Phillips Development Finances Vibrant New Project in Charlotte

By Matthew Marin, Associate EditorCharlotte, N.C.–Representatives from Phillips Development & Realty LLC (PDR) announced the property closing for its new mixed-use project in Charlotte, The Carlisle at University Center. PDR, the project’s developer, closed on financing of the apartment component, a 372-unit luxury complex, which is set to be the area’s most upscale of its kind.Positioned in the University area at 701 McCullough Drive, the groundbreaking is anticipated for later in January 2008, with the first units expected to be delivered in October 2008. PDR said many options are in store for The Carlisle at University Center, which is zoned apartment/hotel/office/retail. “This is a new era for apartment design especially,” says Donald Phillips, managing director of PDR. “The site’s proximity to area amenities and plan itself reflect the youthful energy of Charlotte. A livable and luxurious design is incorporated into every aspect of this project.”PDR collaborated with Dallas-based Humphreys & Partners Architecture LP for the design. The plan utilizes the Humphreys “Big House” concept, designed to resemble a mansion rather than an apartment building. Representatives said this raises the bar for new garden-style apartments in the University area. The “Big House” concept was originated by Humphreys in 1995 and has a unique interlocking floor plan. Single-family characteristics, like bay windows, pitched roofs and direct-access garages, add value, privacy and safety. According to Kelly Osburn, principal and vice president of Humphreys, The Carlisle at University Center’s designers included these features distinct for multifamily housing while adhering to the traditional look PDR wanted to mirror the surrounding area. PDR worked with LandDesign’s civil engineers, along with lender Compass Bank and Real Estate Capital Partners, the equity partner for this project. “We had the pleasure of visiting the project site and are excited about the location,” says Kathryn McCulloch of Compass Bank. “We feel the market will be receptive to the project and are looking forward to its groundbreaking.”