Charlotte Redevelopment Moves Forward
- Jun 07, 2019
Southeastern apartment developer Terwilliger Pappas has closed on the acquisition of a roughly 8-acre multifamily development site in Charlotte, N.C., within the 150-acre master-planned redevelopment known as City Park. The company intends to build a 272-unit, Class A apartment community dubbed Solis City Park on the fully entitled site.
Pope & Land Real Estate, the master developer of City Park, sold the parcel to Terwilliger Pappas in a deal brokered by Caleb Troop and AJ Klenk of Capstone Land Sales. The site is located in the center of the redevelopment scheme, along the tree-lined City Park Drive, and across from major retailers including Chipotle, Panera and Starbucks. Destinations including the Charlotte Regional Farmers Market, Renaissance Park and the Harry Jones Municipal Golf Course are within walking distance.
Building on a former arena
City Park is located on the former site of the Charlotte Coliseum, home to the Charlotte Hornets basketball team, which was demolished in 2007. The redevelopment of the former 18,000-seat arena with 50 acres of vacant asphalt has so far brought a Marriott-brand Fairfield Inn/Residence Inn, 20,000 square feet of retail and restaurants, 485 apartment units, 100 townhome units, and 15 acres of parks and green space, according to Pope & Land’s corporate website.
Projects currently under construction include 200 apartment units, 100 townhome units and the 135-key Aloft Hotel. Another 25,000 square feet of restaurant and retail space and 400,000 square feet of offices has been proposed.
Terwilliger Pappas has completed seven communities since being formed in 2013. In December of last year, the developer sold its 303-unit luxury community Solis Parkview in Chamblee, Ga., for $74.8 million. GID purchased and rebranded the asset near Atlanta, which opened in early 2018.