Gvest Partners LLC, a closely held real estate investment partnership that focuses on the acquisition, development and management of commercial real estate and renewable energy assets, has announced plans for a $37 million apartment development in Charlotte. According to the Charlotte Business Journal, Gvest plans to build a 342-unit apartment complex in the city’s NoDa neighborhood.
Expected to break ground within a few weeks, The Yards at NoDa will consist of eight four-level buildings spread across 10 acres west of North Brevard St. The developer purchased the plot in early 2012, which, according to the report, has been rezoned for proper land use. Gvest paid $4 million for the land.
The community, which will rise in close proximity to a station of the planned extended light-rail line, will feature studios, one-, two- and three-bedroom units, as well as two townhomes. Amenities will include a fitness center, resort style pool, clubhouse, dog park and surface parking. The community will also mirror NoDa’s vibrant, walkable, urban vibe with features such as graffitied walls.
The property is expected to be completed in 16 months. Construction financing was provided by Well Fargo & Co.
In other news, signs of market recovery are beginning to show in Metrolina as well, with ideas and rumors of speculative development in the Greater Charlotte area creating a buzz. According to a report by the Charlotte Business Journal, Merinos Home Furnishings owner Michael Bay is considering redeveloping some of the available space at his Mooresville store into office space.
With the Merinos home furnishings store taking up about half of the available 1.1 million square feet of space, Bay is reportedly considering renovating 82,000 square feet into speculative office space.
Photo courtesy of Merino Home Furnishing Warehouse’s Facebook page