Kaplan Residential, Origin Investments to develop $76M Multifamily project in Belmont — Charlotte Business Journal

Cour­tesy Kaplan Res­i­den­tial and Ori­gin Investments

From the Char­lotte Busi­ness Jour­nal: Full Arti­cle Here

Two real estate firms have part­nered to devel­op a major mul­ti­fam­i­ly project just west of Charlotte.

Mul­ti­fam­i­ly devel­op­er Kaplan Res­i­den­tial announced yes­ter­day it had part­nered with Ori­gin Invest­ments to devel­op a $76 mil­lion project in Bel­mont. The project calls for 322 units, includ­ing apart­ments and town­hous­es, and would be com­plet­ed in late 2023 or ear­ly 2024. The project is the first between the two companies. 

The devel­op­ment will include 32 town­homes, along with a mix of one‑, two‑, three-bed­room apart­ments. A name for the project was not announced. 

We are excit­ed for this invest­ment, as it rep­re­sents a tremen­dous oppor­tu­ni­ty to lever­age Bel­mont’s con­tin­ued growth as an increas­ing­ly desir­able sub­mar­ket with lim­it­ed sup­ply,” said, David Wlek, man­ag­ing direc­tor of acqui­si­tions at Ori­gin Invest­ments. “The sub­mar­ket’s 99% occu­pan­cy rate, lim­it­ed pipeline, and a pro­tract­ed approval process pave the way for con­tin­ued strength in the mar­ket and strong per­for­mance for our investors.” 

The project will be on a 39-acre site at 6900 Wilkin­son Boulevard. 

That is the same site where Kaplan Res­i­den­tial pre­vi­ous­ly intend­ed to devel­op a project called The Mor­ris at Bel­mont while part­ner­ing with Char­lotte-based Cat­a­lyst Cap­i­tal Part­ners. In 2019, the devel­op­er won rezon­ing approval for the project, the Char­lotte Busi­ness Jour­nal report­ed at the time, which called for 325 apart­ments. Cat­a­lyst was not men­tioned in yes­ter­day’s announce­ment for the project. 

The project is the lat­est for Kaplan, which focus­es on mul­ti­fam­i­ly and build-to-rent devel­op­ments in the South­east. The devel­op­er has offices in Atlanta and Mia­mi. Ori­gin Invest­ments is head­quar­tered in Chica­go but has region­al offices in Nashville, Ten­nessee, and Dal­las, accord­ing to its website. 

We are pleased to part­ner with the Ori­gin Invest­ments team as fee devel­op­ers to bring this project and addi­tion­al time­ly, build-to-rent con­cepts of life,” said Mor­ris Kaplan, founder, and pres­i­dent of Kaplan Res­i­den­tial. “Togeth­er, we will pro­duce devel­op­ments that fit the rapid­ly-evolv­ing renter demo­graph­ics and deliv­er need­ed lux­u­ry ameni­ties and expan­sive floor­plans in mar­kets we serve.” 

Developers break ground on major mixed-use redevelopment in Plaza Midwood

By Liz O’Con­nell — Staff Writer, Char­lotte Busi­ness Journal

http://Click Here for Full Article

A ground­break­ing cer­e­mo­ny was held today for a rede­vel­op­ment project that will bring retail, restau­rants, office space, apart­ments, and a bou­tique hotel to the site of Cen­tral Square in Plaza Midwood. 

City offi­cials, devel­op­ers, and oth­er part­ners gath­ered today for the ground­break­ing cer­e­mo­ny of the Com­mon­wealth project in Plaza Midwood. 

The mixed-use devel­op­ment from Crosland South­east and Nuveen Real Estate will bring retail, restau­rants, office space, apart­ments, and a bou­tique hotel to the cur­rent site of Cen­tral Square. It spans 12 acres at Cen­tral and Pecan avenues. Project lead­ers released ren­der­ings for Com­mon­wealth in September.

A hand­ful of cur­rent Cen­tral Square ten­ants are expect­ed to remain onsite. the ABC store at Cen­tral Square tem­porar­i­ly closed on Oct. 30 to accom­mo­date the rede­vel­op­ment project, but it is expect­ed to reopen in ear­ly 2022. The Roast­ing’s Co.‘s loca­tion at Cen­tral Square was among the most recent clo­sures there, shut­ter­ing Nov. 14, fol­low­ing Eliz­a­beth Bil­lards, Sam­my’s Deli, and Yama Izakaya.

The joint ven­ture pur­chased the site in Novem­ber of 2020 for $50 mil­lion, the Char­lotte Busi­ness Jour­nal pre­vi­ous­ly reported. 

Once com­plete, the 383-unit apart­ment com­plex is expect­ed to bring near­ly 500 res­i­dents to the area and about 3,000 employ­ees to the 150,000 square-foot office space that will be part of the Com­mon­wealth, Bob­by Speir, senior vice pres­i­dent of acqui­si­tions at Crosland South­east, said today.

Char­lot­teans took to social media with a range of opin­ions when the news of the rede­vel­op­ment first broke. Some claimed the devel­op­ment would take away from the Plaza Mid­wood’s iden­ti­ty or his­to­ry would be lost.

But Coun­cil­man Larken Egle­ston, whose dis­trict cov­ers Plaza Mid­wood, said he has been adamant about keep­ing the neigh­bor­hood’s his­to­ry alive with this devel­op­ment since its inception.

I think there is a lot of ben­e­fit to (Com­mon­wealth) and change is always met with a mixed bag of reac­tions,” Egle­ston said. “But there is a lot of good com­ing out of this.”

The site includes two vin­tage build­ings that were once home to a Cole Man­u­fac­tur­ing facil­i­ty. Egle­ston believes those build­ings are among the old­est in the neighborhood.

When the project was first being dis­cussed, many devel­op­ers said pre­serv­ing those build­ings would be hard work, Egle­ston not­ed dur­ing the event. But Egle­ston, who backs the idea of pre­serv­ing his­toric build­ings, said some things worth doing are bound to be hard, ulti­mate­ly lead­ing to Crosland South­east land­ing the project. 

Speir spoke dur­ing the cer­e­mo­ny about the site’s his­to­ry and how the vin­tage build­ings will set the project apart. Aside from the build­ings, the site is where the late Rev. Bil­ly Gra­ham pro­fessed his faith in Christ at a tent revival at what is now the Cen­tral Square park­ing lot, Speir remarked. 

Com­mon­wealth will give a nod to the past while also look­ing to the future, Speir said. The new build­ings will include bal­conies over­look­ing the his­toric struc­tures, for instance. A curved road will also be built on the site in such a way to high­light the 100-plus-year-old buildings. 

The mixed-use devel­op­ment will include micro-retail oppor­tu­ni­ties, murals from local artists, and green wall instal­la­tions. A main street con­nect­ing to Cen­tral and Pecan avenues will be added, mak­ing the devel­op­ment a walk­a­ble live-work-play area.

The first phase of con­struc­tion is expect­ed to be com­plete in the spring of 2024. a sec­ond phase is slat­ed to kick off in 2023. 

What’s Next for Dillehay Court

Get the first look of how this community will be transformed 

In the fastest gen­tri­fy­ing zip code in Char­lotte, INLIVIAN is cre­at­ing inclu­sive and sus­tain­able hous­ing where peo­ple with diverse incomes live, work, and play together.

$72 Million Apartment Building Coming To West Charlotte

New North Carolina Law Makes It A Felony To Fly Drones Over Jails -  Charlotte Stories

A $72 mil­lion apart­ment build­ing is com­ing to the FreeMoreWest area of Char­lotte, through a joint ven­ture with New York City-based GTIS Part­ners and Atlanta-based Wood Partners.

The five-sto­ry, 308-unit build­ing will fea­ture more than 260,000 square feet of res­i­den­tial area and 429 park­ing spaces.

The new devel­op­ment will be locat­ed at 2016 W More­head St., across the street from Legion Brewing’s planned West More­head loca­tion and half a mile from the pop­u­lar Pinky’s West­side Grill. The project is sched­uled to be com­plete by mid-2023.

The prop­er­ty was pur­chased by Alta West More­head in August for more than $3 mil­lion, accord­ing to Meck­len­burg Coun­ty prop­er­ty records. Wood Part­ners also devel­oped the near­by Wes­ley Vil­lage apartments.

The FreeMoreWest neigh­bor­hood in Char­lotte, cen­tered at West More­head Street and Free­dom Dri­ve, is in one of Charlotte’s Oppor­tu­ni­ty Zones. The pro­gram offers tax ben­e­fits to investors in des­ig­nat­ed Oppor­tu­ni­ty Zones, includ­ing 17 in the Char­lotte area.

Oppor­tu­ni­ty Zones, a Pres­i­dent Don­ald Trump-era pro­gram, had been hailed as a way to bring invest­ments into pre­vi­ous­ly neglect­ed areas across the coun­try. But com­mu­ni­ty activists in Char­lotte and around the U.S. have said the gov­ern­ment pro­gram may increase gen­tri­fi­ca­tion in those areas, push­ing low-income res­i­dents out.

And Meck­len­burg Coun­ty already faces a short­age of afford­able hous­ing, the Observ­er report­ed ear­li­er this month.

GTIS spokesman Josh Pristaw did not say whether any units would be set aside for afford­able housing.

The project will not be leas­ing for sev­er­al years, but we antic­i­pate tar­get­ing the hous­ing needs of the exist­ing com­mu­ni­ty,” Pristaw said in a state­ment. “Rent lev­els will be deter­mined based on the mar­ket at the time of delivery.”

GTIS Part­ners has invest­ed in 14 deals locat­ed in Oppor­tu­ni­ty Zones, accord­ing to a state­ment from the joint venture.

The loca­tion in a rapid­ly grow­ing area of Char­lotte, near uptown and the Car­oli­na Pan­thers’ Bank of Amer­i­ca Sta­di­um, was a dri­ving fac­tor for the project.

Amid a surge in com­mer­cial devel­op­ment, with more than 430,000 square feet of new retail and office spaces in the neigh­bor­hood, res­i­den­tial home prices in that area have been pushed up by 22% annu­al­ly from 2015 to 2019, accord­ing to a state­ment from GTIS Part­ners and Wood Partners.

The build­ing will fea­ture a range of ameni­ties, includ­ing a fit­ness cen­ter, club room, resort-style pool, court­yard, dog spa, and a vir­tu­al concierge.

Click the link below to see the orig­i­nal article:

https://www.charlotteobserver.com/news/business/development/article254590277.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioslocal_charlotte&stream=top

Homes for Those Experiencing Homelessness

Five people standing and conversing in a circle at a construction site. They're all wearing hard hats and reflective vests.
Pho­to cour­tesy of Roof Above
 
Roof Above has received $1 mil­lion from Lowe’s to help trans­form an old hotel into 88 apart­ments for peo­ple expe­ri­enc­ing home­less­ness in Char­lotte, Katie writes. Con­text: Roof Above announced plans last Decem­ber to buy the old Qual­i­ty Inn at the inter­sec­tion of Clan­ton Road and I‑77 to turn into per­ma­nent hous­ing. Ulti­mate­ly, the prop­er­ty will oper­ate like Moore Place, a 120-unit com­mu­ni­ty that opened in 2012 and pro­vides afford­able hous­ing, on-site case man­age­ment, and med­ical care for Char­lot­teans expe­ri­enc­ing chron­ic home­less­ness. Details: Con­struc­tion on the hotel is under­way and the project is antic­i­pat­ed to be com­plete by ear­ly 2022, Roof Above said in a state­ment Thurs­day. The hotel rooms are being ren­o­vat­ed and con­vert­ed into stu­dio apart­ments with their own kitchens. Lowe’s is also pro­vid­ing appli­ances for each unit at a dis­count­ed rate. Ten­ants will pay a third of their income toward rent, per Roof Above.
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CAREER OPPORTUNITY — ARCHITECTURAL DESIGNER POSITION AVAILABLE

Axiom Archi­tec­ture is a cre­ative, award-win­ning firm spe­cial­iz­ing in mul­ti-fam­i­ly res­i­den­tial, mixed-use, office, and light com­mer­cial design. Cur­rent­ly, Axiom is seek­ing can­di­dates to fill a new posi­tion on our archi­tec­tur­al staff. 

The posi­tion con­sid­ered is for full-time employ­ment with long-term growth oppor­tu­ni­ties. Full ben­e­fits are includ­ed with salary con­sid­er­a­tion com­men­su­rate with posi­tion level.

We will con­sid­er the fol­low­ing while eval­u­at­ing prospec­tive candidates:

  • 3–5 years expe­ri­ence in an archi­tec­tur­al office
  • Should pos­sess good peo­ple and com­mu­ni­ca­tion skills
  • Cre­ative, prob­lem-solv­ing abilities
  • Expe­ri­ence in Revit required
  • Min­i­mum of 4‑year archi­tec­tur­al under­grad degree preferred

For more infor­ma­tion, please vis­it our web­site www.axiomarchitecture.com or con­tact Matt Majors: mmajors@axiomarchitecture.com

Axiom participating with Second Harvest’s Food Drive this Holiday Season

Centro Cityworks, Ascent Real Estate Capital to begin construction on South End apartments

Centro Cityworks and Ascent Real Estate Capital will develop 132 apartments and 7,300 square feet of ground-floor retail space at 222 West Blvd.

By Ash­ley Fahey 
Real Estate Edi­tor, Char­lotte Busi­ness Journal 

Two Char­lotte real estate firms are prepar­ing to break ground on their sec­ond apart­ment project in the South End area after clos­ing on the land Thurs­day afternoon.

Cen­tro City­works and Ascent Real Estate Cap­i­tal paid $4 mil­lion for a por­tion of the land at 222 West Blvd., in the Wilmore neigh­bor­hood, accord­ing to Meck­len­burg Coun­ty real estate records. They will devel­op 132 apart­ments and 7,300 square feet of ground-floor retail space in a project called Cen­tro Square. It’s part of a larg­er mixed-use devel­op­ment, The Square at South End, led by Bea­con Part­ners. The project is the sec­ond for David Fur­man’s Cen­tro City­works and Ascent Real Estate Cap­i­tal, which devel­oped Cen­tro Rai­l­yard on Win­nifred Street. The apart­ments and retail space wrap a park­ing deck for the res­i­den­tial units and Bea­con’s office com­po­nent, sim­i­lar to what will be built at The Square.

Bea­con last sum­mer broke ground on a 10-sto­ry build­ing at The Square, which will include about 150,000 square feet of office space. Bea­con is also work­ing with Meck­len­burg Coun­ty Park and Recre­ation to build the 1.5‑acre Wilmore Cen­ten­ni­al Park as part of the over­all project.

Jon Dixon, man­ag­ing prin­ci­pal at Ascent Real Estate Cap­i­tal, said Cen­tro Square will include about 90 stu­dio apart­ments, two-bed­room units and town­house-style rentals that will face what will become Wilmore Cen­ten­ni­al Park.

Centro Square is part of the larger mixed-use development, The Square at South End, led by another Charlotte firm, Beacon Partners.

The Cen­tro Rai­l­yard project includ­ed small­er-than-aver­age stu­dios in the 400-square-foot range. Dixon said the stu­dios at Cen­tro Square will also be on the small­er side, between 400 and 467 square feet.

Con­struc­tion on Cen­tro Square will begin next week, with an expect­ed unit deliv­ery in about 18 months, Dixon said.

The ground-floor retail space at Cen­tro Square will offer small­er com­mer­cial spaces to pro­vide com­par­a­tive­ly afford­able options in what’s become pricey South End.

Dixon said both the apart­ments and retail space at the Cen­tro Rai­l­yard project are almost ful­ly leased. Ten­ants that have signed on at Cen­tro Rai­l­yard include Hex Cof­fee, olpr., The Cac­tus Club, CLT Bou­tique and Glo­ry Days Apparel.

Par­tic­u­lar­ly post-Covid, peo­ple are much more con­scious about the cost of the rent,” Dixon said of the retail space. “There are real­ly no oth­er options at this price range in South End.”

Aaron Ligon at Ascent Real Estate Part­ners will lease the retail space at Cen­tro Square. Axiom Archi­tec­ture is the project archi­tect. Edi­fice is the gen­er­al con­trac­tor. Atlantic Union Bank is the lender.

$81 million Apartment Development proposed near Ballard High School

The $81 mil­lion project has been pro­posed on 19 acres Hagan Prop­er­ties has owned for years at 2020 Herr Lane near Bal­lard High School in Louisville’s East End.

Hagan Prop­er­ties Inc. on Mon­day unveiled plans for the 520-unit Prov­i­dence Point apart­ments. The $81 mil­lion project has been pro­posed on 19 acres Hagan Prop­er­ties has owned for years at 2020 Herr Lane near Bal­lard High School in Louisville’s East End. The com­plex will house a mix of one‑, two- and three-bed­room units in mul­ti­ple build­ings on the site.August 03, 2020By Mar­ty Finley

Louisville’s Hagan Prop­er­ties Inc. is ready to tack­le one of its most ambi­tious projects to date.

The local real estate devel­op­ment firm on Mon­day unveiled plans for the 520-unit Prov­i­dence Point apart­ments. The $81 mil­lion project has been pro­posed on 19 acres Hagan Prop­er­ties has owned for years at 2020 Herr Lane near Bal­lard High School in Louisville’s East End.

The com­plex will house a mix of one‑, two- and three-bed­room units in mul­ti­ple build­ings on the site. The apart­ments, which will fea­ture upscale ameni­ties such as design­er cab­i­netry and quartz coun­ter­tops, will be joined by com­mu­ni­ty ameni­ties, includ­ing a fit­ness cen­ter, dog parks and green space.

In addi­tion, with the changes that Covid is bring­ing to the indus­try, Prov­i­dence Point will have touch­less access ele­va­tors, UV fil­tered HVAC sys­tems in com­mon areas, flex­i­ble ‘We Work’ style space and many indoor flex areas in the club­house for res­i­dents to use as some peo­ple shift to work­ing more from home, but still need a ‘third place’ for escape from the home office,” Hagan Prop­er­ties Pres­i­dent Wendy Hagan said by email.

Hagan Prop­er­ties will han­dle the devel­op­ment, leas­ing and prop­er­ty man­age­ment for the com­plex while HCC, a major­i­ty female-owned con­tract­ing com­pa­ny led by Wendy Hagan, will serve as the gen­er­al con­trac­tor. Char­lotte, North Carolina.-based Axiom Archi­tec­ture will han­dle the design.

We have been wait­ing for a num­ber of years for the tim­ing to be right to start on this project. While there are many new com­mu­ni­ties under con­struc­tion, we believe that Prov­i­dence Point offers a unique loca­tion and great com­mu­ni­ty ameni­ties such as shop­ping, din­ing and access to schools,” Hagan said by email.

Pro­ject­ed lease rates and a full devel­op­ment time­line have not yet been disclosed.

Hagan Prop­er­ties said sev­er­al devel­op­ers had unsuc­cess­ful­ly tried to rezone this land before it stepped forward.

A pri­or pro­posed devel­op­ment called for 175,000 square feet of retail and office space and hun­dreds of con­dos, but the finan­cial down­turn of 2008 and the cost of off­site improve­ments made that project non­vi­able, the com­pa­ny said.

As part of its pro­pos­al, Hagan Prop­er­ties is plan­ning to com­plete $5 mil­lion to $6 mil­lion worth of off­site improve­ments to pub­lic infra­struc­ture, and the com­pa­ny will pur­sue indus­tri­al rev­enue bonds to pay for those upgrades. Pro­posed work includes con­struc­tion of a region­al basin to serve 88 acres of the area’s water­shed, sig­nal­iza­tion improve­ments and a new traf­fic sig­nal and road improve­ments to Herr Lane, includ­ing the instal­la­tion of an addi­tion­al lane from Wes­boro Road to the new traf­fic signal.

This sto­ried prop­er­ty will sat­is­fy this area’s demand for apart­ments for many years to come and the road improve­ments we are mak­ing will sig­nif­i­cant­ly aid in alle­vi­at­ing the grid­lock that Bal­lard High School expe­ri­ences dur­ing peak hours,” Layson Hagan, a mul­ti­fam­i­ly devel­op­er with Hagan Prop­er­ties, said by email.

Hagan Prop­er­ties has a num­ber of oth­er major projects in the works locally.

The firm is fin­ish­ing up the 470-unit Vic­to­ry Knoll apart­ment com­plex on the East End near South­east Chris­t­ian Church, which has been esti­mat­ed to cost $68 mil­lion. Hagan Prop­er­ties also built the 356-unit 9910 Sawyer Apart­ments, a sprawl­ing upscale apart­ment com­plex that backs up to E.P. “Tom” Sawyer State Park.

And the firm is invest­ing about $48 mil­lion into a 344-unit apart­ment com­plex on 19 acres at 8000 and 8006 Cedar Creek Road. About 90% of that com­plex will fea­ture one and two-bed­room units while the remain­ing 10% will be three-bed­room units.

Mean­while, the firm is slat­ed to break ground lat­er this year on The Sta­tion @ Mid­dle­town, a new apart­ment com­plex with more than 300 units near the Mid­dle­town Sta­tion shop­ping cen­ter, which it owns. That project is expect­ed to cost near­ly $50 mil­lion. Hagan Prop­er­ties also owns the Shel­byville Road Plaza and Tay­lorhurst shop­ping cen­ters in Louisville.

Apartment project adding ‘micro-units’ in South End nears completion

A project in South End that has most­ly small­er-than-aver­age stu­dios — some­times called micro-units — has begun pre-leas­ing. Cen­tro Rai­l­yard, which wraps the park­ing deck for The Rai­l­Yard devel­op­ment on the Win­nifred Street side, includes 91 apart­ments, two-thirds of which are stu­dios mea­sur­ing about 400 square feet. The project is some­what unique for Char­lotte because of its below-aver­age unit sizes and few on-site ameni­ties, a hall­mark of most lux­u­ry mul­ti­fam­i­ly devel­op­ments that have been built, espe­cial­ly in South End. 

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