Flournoy Opens Mixed-Use Charlotte Community
This property features a variety of residential options as well as commercial space.
Flournoy Development Group has wrapped up construction on the 341-unit, mixed-use community Ellison Mallard Creek in Charlotte. The community is located at 930 West Mallard Creek Church Rd. in Charlotte’s up-and-coming University City submarket.
Ellison Mallard Creek features 210 one-bedroom units, 149 two-bedroom homes and 38 three-bedroom units. Additionally, it has 56 for-rent townhomes and flexible ground-floor retail, office and commercial spaces served by a walkable street layout.
Amenities include a central greenspace, electric charging stations, communal and private coworking spaces, a fitness and wellness center, a pool and entertainment courtyard, designated craft spaces and a resident club room with gaming and grab-and-go market areas.
Private balcony/patios are available in select homes as is direct access garages.
Residents are nearby Interstate 85 and I-485 offering access into Charlotte’s downtown and main employment and entertainment hubs. The JW Clay Blue Line Station offers a light rail service into these areas as well.
BMO Bank lent a $59.6 million construction loan for the property in late 2021, Yardi Matrix data shows. Flournoy Properties Group will manage the community.
Charlotte boasts strong fundamentals
Corporate investment and educational growth are some of the many factors that are boosting Charlotte’s multifamily market at large, as well as its University City submarket.
“As Charlotte’s population continues to grow, the region is seeing an influx of innovative, vibrant development opportunities to meet the needs of its new residents,” Steven Peden, principal, capital markets, multifamily, Avison Young, told Multi-Housing News. “With this influx of residents, there’s a heightened demand for housing, but the new residents, many of whom work remotely or in a hybrid model, are eager to access retail, dining and entertainment options at their fingertips.”
Peden said that, as such, developers are increasingly seeing demand for live-work-play projects in Charlotte’s surrounding submarkets, like University City.
This month, NRP Group opened Residences at Cedar Creek, a 200-unit mixed-income community in Charlotte. The apartments are reserved for residents earning between 30 and 60 percent of the area median income.
