A group of eight owners sold a 20.5-acre property on Providence Road, which will soon be redeveloped for senior housing.
Charlotte-based Proffitt Dixon Partners recently acquired the property, on the west side of Providence and north of Lynbridge Road, for nearly $11.2 million. The land today includes some single-family homes but, with a rezoning petition by Proffitt Dixon approved by Charlotte City Council last month, the property can now be developed with higher-density housing.
Wyatt Dixon, managing principal at Proffitt Dixon Partners, said Wednesday the site will be developed with the firm's first active-adult community. Proffitt Dixon is best known for developing market-rate, non-age-restricted apartment projects, such as Savoy in uptown, which it finished last year.
Dixon said the firm several years ago identified an "opportunity" in the active-adult sector, housing that's reserved for those aged 55 and older but is not a traditional retirement community. The Providence Road site and another property in Matthews will be the company's first age-restricted housing developments.
In fact, many in real estate are seeking to enter the senior-housing industry because of dramatic population trends that will impact not only Charlotte but cities across the U.S. With the large boomer population now entering — or already in — retirement, it's expected that the number of seniors will soon outnumber most every other age group.
The rezoning for the Providence Road property was extensive, and Dixon said the company met with neighbors more than two dozen times to address issues that came up during the process. The plan approved by City Council last month allows up to 200 active-adult housing units and, separately, up to 41 townhouses or stacked flats.
Dixon said the site will be developed in phases, with the first age-restricted housing phase starting by mid-summer. Timing of any future phases, including the potential for townhouses or additional active-adult retirement homes, is still being worked out.
"It’s certainly a rare and unique development opportunity in an established neighborhood, along a well-traveled corridor — so, to say the least, we feel a tremendous amount of pressure to get it right," Dixon said.
John Vickers, Adam Travers and Dorsey Allison with KW Commercial represented the sellers in the transaction.