400-Unit Rental Community Slated for Uptown Charlotte

By Anuradha Kher, Online News EditorCharlotte, N.C.–Crosland LLC is developing a 400-unit, eight-story luxury apartment building at Trade and Graham streets in uptown Charlotte. The $100 million project is located on a 2.7-acre site at 500 West Trade St., which currently houses a vacant building and surface parking.Crosland has secured a capital commitment from a longtime institutional partner, and plans to proceed with demolition in late summer of this year followed construction this fall. Residences are expected to be available for move-in by late 2009.“There is a lack of new rental product in this area,” David Ravin, president of Crosland’s residential division, tells MHN. “People looking for newer rental properties have been going at least 30 minutes away to the north or south.”Charlotte’s uptown is really the city’s downtown and this site is halfway between two major employment areas, but rental product hasn’t been able to get into this market for nearly eight years, says Ravin. The community will feature a private half-acre courtyard that will include a large resort-style saltwater pool, along with several garden areas and additional water features. One end of the courtyard will contain a two-story resident gym with a rock-climbing wall, while a covered, tiered seating area within the courtyard will enable sporting events and movies to be shown on a large video screen.A second pool planned for the roof of the building will provide views of the Charlotte skyline and be surrounded by covered seating areas with grilling stations. The rooftop will also feature a vaulted, two-story resident lounge with a gourmet kitchen for resident events and private functions. A third rooftop amenity will be a resident business center, conference room and media center with an outdoor viewing terrace overlooking Trade Street. There will also be retail shops on the ground floor.“The amenities we offer are on par with condos, if not better than them,” says Ravine.Tom Flynn, economic development director for the city of Charlotte, says, “500 West Trade will set the tone for that immediate area which is slated to be home to the future multi-modal Charlotte Gateway Station combining Amtrak and Charlotte Area Transit System lines.”One-, two- and three-bedroom units, ranging in size from 600 to 1,300 sq. ft. will be available for rent from $900 to $2,000 a month. Crosland is also incorporating sound-reducing construction techniques, environmentally friendly plumbing and lighting fixtures, high-efficiency air conditioners and heaters, convenient loading elevators for moving, bicycle storage and climate-controlled storage units. A seven-story parking deck will provide 560 parking spaces for residents.The Housing Studio is the architect of the project.