$72 Million Apartment Building Coming To West Charlotte

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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