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Terwilliger Pappas Breaks Ground on 184-Unit Solis Dilworth

18 Apr 2014, 4:05 pm

By Eliza Theiss, Associate Editor

Terwilliger Pappas Multifamily Partners has broken ground on Charlotte’s newest apartment community, the 184-unit Solis Dilworth.

Located on a 2.2-acre lot in Charlotte’s Uptown, Solis Dilworth will feature craftsman style architecture that will harmonize with the neighborhood’s look and feel, while also setting the community apart from other infill projects. The five-story luxury apartment complex will comprise studio, one- and two-bedroom units set around a central courtyard featuring a resort-style saltwater pool and cabana.  Further community amenities include a fitness center with yoga studio, game rooms, lounge and pet grooming and exercise facilities.

Aside from its luxury amenities and finishes, Solis Dilworth’s other major draw is its venue. Located at Morehead Street at Kenilworth Avenue, the community is adjacent to Carolina Medical Center, the largest medical complex in the Carolinas, and is conveniently located to Uptown Charlotte’s major employers, the Little Sugar Creek Greenway and a bevy of retail and entertainment options that will appeal toresidents looking to be close to both work and entertainment.

According to Terwilliger Pappas COO Alan Dean, the neighborhood’s walkability and overall charm is also expected to be a draw.

“Dilworth is a nationally recognized neighborhood with a great blend of amenities including streets lined by large oak trees and the many cafes, shops and recreational amenities that are within walking distance,” he says.

General contractor Adolfson and Peterson, architecture firm Rule Joy Trammell + Rubio and landscape architecture and engineering firm Cole Jenest Stone are part of the Solis Dilworth project team.

Other apartment projects by Terwilliger Pappas Multifamily Partners include the currently leasing 239-unit Solis Sharon Square in South Charlotte and the 280-unit Solis Downwood in Atlanta’s Buckhead District, which recently broke ground (details here).

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Image courtesy of Terwilliger Pappas Multifamily Partners



FelCors Sells Charlotte Hotel for $37M

4 Apr 2014, 5:52 pm

By Eliza Theiss, Associate Editor

FelCor Lodging Trust Incorporated has announced entering into a $37 million sales agreement with an undisclosed buyer for the 208-key Doubletree Suites Hotel Charlotte – SouthPark as part of its portfolio repositioning plan.  The deal is expected to close in May and the buyer has put down a $900,000 non-refundable deposit.

FelCor has sold 26 non-strategic hotels as part of its portfolio repositioning plan and has signed or is currently in negotiations to shed four additional properties for aggregate proceeds of about $80 million, which will be used to refund outstanding debt.

Located in Charlotte’s affluent SouthPark neighborhood, Doubletree Suites Hotel Charlotte is in close proximity to some of Metrolina’s finest shopping, dining and entertainment, such as the SouthPark Mall, Symphony Park, Mint Museum, Carowinds Theme Park and Boomerang Bay Waterpark, as well as the Queen City’s business center and major employers, such as Bank of America, Coca-Cola and Nucor. Amenities include 12,000 square feet of flexible meeting and event space, golf course, pool, fitness center, business center, The Market Café hotel restaurant and the Banker’s Lounge. The hotel offers one- and two-bedroom suites ranging between 700 and 1,000 square feet.

In other news, another Charlotte Hotel traded recently. The 163-key Hyatt House Charlotte / Center City was purchased in March 2014 by affiliates of RLJ Lodging Trust as part of a ten-hotel portfolio acquisition. RLJ paid a total of $313 million for the just-closed acquisition and announced it will engage in $25 million worth of capital expenditures mostly over the next 25 months.  The 1,560-key portfolio will be managed by Hyatt affiliates.

Image courtesy of DoubleTree Suites by Hilton Charlotte-SouthPark



1,200-acre Berewick Expands with Single Family and Retail

1 Apr 2014, 4:02 pm

By Eliza Theiss, Associate Editor

Pappas Properties, the company behind the 1,200-acre master-planned Berewick community has teamed up with Lennar Corporation for a 68-acre expansion to the Southwest Charlotte community. Per the terms of the agreement, Lennar will build single-family homes in the Village of Aberdeen component of Berewick as well as a pool, open for all Berewick residents. Lennar’s homes, priced from the low $200,000s, will range between 2,200 and 3,500 square feet and feature four to six bedrooms.  Lennar homes developed in the Village of Abernathy neighborhood of Berewick featured lofts, bonus rooms, and designer upgrades such as granite countertops, ceramic tile, hardwood floors and staggered cabinetry.

Pappas Properties VP, Marketing, Brian Roth managed the marketing of the site acquired by Lennar. According to The Charlotte Business Journal, a Pappas affiliate acquired the site from a partnership controlled by Sarah Belk Gambrell, one of the largest Metrolina landowners, paying $2.4 million in February 2014. The targeted groundbreaking at the moment was touted as the third quarter of 2014.

Berewick Town Center

Lennar’s single family homes aren’t the only new development kicking off at Berewick. Developer Pappas Properties intends to break ground by the end of the year on Berewick Town Center, a Harris Teeter-anchored shopping complex also featuring neighborhood shops, restaurants, services and on-street parking. Located at the corner of Steel Creek and Shopton West roads, the development will feature a design reminiscent of the area’s Scottish heritage. Town Center’s future phases also include townhomes, apartments and professional and medical office space.

Upon completion, pedestrian- and bike-friendly Berewick will comprise multiple single family neighborhoods, an employment campus with an office and business park, a town center with retail and multifamily housing, over 300 acres of green space , Mecklenburg County’s largest district park, offering 195 acres of sports fields and trails and the 6-acre, 5,200 Manor House containing community amenities such as a fitness room, swimming pools and meeting space.

Image courtesy of Pappas properties via Berewick.com



Crescent Communities HQ Goes LEED Silver ; Cassidy Turley Brokers Office Lease and M-U Sale

24 Mar 2014, 5:33 am

By Eliza Theiss, Associate Editor

Crescent Communities CEO Todd Mansfield receives USGBC LEED Silver certification plaque

Crescent Communities, a diversified real estate investment, development and operating company focused on creating sustainable communities has announced the LEED Silver certification for its renovated corporate headquarters in Charlotte.  The certification was awarded for the implementation of water and energy efficiency, use of recycled content and materials, indoor environment quality, including focus on natural daylight and views with floor-to-ceiling windows. The new corporate headquarters also includes an Innovations Lab, which encourages collaboration among employees.

Our new space reflects our commitment to innovation and place making, and inherent in that practice is environmental responsibility,” says Crescent CEO Todd Mansfield when accepting the USGBC plaque in a presentation ceremony at Crescent’s Charlotte office.

In other office news, leading commercial real estate services provider Cassidy Turley announced that Andritz Hydro Corp. renewed its 17,135-square-foot lease in University Research Park. Andritz Hydro, a global supplier of electro-mechanical systems and services for hydropower plants and a major player in the global hydraulic power generation market occupies more than half of the fifth floor of the 151,916-square-foot Class A Four Resource Square office building.  While the lender was represented in-house, Cassidy Turley represented landlord RAIT Financial Trust, an internally managed real estate investment trust.

Cassidy Turley also announced the sale of Edison Square, a 36,433 square foot mixed-use retail and office development in Concord, NC. TCA Edison, LLC, an ownership group lead by Trinity Capital Advisors and represented by Cassidy Turley in the transaction, sold Edison Square to Florida-based HCC-Edison Square, LLC for $8.65 million.

Located on 9.1 acres at Harris Road and Edison Square Drive NW, the 94 percent-leased asset consists of three buildings and additional land for further office and retail development.

Image courtesy of Crescent Communities



Canyon and NRP Partner Up for 298-Unit Apartment Project in South End

24 Mar 2014, 4:51 am

By Eliza Theiss, Associate Editor

Beacon430

Canyon Capital Realty Advisors LLC (Canyon Realty), the real estate direct investing arm of Canyon Partners LLC, has teamed up with NRP Group LLC in the development of a 298-unit apartment project in Charlotte’s South End, providing $12 million in preferred equity for the project.

The Class A mid-rise apartment project, dubbed Presidio, is set to break ground in the first quarter of 2014 on a 2.4-acre site at the corner of South Church Street and West Morehead Street. The location puts Presidio within the South End/Uptown submarket, the fastest growing apartment submarket within the city. Moreover, South End/Uptown experienced a five percent year-over-year rent increase in mid-rise apartments and closed 2013’s fourth quarter with a 95 percent occupancy rate. Presidio’s location also means swift access to Uptown’s employment and entertainment opportunities, thus promoting the live-work-play lifestyle that appeals to young professionals.

Presidio will start delivering units in the fourth quarter of 2015, all of which will feature high-end finishes such as granite and quartz countertops, top-of-the-line appliances, ten-foot ceilings and full walk-out balconies. Apartments will have one to three bedrooms, comprised in five residential stories atop a structured parking deck. Community amenities will include a fitness center, club lounge, swimming pool, garden courtyard and landscaped outdoor areas. It

Presidio represents the second partnership between Canyon Realty and NRP. Canyon provided NRP preferred equity in late 2012 for the development of the 326-unit Beacon430, a Class A multifamily project in downtown St. Petersburg, Fl.

NRP Group is a fully integrated multifamily developer, general contractor and full-service property management company It has developed and constructed over 28,000 residential units and currently manages over 15,000 units in more than 100 properties. Presidio will be its first Charlotte apartment community.

Image courtesy of Beacon430    







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