$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.

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