CHARLOTTE, NC—Capstone Land Sales has closed the $2.925 million sale of a ±13.2-acre development site located in east Charlotte along the U.S. 74 (Independence Blvd) corridor at 7305 Wallace Ln. The site is situated 1.2 miles from the planned LYNX Conference Drive Silver Line Light Rail Station and is centrally located just a 7-minute drive to Uptown Charlotte and is roughly a 10-minute drive to Plaza Midwood, South End, and South Park.

Capstone’s Director of Multi-Family Investment Sales, Eric Liebich, and Managing Director, Ron Corrao, facilitated the sale on behalf of the previous landowner and also sourced the buyer, Charlotte-based Bowman Development Group.

“The U.S. 74/Independence Corridor has been underserved from a residential new construction standpoint in recent years,” said Liebich. “Residents at this location will benefit greatly from the connectivity provided to some of Charlotte’s major thoroughfares with a variety of retail and commercial services available nearby as well,” he added.

The development site is made up of six (6) parcels and was successfully re-zoned in July 2021 to UR-2(CD)—a conditional zoning based on the approved site plan which calls for 154 townhomes and comprises a mix of 20’ X 29’ and 16’ X 36’4” townhome lots. Construction on the initial horizontal development for the townhome lots is expected to begin in Q1 2023 with tentative plans for the community to be named Millwood Townhomes.