Construction Begins on New TOD in Charlotte’s Historic Arts District
- Apr 03, 2013
Charlotte, N.C.—The NoDa District of Charlotte, N.C., an enclave of distinctive galleries, restaurants, bars and performing spaces, will soon be home to a brand new 340-unit apartment building. Construction has just begun on The Yards at NoDa, a $37 million transit-oriented development in the heart of the district.
The Yards at NoDa will be adjacent to the 36th Street stop on the planned extension of Charlotte’s LYNX Blue Line. Slated for completion in 2017, this new leg of the light rail system will offer riders quick and convenient transportation between Uptown, Downtown and the nearby University of North Carolina.
Studio, one-, two- and three-bedroom apartments are planned for The Yards at NoDa. The amenity package will start with a resort-style pool and a fitness center featuring the most advanced equipment. A business center, clubhouse, landscaped gardens and dog park will also be part of the apartment community.
Gvest Partners is providing the equity investment for the new development. The firm acquired the land for the apartments in an all-cash purchase last year. Wells Fargo Bank provided construction financing.
“The Charlotte market was on the upturn, the proposed light rail was scheduled for delivery shortly after the apartment project would deliver, the lack of new apartments in the NoDa submarket and the existing very walkable and eclectic neighborhood,” Gvest Partners LLC development partner John Bell tells MHN.
Bell recently joined Gvest Partners, where he is launching a multifamily platform for the privately owned investment partnership. Bell has developed some 5,600 multifamily units for better-known multifamily firms throughout the country. Most recently, he served as vice president of multifamily for Opus South.
Asked if placing a new development in the center of a historic nook would prove a daunting challenge, Bell responded that the property faces no historic restrictions or requirements.
“But the neighborhood is unique, in part because of its age and architecture, so there is an inherent responsibility to build appropriately,” he reports. “And that issue is addressed through design and site layout.”
The development will certainly advance Charlotte as a place where residents and visitors have transportation options that go beyond automobiles, Bell says.
“This development project will create a more vibrant community by delivering housing for additional residents,” he says. “They in turn will help activate the streets, shops and neighborhood. This additional life and activity only serves to make the community more attractive to others. And with the addition of the light-rail stop, the neighborhood becomes more accessible to everyone.”
Above all, efforts are ongoing to ensure The Yards at NoDa complements and harmonizes well with its surroundings. “We’re designing it to blend in with the spirit of the neighborhood,” Bell says. “NoDa is such a wonderful, walkable area; we’re working hard to make sure the Yards reflects its personality and vitality.”