Cherry was platted in 1891 from farmland owned by John and Mary Myers, also responsible for the prestigious Myers Park neighborhood which is immediately adjacent to Cherry, just to the Southeast. Cherry was designed to be a self-contained bungalow-style neighborhood featuring front porches, a city park and a school with several early churches and tree-lined streets still existing.
Approximately 6 acres of land in the heart of Charlotte’s turn-of-the-century Cherry Neighborhood will be developed into 41 lots, supporting 43 homes (two of which will be duplexes). The property sits less than 1 mile from Charlotte’s Central Business District, and is within close walking distance to popular retail and restaurants located in the Metropolitan, as well as the beautiful Little Sugar Creek Greenway. The project returns a current yield of 15% and is projected to generate a 28% IRR to capital upon completion in the first quarter of 2017.