Case Study
Overview
Foundry represented a local nonprofit organization interested in selling a plot of land to benefit community programs such as youth sports.
Location
5050 Ridge Road
Charlotte, NC
ASSIGNMENT OVERVIEW
Foundry represented Mallard Creek Optimist Club, which was interested in selling 10.54 acres of land and a non-performing asset with the goal of utilizing the proceeds of the sale for various Optimist Club supported programs such as youth sports. The property is located in North Charlotte near High Creek, Charlotte’s largest PUD and golf community.
CHALLENGES
Neighborhood associations were in opposition of new development projects in the area, particularly multifamily housing. There existed a highly contentious rezoning process and public opposition. The existing land use plan did not permit multifamily housing, which was the highest and best use of the property and also maximized the value of the property for the seller.
STRATEGY
Target marketed and identified the uses and developers that were paying the highest per acre price throughout suburban areas of Charlotte, in order to maximize value for the Seller. Marketed the property to best-in-class commercial and multifamily developers. Initiated conversations with the city in order to learn their wants and needs in return for the rezoning support for multifamily development.
RESULTS
Multiple offers which exceeded pricing guidance. Foundry Commercial advised the client through a Best & Final offering process, which qualified and selected the most capable buyer. Assisted the buyer with necessary steps to successfully rezone the property and close on the property.