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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. 

For full arti­cle click here

Long-anticipated North Tryon development set to break ground with anchor tenant

A long-await­ed mixed-use project in uptown that’s been through mul­ti­ple iter­a­tions and pro­posed uses over the years is final­ly gear­ing up to break ground — and it has a big ten­ant final­iz­ing an anchor lease deal. 

For full arti­cle click here

Wilmington, NC Housing Authority (WHA) is building a new multi-family public housing development

For the first time since 2005, the Wilm­ing­ton, NC Hous­ing Author­i­ty (WHA) is build­ing a new mul­ti-fam­i­ly pub­lic hous­ing devel­op­ment. On July 17, WHA CEO Kat­ri­na Red­mon and city lead­ers broke ground on Daw­son Lofts, a future 24-unit, three-sto­ry com­mu­ni­ty in the heart of Wilm­ing­ton. With the help of devel­op­ment part­ners Harold K. Jor­dan & Com­pa­ny, Axiom Archi­tec­ture, and McKim & Creed, WHA is adding des­per­ate­ly need­ed afford­able hous­ing units to the Port City. 

For full arti­cle click here

Beacon Partners set to begin on 10-story, mixed-use building in South End area

Bea­con Part­ners will break ground this month on its next mixed-use project in the South End area, plans that also include devel­op­ing a park with Meck­len­burg County. 

For full arti­cle click here

Kaplan Residential to develop Belmont Apartment Project

Why multifamily firm with local presence went farther from Charlotte for latest development. 

Kaplan Res­i­den­tial, in a joint ven­ture with Char­lotte-based Cat­a­lyst Cap­i­tal Part­ners, last week won zon­ing approval from the city of Bel­mont to build 325 apart­ments on a 39-acre par­cel at 6900 Wilkin­son Blvd., about a mile from down­town Bel­mont. The project is the lat­est for Kaplan Res­i­den­tial, which keeps offices in Flori­da and Atlanta.

For full arti­cle click here

David Furman calls on industry to continue building ‘a great city’ at Heavy Hitters awards event

Thurs­day night revealed a lot of win­ners — and a lot of ties — at the Char­lotte Busi­ness Jour­nal’s fifth annu­al event hon­or­ing com­mer­cial real estate projects com­plet­ed over the past year in the Char­lotte region.

Twen­ty-five region­al real estate devel­op­ments across eight cat­e­gories — rang­ing from cor­po­rate office build­ings to ameni­ty-rich mul­ti­fam­i­ly com­mu­ni­ties to non­prof­it and civic projects — sub­stan­tial­ly com­plet­ed between July 1, 2017 to June 30, 2018, were hon­ored at The West­in Char­lotte in uptown.

Among the win­ners was 2018 Pil­lar Award recip­i­ent David Fur­man, whose archi­tec­ture and devel­op­ment has helped trans­form the urban land­scape of cen­ter city Char­lotte for more than three decades.

Fur­man has been a pio­neer and leader in cre­ative, cool and funky real estate projects — pri­mar­i­ly in the res­i­den­tial space but more recent­ly in com­mer­cial and mixed-use deals in South End and uptown — as well as a civic leader. He serves on the board of Char­lotte Cen­ter City Part­ners as a dri­ving force behind Rail Trail projects and doing pro-bono design work for local non­prof­its like the Cri­sis Assis­tance Min­istry, the Urban Min­istry Cen­ter and the Men’s Shel­ter of Charlotte.

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