Spectrum JV Breaks Ground on University City Project in Charlotte
Batson-Cook Development Co. and Heitman are also part of the venture developing the 325-unit community, which will span four buildings on 28 acres.
A partnership of The Spectrum Cos., Batson-Cook Development Co. and Heitman has kicked off construction of a 325-unit community in Charlotte, N.C.’s University City neighborhood.
The joint venture acquired the ensemble of eight single-family parcels totaling some 28 acres in October from private owners, Mecklenburg County records show. The project is slated for delivery in the third quarter of 2022.
The mostly woodland parcels near the junction of University City Boulevard and N. Tryon Street will hold four mid-rise buildings. Located in the second largest employment center in the region, the development site is enclosed by Carolyn Lane, the Arcadia Student Living community, single-family homes and University City Boulevard.
Common-area amenities at the forthcoming property will include a resort-style pool, grilling area, dog park, clubhouse, fitness center, as well as several acres of outdoor green space. Apartment interiors will feature stainless-steel appliances and 10-foot ceiling heights.
The University of North Carolina campus is one mile from the property, downtown Charlotte is roughly 7 miles southwest, and Lynx Blue Line’s University City Blvd station is less than a mile from the site. Toby Creek Greenway— part of the planned Cross Charlotte Trail encompassing more than 30 miles—is within walking distance.
In October, Pinnacle Bank originated a $38.3 million loan for the development, according to public records. BB+M Architecture designed the project, while LandDesign provided civil engineering and landscaping services. Samet Corp. is the general contractor.
Last year, Spectrum sold another University-area community 7 miles north of the current site, also developed by the company. The 322-unit Garrison Park luxury property traded for $62.8 million.