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63 town houses planned for Charlotte’s Sedgewood neighborhood

CHARLOTTE — A Charlotte-based family trust and a Greater Boulder, Colo.-based investment firm want to put up a 63-unit town house development on a 3.07-acre parcel now divided into two lots in the Sedgewood neighborhood, at Randolph and Wendover roads.

The lots, identified in planning documents as 3786 and 3800 Wendover Road, are separately owned by the Verdone Family Trust of Charlotte and New Directions IRA, which sells real estate-backed individual retirement accounts.

Together the lots, and a single-family home on one of them, are valued for property tax purposes at nearly $1.2 million, according to Mecklenburg County records. The project will have a ballpark build-out cost of $18 million, according to Charlotte independent investor Russell Ranson, who described himself as “an interested party”

“That’s a guess, because it depends on a lot of factors, like who the builder will be, but it’s in the ZIP code,” Ranson said, adding that the project has not yet been named.

The owners have applied to the city’s planning department to rezone one lot from a designation of R3, which restricts development to three units per acre, to urban residential. The denser UR zoning is conditional, meaning each proposed new project within the district must submit specific plans that the Charlotte City Council would have to approve for a project to move forward.

The second lot is already zoned UR.

The zoning map indicates the R3 lot is what Ranson described as “an oddity, a doughnut hole,” in an area predominantly zoned UR and multifamily, which allows rental apartments. The town houses, Ranson emphasized, would be for-sale units.

A public hearing on the project is scheduled for a regular zoning meeting April 15.

Sedgewood is in the middle of the better-known Costwold, Eastover, Myers Park and Wendover neighborhoods.

Tony Brown can be reached at [email protected], (704) 247-2912 or on Twitter at @tonymecktimes.

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