Apartment developer pays $1.12 million per acre for site near campus

Haven renderingA recent property sale near UNC Charlotte for a new apartment community appears to have set a record for land cost per acre.

Haven Campus Communities – Charlotte LLC in December bought 6.8 acres on University City Boulevard and Sandburg Avenue for a total of $7,675,000, based on excise taxes paid. That works out to $1,122,404 per acre.

By comparison, a national apartment developer, Oxford Properties, in the same week bought 15 acres directly across North Tryon Street from the University City Boulevard Transit Station and parking deck for $6,350,000, or $423,333 per acre. This site is in the master-planned mixed-use community called University City Gateway.

Plans for campus site

Haven site plan

Click to enlarge

Haven Campus Communities plans to build 322 apartments in buildings up to five-stories high, with structured parking on the interior. That development will work out to 47 units per acre vs. the 17 units per acre density that is common among nearby suburban apartment developments.

First, however, Haven must clear the property of several residential buildings including the 38-unit College Station Apartments, built in 1987. Demolition began recently on the seven College Station buildings, at a cost of between $11,500 and $16,200 per building.

Plans for transit site

Oxford Properties has not announced plans for its property. CityPark View Apartments, which Oxford Properties built in 2013 on the former Charlotte Coliseum site, has about 26 units per acre.  The developer of University City Gateway, McKinney Holdings, recently had Oxford’s 15-acre site rezoned to Transit Oriented Development-Mixed Use, which allows high-density development of retail, office and residential space.


Receive Up to Date News

Receive Economic Development News

View Past Newsletters

View Post by Category

Press Releases

Meet Jordan Harris

This month, UCP welcomed Jordan Harris as the Director of Community Development and Outreach. With over a decade of community relations experience in various roles, most recently serving as the associate director of community relations at UNC Charlotte. In her new...

We’re Back…with a Vision!

University City Vision Plan – Connecting: People. Places. Nature. The growth and development being realized in University City is nothing short of transformational.  Major investments in transportation and mobility infrastructure, thousands of new rooftops, new...

University City launches Barton Creek Greenway Native Meadow

By Azania Herron University City Partners, University of North Carolina at Charlotte Botanical Gardens and North Carolina Native Plant Society have partnered to install Barton Creek Greenway Native Meadows, a community native plant project in University City. On April...

New Farmers Market to open Oct. 3 at University Place

University City Partners announces the opening of University City Farmers Market on Oct. 3 around the lake at The Shoppes at University Place. Shoppers will find fresh local produce, food preparation programs and live entertainment. Open every Saturday in October The...

University City Wine Fest to Offer Socially Distanced Activities

New This Year: Wine on the Water and a Boutique Dining Experience.  Greystar University City Wine Fest will return this fall at multiple locations around the lake and boardwalk at Shoppes at University Place. The fourth annual festival will take place from September...

Where Will They Play?

We need more parks now – YOU CAN HELP A crisis caused by Charlotte’s explosive growth and government inaction threatens one of the most important assets of every truly livable city – public parks.   A recent nationwide study revealed that Charlotte has the least...