JV Takes On Charlotte Adaptive Reuse Project
The 235-unit NoDa community is slated for a 2023 delivery.
The Community Builders has partnered with FCP to deliver NoDa Wandry, a 235-unit transit-oriented community in the NoDa district of Charlotte, N.C. The project includes the redevelopment of a century-old mill and the construction of new buildings on two adjacent parcels. Redevelopment and construction costs are estimated at $50 million.
FCP provided mezzanine financing totaling $18 million. The company also brought in Bank of America as a state and federal historic tax credit investor and as senior loan provider.
Work on the NoDa community started in March. The partnership enlisted the help of architects BB+M Architecture, civil engineer LandDesign and general contractor Samet Corp. to deliver the community by the first quarter of 2023.
Located at 3315 N. Davidson St., the 110,000-square-foot former cotton mill will encompass 84 apartments, with a further 151 units planed at 419 E. 36th St. in a ground-up construction. The community will offer a mix of studios and one- to three-bedroom apartments. Residents will have access to a gym, a clubroom and an art production center. The new building is adjacent to the light railway station and will include a coffee shop and transit lounge.
Development plans for the parcel at 423 E. 36th St. call for a two-story building, which will include 2,800 square feet of retail, a leasing center and a coworking area.
The upcoming community is across the street from the Neighborhood Theatre and a short distance from NoDa’s galleries, entertainment venues and dining destinations. Central Charlotte is roughly 4 miles southwest.
Old buildings, new life
The Community Builders acquired the property from the City of Charlotte in 2011 for approximately $1.2 million, according to Axios Charlotte. The acquisition included the adjacent Mecklenburg Mill, which has since been converted into a 47-unit affordable housing community dubbed The Lofts at NoDa Mill.
The 1916-built Johnston Mill has been vacant since production shut down in 1975. The developers plan to conserve the building’s industrial look by showcasing the exposed brick facade and large windows. Some interiors will also feature the original wood ceilings and beams, while the boiler room will be repurposed as an outdoor lounge.
The NoDa neighborhood is home to a large number of vacant factories, a remnant of the city’s once booming textile industry. Over the last decade, adaptive reuse projects have become more common in the area as part of an effort to preserve the district’s industrial past.
In July this year, Third & Urban acquired two former warehouses in the northern part of the district with plans of repurposing the assets and of investing in additional ground-up construction on the sites, The Weekly reported.