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.

0 Comments


Receive Up to Date News


Receive Economic Development News


View Past Newsletters


View Post by Category


Press Releases

UCP Annual Report: Mobilizing the New Urban Center

2015 has been exceptional for University City and University City Partners, as our fresh-off-the-digital presses “2015 Annual Report” makes clear with exclamation marks! The report chronicles the opening of I-485, rapid progress on the LYNX light-rail line, strong...

UCP welcomes four new board members

University City Partners welcomes four new members to our Board of Directors: Shannon Dixon of Casto, Leslie Johnson of Mecklenburg County, Bobby Shields of Shielb PLLC, and Ryan Wetherington of Allen Tate. Each new member brings unique skills that will advance the...

Say hi to our new UNC Charlotte interns

University City Partners welcomes two very needed extra sets of hands – interns Abby Armstrong and Luis Martinez from UNC Charlotte. Abby, a senior marketing major, will help us share the news about UCP. Luis, a sophomore, hopes to gain insights into planning and...

UCP’s 2014 Annual Report captures our breakout year

What an amazing year! With light rail under construction, University City’s stretch of I-485 set to open next spring, dramatic jobs growth and resurgence in our neighborhoods, University City is being transformed. Our new 2014 Annual Report (CLICK to view or download)...

EPRI in University City wins the Jerry Award!

Congratulations to the Electric Power Research Institute (EPRI) for being one of two winners of the Charlotte Regional Partnership’s annual Jerry Awards for their contribution to the regional economy! From the Jerry awards: "The Electric Power Research Institute...

Fast growing Yodle comes to URP Cambridge Center

Online ad and marketing company targets small business If you haven’t heard the name Yodle until now, get used to it. One of the fastest growing advertising and marketing companies in the U.S. recently moved its 120-employee Charlotte operation into the Cambridge...

Run like Rudolph through the University Research Park

Fun 5K/10K on Saturday will benefit Brain Tumor Fund for the Carolinas You can win three ways at the inaugural Run Run Rudolph 5K/10K race this Saturday in University Research Park: Finish first in either race OR win the crowd’s loudest applause as “best seasonally...

University City Partners Welcomes a New Executive Director

After working with us for ten years, our founding Executive Director, Mary Hopper, decided to leave University City Partners (UCP). In her time with us, Mary was completely devoted to supporting our focus on enhancing the economic vitality of University City. UCP has...