The Drakeford Co.’s rezoning request included site elevation plans, including these partial elevation drawings of the proposed townhomes.
Two pieces of land are up for rezoning plans for construction of two townhome communities along Central Avenue in Plaza Midwood and 36th Street in NoDa.
The Drakeford Company plans on 16 three-story townhomes at the northwest corner of Central and Chatham avenues in Plaza Midwood that would start in the $300,000s. The half-acre plot of land is currently occupied by the building that houses Pass Time Billiards.
The site on East 36th Street is 1.35 acres and would house 36 townhomes on the land that is now Twin Oaks apartments.
Bobby Drakeford, head of Drakeford Co., told the Charlotte Observer that he sees a market for more residential space in Plaza Midwood and NoDa at a lower price point and can offer that by building townhomes.
In both NoDa and Plaza Midwood, prices are approaching and exceeding a half a million dollars for single-family residential properties in and around the areas where Drakeford plans to build its townhomes.
Currently, there are 37 residential properties for sale in Midwood, which is only 3 months of inventory given demand for that area. NoDa has slightly more inventory, with 22 properties for sale, which amounts to about 4.5 months inventory. The average price for a Midwood home is just under $420,000, as of April 12.
The Charlotte-based Drakeford Co. specializes in urban, infill residential real estate sites. The company is responsible for Plaza-Vu in Plaza Midwood, as well as several Wesley Chapel projects.