with his cousin and the principals of Crosland Southeast on Birkdale Village in Huntersville.
Childress Klein and Crosland Southeast will handle the office and retail development but have begun talking with hospitality developers about the hotel piece.
The two firms have a community meeting scheduled at Providence Country Club on Tuesday, and they have a rezoning hearing scheduled for Dec. 16, with a vote by City Council expected in early 2014.
When naming the project, the developers had hoped to incorporate the name of the Matthews family, which owns the majority of the property, but they feared it might lead to geographic confusion relating to the town of Matthews.
“We think it denotes the type of quality we hope to deliver,” said Chris Thomas, a partner at Childress Klein. “We think it speaks to what we’re trying to accomplish.”