Commercial Real Estate Roundup – October 2020

Commercial Real Estate Roundup – October 2020

October 2020 report on commercial real estate in University City – Charlotte Novant Health medical center among 9 developments proposed for University City City Council heard or approved 10 University City rezoning petitions at Sept. 22 meeting Novant Health plans 144,000 SF medical facility at N. Tryon and Mallard Creek Church Rd 8 other petitions would add nearly 2,000 housing units, 30,000 SF office/retail The owners of the closed Gray’s Bookstore near campus are requesting broader retail uses MORE Recent building permits point to $125+ million in new construction Permits issued since June include three residential projects near LYNX, campus Lidl has started work on store on W. Mallard Creek Church Road Casto gets permits for two retail/office buildings at The Pointe at University Place MORE Apartment sales in CLT and University City strong, Business Journal reports Journal credits better-than-expected rent collections, rebound in debt markets Increasing migration to Charlotte also buoying sales activity University City sales in 2020 include: Addison Park Apartments – $75.5 million; 426 units; 6225 Hackberry Creek Trail; Aug. 17 The Hamptons – $31.7 million; 180 units; 8415 University Station Circle; Aug. 17 Magnolia Terrace – $40.7 million; 264 units; 8301 Paces Oaks Blvd. Sept. 1 Greenway at Mallard Creek – $49.55 milion; 266 units; 8230 Greenway Village Drive; Sept. 16 MORE Insurance and financial-services companies helping University City prosper Centene Corp’s East Coast HQ is the latest coup for University Research Park Business Journal says sector has grown this year while most others have shrunk TIAA and four other insurance, financial-services firms have major offices in park MORE University City Partners events helping draw...
Recent building permits point to more than $125 million in new construction

Recent building permits point to more than $125 million in new construction

The construction crane swinging over Vue on University, a new apartment community rising near campus, is a clear sign that University City continues to grow even through the pandemic. In fact, Mecklenburg County has issued building permits for more than $125 million in new construction and renovations in University City’s central business district between June 1 and mid-September. Here’s a glimpse at the largest projects. Please note that the dollar figures shown here don’t necessarily capture the full cost, since large projects may get multiple permits over several months. Residential projects Tapestry University City, University City Apartments, LLC, 8235 Dave McKinney Ave. $46.5 million 2. Vue on University, Vue on University Phase 1 LLC, 9905 University City Blvd. $40.5 million 3. LIV North Tryon Station, PR 111/LIC UNCC Apartments, LP, 6820 N. Tryon St. $15.4 million   Retail/Office 4. Lidl grocery store, 615 W. Mallard Creek Church Road, new building, $9.43 million. 5-6. The Pointe at University Place buildings E and B, CS Shoppes at University Place, LLC Building E, 8956 J M Keynes Drive; office, bank, medical offices; $333,600. Building B, 9832 J M Keynes Drive; stores, restaurant etc.; $615,400.   Office/Research 7. TIAA, Andrew Carnegie Blvd; multiple permits for interior renovations; $8.15 million. 8. EPRi, 1200-1300 W. WT Harris Blvd, renovations, $826,000. 9. Proximity Park, 401 McCullough Drive, interior improvements, $471,000. 10. Lowe’s, 1100 Chancellor Park Drive, upfits, additions and/or repairs, $627,000.   Institutional 11. Mallard Creek Wastewater Reclamation Facility RUVI, City of Charlotte, 12400 N. Tryon St. $1.16...
Medical center among 9 new developments proposed in University City

Medical center among 9 new developments proposed in University City

A major Novant Health medical center was among 9 proposed developments in University City reviewed or approved by Charlotte City Council at its Sept. 21 rezoning meeting. Altogether, the nine proposals would add nearly 2,000 housing units, 30,000 square feet of retail and offices, and Novant Health’s planned 144,000 square-foot medical center near UNC Charlotte. Rezoning petitions approved on Sept. 21 The council unanimously approved all four of these petitions. Click here to watch a video of the entire 4-hour-long City Council meeting. 1. Mixed-use residential community on NC 49 Location: University City Boulevard, north side, just west of the Mecklenburg-Cabarrus County line. Zoning change approved: 93.9 acres from MX-1 mixed residential to MX-2 mixed residential. This will allow more than half of the dwelling units to be multifamily. Petitioner: K Sade Ventures, LLC. Petition 2020-092 details Proposed uses: 250 single-family detached homes and 288 multifamily units. Other details: 8-ft planting strip and 12-ft multi-use path along University City Blvd frontage. 2. Retail center on NC 49 Location: University City Boulevard, north side, just west of the Mecklenburg-Cabarrus County line. Zoning change approved: 4.56 acres from neighborhood business to general business, conditional. Petitioner: K Sade Ventures, LLC. Petition 2020-021 details Proposed uses: Up to 20,000 square feet of general business uses. Other details. Adjoins 92 acres also being rezoned for residential uses. 3. Mixed-use development on Mallard Creek Church Road near I-85 Location: East side of John Adams Road, north of Mallard Creek Church Road and east of I-85 Zoning change approved: 24.6 acres from neighborhood business and office to Mixed-Use Development (optional) Petitioner: Flournoy Development Group. Petition 2020-048...
Commercial Real Estate Roundup – September 2020

Commercial Real Estate Roundup – September 2020

September 2020 report on commercial real estate in University City – Charlotte Crescent Communities redefining creative office space at Escent Research Park Four-story, 159,000 SF Class A creative office community to open in 2021 near I-85 Two large courtyards include indoor and outdoor spaces for collaboration, respite, meetings Light-filled lobby and amenity center offer alternative workspaces for creativity, collaboration Efficient +/- 45,000 SF floor plans with virtually column-free layouts provide flexible interior design Connectivity is key. Crescent is seeking Wired Certification of Escent’s digital infrastructure Building’s topping-out milestone was celebrated Aug. 24, 3 months after first panel was set LEARN MORE ABOUT ESCENT RESEARCH PARK Take a virtual tour Download the brochure Visit the website For leasing information, contact Joe Franco or Stephanie Spivey at CBRE University City Wine Fest returns Sept. 16-20 Five days of wine-flavored events include the main festival on Sept. 19 Redefined Wine Fest will take place at Armored Cow Brewing Co. at University Place. MAP Sign up now for group tables offer seating for 10 and special services WEBSITE AND RESERVATIONS Panorama Holdings gets $44.5 million construction loan for Lumeo Apartments Broadshore Capital Partners of LA providing the senior construction loan 314-unit community is under construction near University City Blvd LYNX station Panorama also developed $70 million Blu at Northline Apartments nearby MORE 2 apartment communities near Harris Blvd & Davis Lake Pkwy have new owners Addison Park, with 426 units, bought by The Dermot Co. for $75.5 million. Map The Hamptons, with 180 units, bought by Covenant Capital Group for $31.5 million. MAP Last owner of Addison Park bought it for $51.9 million...
Crescent Communities redefining creative office space at Escent Research Park

Crescent Communities redefining creative office space at Escent Research Park

Crescent Communities recently celebrated the topping-out of its transformative new office building, Escent Research Park. The four-story, 158,000 square-foot Class A creative office community is set to open in 2021 in University Research Park. Escent Research Park is designed to provide a modern workspace that can help companies inspire, retain and motivate top talent. Among the features that will shape that workspace are: Two large courtyards that include indoor and outdoor spaces for collaboration, respite, meetings. A light-filled double-height lobby and amenity center with alternative workspaces for creativity and collaboration. Efficient +/- 45,000 SF floor plans with virtually column-free layouts for flexible interior design. Ultimate connectivity throughout the Escent Research Park building and campus. Crescent Communities is seeking Wired Certification of Escent’s digital infrastructure. Escent Research Park’s campus is located on 21 acres between Mallard Creek Church Road and David Taylor Drive. The site will allow quick access to I-85 and I-485, and is close to the LYNX light-rail line and to 13 miles of connected greenways through University Research Park, UNC Charlotte and several nearby neighborhoods. Learn more about Escent Research Park Take a virtual tour Download the building brochure Visit the website For leasing information, contact Joe Franco or Stephanie Spivey at CBRE....

Informal community survey finds strong interest in farmers market, local businesses, greenways

In April and May, we invited University City residents and workers to complete an informal survey about programs and improvements they’d like to see in our community. More than 200 people took part. Here’s what they shared. How well do their responses match what you would say? About the people who responded Of the 209 people who took part, four-fifths say they live in University City, while the remainder say they work here. About half of the residents live in the 28269 ZIP Code, with the remainder split between 28262 and 28213. Three-fourths of the responders put their ages at between 35 and 64. Topics of interest during the pandemic The pandemic was already in full swing when we began the survey. We asked responders to rate the types of information they most wanted to receive regarding the pandemic’s impact. Their answers by level of interest, from high to low: Ways to support local businesses. Community impact stories. Physical safety and mental health tips. Food access programs and locations. Community programs We asked everyone to tell us which types of activities they would most appreciate adding in University City. Nearly 90% said they’d like a farmers market. More than half asked for movies or music, while one in five mentioned outdoor playgrounds. Greenways About two-thirds of people completing the survey say they visit greenways at least every couple of months; 25% say they walk or bike on one of the greenways at least weekly. What could make greenways better? Half of the survey-takers say the greenways need more natural beautification, and nearly as many want more places to sit....