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Crescent Communities Announces Groundbreaking for 550-Acre Master Planned Project

12 Dec 2014, 10:55 pm

By Eliza Theiss, Associate Editor

James Martin, Vice President, Crescent Communities, Residential Group

Leading real estate investment and operating firm Crescent Communities has announced it will be breaking ground on Masons Bed, a 550-acre master-planned community in Fort Mill, S.C.

Development on the first phase is set to begin in the first quarter of 2015.  The project, whose development cost has yet to be announced, is Crescent’s first new foray into the Charlotte residential market since 2008.

Mason’s Bend will be developed close to Fort Mill’s retail corridor, near I-77’s high-quality employment opportunities and shopping destinations such as Baxter Village. The master-planned community will comprise 650 homes and high-end amenities such as a pool, clubhouse, wooded nature trails and a mile of scenic Catawba River frontage. Crescent is also considering developing a multifamily component.

“As the Town of Fort Mill continues to grow, we are excited to be a partner for growth while preserving the character and charm people know and love,” declared James Martin, vice president of Crescent Communities’ residential group. Crescent announced it will partner with local and state agencies to ensure the land is developed in a responsible manner. Crescent also donated $150,000 to the Town of Fort Mill, which will be used to create public recreational amenities.

With the housing market on the mend, the development of Masons Bend is on the mark. Although metro Charlotte is experiencing more population growth in its inner city than in its suburbs – 2.4 percent compared to 1.7 percent, according to the Charlotte Business Journal, there is plenty of demand in the nation’s eighth fastest growing city in 2014 as ranked by Forbes.

The nation’s second largest banking and financial center, the Queen City also boasts a vibrant biotechnology and life sciences industry as well as dynamic energy, motorsports, aerospace and aviation, manufacturing and education sectors. Multiple Fortune 500 companies call the Queen City home, and many more (both Fortune 500 and otherwise) are moving here or opening chapters.

Among them are the Lash Group and LPL Financial, both of which have announced investments in Metrolina, specifically Fort Mill. As previously reported, Lash Group will establish a new 250,000-sq.-ft., $90 million national headquarters in Fort Mill’s Kingsley office park, where it will employ 2,400. LPL Financial will also establish a strong presence in Fort Mill’s Kingsley office park, investing $150 million in a new facility. LPL is expected to create 3,000 new jobs in Fort Mill.

Click here for further Charlotte market data

Image courtesy of Crescent Communities



Charlotte Chamber to Upgrade Offices, Renew Lease

5 Dec 2014, 11:03 pm

By Eliza Theiss, Associate Editor

The Charlotte Chamber is upgrading its offices in a bid to reflect the dynamic economic environment of the Queen City.

The Chamber has deliberated over the past two years on what would be the best move for the organization in advance of its lease expiration at 330 South Tryon, the chamber’s current location.  Desiring to retain the Chamber as a tenant, 330 South Tryon owner Grubb Properties decided to embark on a renovation project for the property, which will be renamed the Charlotte Chamber Building, after its high-profile tenant, the Charlotte Business Journal reported.

“We felt strongly about the need for the chamber to remain at the core of Charlotte’s uptown business activity,” said Bob Morgan, president and CEO of the Charlotte Chamber. “To be located on Tryon (…) is simply hard to beat,” he added.

Work, conducted by Turner Construction, will kick off on Dec. 8 and wrap up in April 2015, the Chamber announced in a news release. Work includes creating a separate street-level entrance for the Chamber right on South Tryon, raising the ceilings, and redesigning both floors to maximize the amount of natural light and give the space an open feel. The openness of the space will be maximized by a glass front façade and large digitals screens visible from the street. The first floor will be redesigned to include a public resource center, spacious conference rooms and dedicated space for the Economic Development team. Connecting via an open staircase, the second floor will include abundant informal meeting space and a large open pantry facing a balcony that will overlook South Tryon Street.

“We are creating a space that provides a world-class welcome with a multicultural vibe,” explained Morgan. “As Charlotte’s front door for the business community, newcomers and economic development prospects, the chamber’s offices must be open, inviting and vibrant.”

The development team also includes architecture firm Gensler, Grubb Properties, CBI, JLL and Technical Innovation.

The Charlotte Chamber signed a new 15-year lease for 21,206 square feet at 330 South Tryon, the Charlotte Business Journal reported. The chamber’s previous lease had 30,000 square feet under contract.

According to the Charlotte Business Journal, Grubb Properties purchased the 64,490-sq.-ft., five-story office building in April 2014 for $12.1 million from Colony on Tryon LLC.

Click here for further Charlotte market data

Rendering courtesy of the Charlotte Chamber 



SkyHouse Uptown Developers Secure Land, Financing for Second Tower

3 Dec 2014, 9:54 pm

By Eliza Theiss, Associate Editor

SkyHouse Uptown

SkyHouse Uptown is getting an encore. Developers of the 336-unit apartment project at the corner of North Church and West 10th streets have purchased land for a second SkyHouse apartment tower, reports the Charlotte Business Journal.

Grubb Properties, Novare Group and Batson Cook Construction have purchased the City Center Inn next to SkyHouse Uptown for $8.6 million through an entity called SkyHouse Charlotte II. The former Days Inn is slated for demolition in the first half of December.

According to the Charlotte Business Journal, the developers have already secured $44.9 million in financing through a Compass Bank construction loan. Development on the second apartment tower is expected to start in 2015.

The 336-unit SkyHouse Uptown kicked off construction in March and is expected to be completed in June 2015. The 24-story mixed-use luxury tower will comprise studio, one-,two and three-bedroom apartments and luxury finishes. The 24th floor will be dedicated to the project’s high-end amenities.  As previously reported by Multi-Housing News, those amenities include a club room, fitness area, outdoor plazas complete with a swimming pool, fireplaces, outdoor covered lounges and views of the Charlotte skyline. SkyHouse Uptown will be Energy Star-certified. According to the Charlotte Business Journal, SkyHouse Uptown topped out in late October.

Click here for further Charlotte market data

Rendering credit: Novare Group



Westwood Leases 47K SF Space to Publix at Steele Creek Crossing; Northlake Mall Sold in $1.4B Portfolio

21 Nov 2014, 10:44 pm

By Eliza Theiss, Associate Editor

Steele Creek Crossing

Westwood Financial Corp. (WFC) recently announced the opening of a Publix grocery store at Steele Creek Crossing, a 77,301-sq.-ft. retail center fully owned by WFC.

Publix Super Markets has now brought the 12810 South Tryon Street retail center to full occupancy. Other tenants include Rite Aid, Little Ceasers, Five Guys Burgers and Fries, H&R Block and Nationwide Insurance.

The new 47,000-square-foot Publix location is one of the seven Bi-Lo stores Publix has taken over in Metro Charlotte. It is also the second former Bi-Lo store Publix has taken over in a Westwood-owned Charlotte retail center. The national grocery chain signed up as anchor tenant at WFC’s 78,890-square-foot Cherry Road Crossing in Rock Hill in September.

“With its existing tenant base and ideal location within the community, Steele Creek Crossing is an ideal match for one of our newest Publix locations in Charlotte,” Kim Reynolds, Publix media and community relations manager declared. The deal “only furthers the strong relationship we have with WFC,” she added.

The Los Angeles-based Westwood Financial has not disclosed the financial terms of the lease.

Northlake Mall

Charlotte’s retail market, currently hovering at around a 7 percent vacancy rate, has been doing great. Following the $31.5 million sale of Northlake Commons and the $8.2 million sale of Terraces at University Place, another prized Charlotte retail property changed hands recently.  Northlake Mall, boasting a 1,071,000-sq.-ft. gross leasable area, was sold earlier this fall by developer Taubman Centers to Starwood Capital Group. The premier shopping center was part of a seven-property portfolio that fetched $1.4 billion. Opened in 2005, one of Charlotte’s premier malls is anchored by Dillard’s, Macy’s, Belk, Dick’s Sporting Goods and a 14-screen AMC theater. An additional 150 shops and restaurants are contained within Northlake Mall, including Anthropologie, H&M, Sephora, Apple, J. Crew and Banana Republic.

Click here to read our Q&A with Westwood Financial Corp. Senior Vice President of Asset Management Kenneth Loughran

Click here for further Charlotte market data

Image courtesy of Northlake Mall via Facebook and Westwood Financial 



Pappas Properties Breaks Ground on $60M Berewick Town Center

14 Nov 2014, 10:44 pm

Berewick Town Center groundbreaking

By Eliza Theiss, Associate Editor

Pappas Properties and regional grocery chain Harris Teeter have broken ground on Berewick Town Center, a mixed-use development located in the 1,200-acre Berewick master-planned community in Charlotte’s Steele Creek area.

The center’s launch comes in the midst of rapid residential growth in Charlotte’s Steel Creek area, and it continues the momentum created by the recent opening of nearby Charlotte Premium Outlets.

Expected to be completed by summer 2016, Berewick Town Center’s phase one carries a $60 million price tag. It will include a town square, a hotel, retail and restaurant space, Walgreens drug store and a 53,000-square-foot Harris Teeter along Steele Creek Road, between Dixie River Road and Shopton Road West. The development will be walkable and bikeable.

Phase two will include additional retail space, professional and medical office space, townhomes and apartments, and on-street parking.

Shelco has been appointed general contractor for Berewick Town Center, while Shook Kelley and LandDesign will provide architecture and engineering services. Marketing, outparcel sales and office space interest will be handled by Pappas Properties’ Brian Roth, while CNL’s Gwen Ceaser will represent the development and retail space leasing.

Berewick Town Center

2014 has been a successful year for the the Matthews, N.C.-based Berewick. As previously reported, Pappas Properties, Charlotte, N.C., purchased 68.5 additional acres to expand Berewick’s Village of Aberdeen to accommodate Lennar Corp.’s plans to build 2,200- to 3,500-square-foot single family homes with prices starting in the low $200,000s. Other single-family and townhome developers in Berweick include DR Horton, Eastwood Homes, Mattamy Homes, and Ryan Homes.  1,250 homes have been completed to date.

Click here for additional Charlotte market data

Images courtesy of Pappas Properties







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