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Apr. 5, 2013

New Apartment Projects Rumored in Charlotte

By Eliza Theiss, Associate Editor

Rumors of new multifamily projects have been abound lately. Following Gvest Partners’ recent announcement of developing a $37 million 342-unit apartment complex in the artsy NoDa neighborhood of Charlotte, another hot submarket within the city could see a brand new apartment community. According to the Charlotte Business Journal, Woodfield Investment Trust LLC is conducting due diligence on a two-acre property in the vicinity of the future BB&T Ballpark.

Even though no official statements have yet been released, rumors of the company planning to develop a 230-unit apartment community near the ballpark have been circulating for months. Currently, however, Woodfield has the site under contract, which is empty save for a 13,000-square-foot industrial structure. If the company moves forward with the project, plans call for 230 units spread across four levels complete with a two-level car park.

Located in close proximity to the Bank of America Stadium, the Third Ward is set to become even hotter with the Charlotte Knights minor league baseball team’s new $54 million stadium currently under construction. The 10,000-seat stadium broke ground earlier this years and is slated to open in time for the 2014 season. It is expected to not only generate healthy tax income, but also a boom of new developments in the surrounding area—from office projects to hotels to multifamily projects.

Woodfield currently has two other multifamily projects under construction in Metrolina and expects to break ground on two more before the year is out. One of the planned communities will be developed in the NoDa district. It owns several completed projects in the city as well, such as the Gramercy Square at Ayrsley.

In other multifamily news, Crescent Communities LLC (previously known as Crescent Resources) is also rumored to be looking to develop a 300-unit apartment community in the Midtown area. According to the Charlotte Business Journal, Crescent will buy up about two acres of property at the intersection of East Morehead and Harding Place in order to construct a community featuring underground parking. The alleged site currently holds some low-rise office properties.

Image courtesy of Woodfield Investments’ Facebook page

Chart courtesy of Marcus & Millichap