Homebuilder Taylor Morrison paid $58 million for lakefront property outside of Charlotte.

Taylor Morrison says it will deliver a mix of townhomes, single-family homes and lakefront options in The Palisades neighborhood at Lake Wylie. The company is permitted to build 499 units on 162 acres. The Coves at Lake Wylie will be part of a master-planned community that will include retailers, grocers and a variety of restaurants 30 minutes from Charlotte’s city center.

Alex Phillips, Andy Slowik, Battle Smith and Sparling Davis of Cushman & Wakefield represented the seller, Drapac Capital. Phillips added, “What really set the Coves at Lake Wylie apart is the years of effort put in by Drapac Capital Partners to mitigate all controllable risk and deliver a fully approved site.” The developer is expected to begin work immediately.