CHARLOTTE, N.C. — A massive development promising to change the face of South Park may not happen anymore.
Earlier this year, city leaders okayed a developer’s plans to build apartments, dining, retail, and townhomes where the Trianon Condominiums are on Colony Road. However, in a letter to condo owners, the community’s HOA board says the deal appears to be falling apart.
Homeowners of Trianon Condominiums in South Park told WCNC Charlotte their lives have been in limbo waiting for the sale of the community to finalize.
"We don’t know what’s going on," homeowner Nagy Abdelmalik said.
Most homeowners at Trianon agreed to sell the cluster of ‘70s-built condos to Miami-based developer, Related Group. Owners are hoping to sell the condos due to the expensive upgrades needed for the community’s old infrastructure.
"I was on board with it," condo owner Brad Brown said. Adding he is, "a little disappointed" the sale may not close.
Neighbors said the deal was supposed to close this August but was pushed back to December. Now, the HOA letter says Related Group can’t finalize the deal by December due to, “rapidly deteriorating conditions in the commercial real estate market.”
Abdelmalik hopes he can still sell soon to find a new home with cheaper HOA fees. However, he noted it's been tough to find a place in his price range.
"A lot of people here prepare themselves to be looking for [a] new place," Abdelmalik said. "So, I don’t know what to do."
Some neighbors said they’re happy they get to stay at Trianon at least for now. According to the HOA letter, the developer may want to buy Trianon in the future, but it’s uncertain.
WCNC Charlotte has reached out to Related Group and Trianon's HOA board for comment and is waiting to hear back.
Contact Julia Kauffman at jkauffman@wcnc.com and follow her on Facebook, Twitter and Instagram.