$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.

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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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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.

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.

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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.

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