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Apr. 23, 2012

Wood Partners to Build North Carolina Luxury Rental Community

By Jeffrey Steele, Contributing Writer

Morrisville, N.C.—The new, highly walkable Park West Village in Morrisville, N.C., will be the site of a luxury apartment community called The Bristol, developed by Wood Partners LLC. The $34 million, 260-unit development is under construction, and is slated for first occupancies in February. Completion is scheduled for late 2013.

Park West Village is expected to generate yearly tax revenues of $500,000 to Morrisville. It will fill a 100-acre site and feature as much as 550,000 square feet of retail and 120,000 square feet of office and/or hotel space. Target, TJ Maxx, Dress Barn, PetSmart, Rack Room Shoes and Buy Baby Buy are open now, and Gander Mountain and Stone Theater are scheduled to open this fall.

Park West Village’s shopping, dining and entertainment offerings will be enhanced by the addition of The Bristol, says Wood Partners director Carter Siegel. “Our residents will be able to walk out their front doors and stroll across the street to the first state-of-the-art Stone movie theater in the area, shop at a range of top retail stores and dine at one of the new restaurants and bars that will make this such a compelling place to call home,” he adds.

The Bristol will be comprised of eight buildings of three, four and five stories, together delivering an urban appearance and ambience. Renters will be able to choose from town homes, loft units and two-story carriage units.

The Bristol’s luxury apartment homes will feature open floor plans and designer kitchens with granite countertops, tile backsplashes, 36-inch cabinets, large islands and Energy Star certified stainless appliances.

Also distinguishing the units will be faux hardwood floors, upgraded lighting packages, oversized garden tubs and in-unit washers and dryers. Townhome unit residents will be able to choose optional attached garage units.

Residents will find it easy to meet and greet their neighbors in a variety of common-area settings, chief among them a 6,000-square-foot clubhouse with cybercafé, state-of-the-art fitness center and billiards/game room.

Exterior amenities will include multiple courtyards, salt water pool, cabanas with grilling stations, dog park, car care center and walkways leading to and from popular area stores and restaurants.

The Bristol will be a welcome addition to Morrisville, according to Carlotta Ungaro, Morrisville Chamber of Commerce president. “Morrisville just passed the 20,000 marker in population, and quality developments like The Bristol will help the town grow and be one of the best places to live in the area,” she says.

The general contractor on The Bristol is WP East Builders LLC. The architect is Cline Design Associates. Prudential Real Estate Investors is the equity partner.

Siegel notes Wood Partners is enthusiastic about the level of features, finishes and amenities to be offered at the development. “The Bristol will stand as one of the nicest properties Wood Partners has built in the Carolinas,” he says.

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