Local real estate investment company RK Investors is eyeing a 53-acre site in south Charlotte for a massive retirement community.
RK Investors filed a petition with the city of Charlotte on June 27 to rezone three parcels of wooded land between Elm Lane and Rea Road from single-family residential to urban residential (conditional). That would pave the way for a 1,100-unit retirement community, according to site plans. The land is owned by The Gillespie Family Limited Partnership and Elm Lane Holdings.
The proposed development would include multifamily units, active adult communities, nursing homes, rest homes and up to 100 single-family attached units that would be built in phases. Plans also include amenities like a pool, clubhouse, a dog park, trails, benches and a man-made lake.
At least 10% of the multifamily units onsite would be considered affordable housing and maintain monthly rent that is income restricted to households earning 80% or less of the area median income.
Additional project details were not immediately available. RK Investors partners and co-founders Russell Ranson and Neil Kapadia did not return calls for comment today.
