City bonds on the ballot will fund several Ucity projects

City bonds on the ballot will fund several Ucity projects

When you go to the polls over the next few weeks, be sure to vote for Charlotte’s general obligation bonds. The $223.8 million in projects that the bonds will fund include several that directly benefit University City – including a new bridge linking the research park to light rail; street improvements to make our business district more walkable; and community improvements at the I-485 Prosperity Village. Here’s a brief overview of the General Obligation Bonds   Transportation Bonds – $118.08 million The bonds will fund street and intersection projects, continued development of the Cross Charlotte Trail, upgrades to Charlotte’s traffic control system, pedestrian safety improvements, and repairs or construction of bridges, sidewalks and bikeways. In University City, more than $50 million will go to ongoing improvements of streets, sidewalks and intersections along the Northeast Corridor that includes the LYNX Blue Line Extension. The funds will also build a revolutionary vehicle-bike-pedestrian roadway and bridge linking University Research Park to the JW Clay Blvd Transit Station, the North Tryon Street business corridor and UNC Charlotte. SEE THE VIDEO More money will also go to develop the 30-mile Cross Charlotte Trail. When completed in the next decade, the paved path for pedestrians and cyclists will run from University City to Pineville via UNC Charlotte, NoDa, Uptown and southeast Charlotte. GET DETAILS   Housing Bonds – $50 million Housing bonds fund the city’s Housing Diversity Program. This money is matched with private investment dollars to provide affordable and well-maintained housing for low- and moderate-income individuals and throughout Charlotte. The Housing Diversity Program not only addresses the need for new construction; it also helps preserve existing...
Office sale indicates surging interest in Ucity submarket

Office sale indicates surging interest in Ucity submarket

Charlotte’s hot economy is heating up University City’s office market. The largest multi-tenant office building in University Research Park, Cambridge Corporate Center, just sold for 45% more than what the previous owners paid to buy it just four years ago, the Charlotte Business Journal reports. And that trend will continue, the Journal article adds. The Business Journal says that a joint venture by Arch Cos. And Lakestar Properties paid $63 million for the 339,544 square-foot office center and 53 acres at Claude Freeman Drive and West Mallard Creek Church Road. The previous investment group, Origin Capital Partners, paid $43.5 million in 2014. In 2016, Origin spent $4.2 million to add a 475-vehicle parking deck. Originally intended as a single-tenant building for a West Coast financial institution, Cambridge Corporate Center now has numerous tenants including Red Ventures, Web.com and Duke Energy.   Investors turning to suburbs The Business Journal reports that suburban office centers are becoming much more attractive to investors as central city locations in Charlotte and elsewhere soar in both rent rates and sales prices. That surge in interest is apparent to the University City Partners staff, which spends much of its time helping market office space in the University City Municipal Service District that includes University Research Park.   Prime space available in University Research Park The MSD has more than 11 million square feet of offices, including about 4.8 million square feet of leasable space. University Research Park has large tracts available for additional office buildings, including nearly 52 acres recently put on the market by Electrolux beside its North American headquarters. Mohr Partners is the exclusive...
Celebrate our international CommUNITY on Oct. 27

Celebrate our international CommUNITY on Oct. 27

Keith Family YMCA invites the world and especially University City residents to celebrate our global connections at the 2nd annual CommUNITY International Fall Festival. The free event celebrating togetherness, inclusiveness and acceptance will take place 10 am-2 pm Oct. 27 at the Keith Family YMCA, 8100 Old Mallard Creek Road. DIRECTIONS The festival will include music, dance, bounce houses, family activities, fellowship and refreshments. You do not need to be a YMCA member to take part. The event will take place rain or shine. Come to the outdoor fields unless there is rain, when the festival will be held in the basketball gym. Click here to learn more about the...
Mohr Partners announces sale of 51.755-acre development site in University Research Park

Mohr Partners announces sale of 51.755-acre development site in University Research Park

DALLAS, TX – September 18, 2018 – Mohr Partners, Inc. has been appointed as the exclusive listing agent to sell a 52-acre development site in northeast Charlotte on behalf of its client Electrolux. Eric Beichler, Managing Principal, said, “This is the largest remaining development track in the University Research Park which is the prime corporate suburban office area in Charlotte.” The site would be attractive for either a build-to-suit office tenant, speculative office developer, or datacenter, as it has abundant power, ample telecom providers and is close to the LYNX Light Rail system. Additionally, it is only a 10-minute drive to the Charlotte CBD. The site is surrounded by Fortune 500 companies including Electrolux, Duke Energy, Wells Fargo, TIAA, and Broadcom. To learn more, contact Eric Beichler or his colleagues on this marketing effort, Steve Macnoll, Managing Director and Michael Imbrogno, Senior Associate. View the sales...
Redevelopment-focused investor buys key part of University Place

Redevelopment-focused investor buys key part of University Place

A Texas-based developer and asset manager has purchased a large part of University Place along JW Clay Boulevard and the lake, reports The Charlotte Business Journal. The buyer, EB Arrow, focuses on renovating and redeveloping older commercial centers located in prime locations. “EB Arrow found their bread and butter at this site, an aging power center supremely located at the center of Charlotte’s second largest employment center and adjacent home of UNC Charlotte with excellent road and transit access,” said University City Partners Planning Director Tobe Holmes, who met with EB Arrow staff prior to the purchase. The University Place purchase involves 36 acres and buildings totaling 294,000 square feet, mostly along the west side of the lake and also including the building that houses Guitar Center. EB Arrow paid $18.2 million for the property, according to tax records.   ‘Prime spot for redevelopment’ “The University Place site is a prime spot for redevelopment with tremendous infrastructure and amenities including light rail, interstate accessibility, a 15-acre lake, convention hotel and access to greenways. … University Place I & II represents a rare opportunity to shape a large-scale redevelopment in a mature environment,” said Mike Burkard, senior vice president at CBRE Charlotte, in a prepared statement. Burkard and Steve Shields at CBRE represented the seller, Aegon USA Realty Advisors, in the transaction.   Ground-breaking center at regional crossroads University Place, a ground-breaking mixed-use center when it was launched in the early 1980s, also includes the Lakefront Shoppes retail center on the east side of the lake, The Hilton Charlotte University Place, One University Place offices, Sam’s Club, a retail center...