Commercial Real Estate Roundup – January 2021

Commercial Real Estate Roundup – January 2021

January 2021 report on commercial real estate in University City – Charlotte Centene East Coast HQ leads 2020 business news, says Charlotte Ledger “That’s the huge one,” Ledger Executive Editor Tony Mecia tells WFAE. Total jobs could top 6,000 – biggest jobs announcement in NC history, Mecia says. Centene news also helps NC earn “2020 State of the Year” title from Business Facilities. MORE NOVEL Research Park sells for $69.5 million Charlotte Observer says price is among highest ever for University City apartments. The year-old community, now named Pointe at Research Park, has 280 units on 19.3 acres. Site adjoins property purchased by Centene Corp. for East Coast headquarters. Other recent sales in University City include RUSH student housing for $95.25 million. MORE Work under way or starting soon on 2 apartment communities Spectrum JV is building 325-unit development near University City Blvd LYNX station. MORE ContraVest to start work soon on Addison One15 at W. Harris Blvd and Old Statesville Road. Addison One15 will offer attached garages, cybercafe, private office spaces. MORE I-85 North Bridge update: work starting on utilities relocation in Research Park Work will start soon along David Taylor Drive and Research Drive near Louis Rose Place. Project will begin with tree removal. Utilities will relocate both underground and overhead lines. City will work to maintain safety for workers, surrounding businesses and commuters. Bridge and new roadway will link Research Park to University Place, LYNX, university. Questions: Leslie Bing, project manager, at 704-577-8609 or lbing@charlottenc.gov. MORE Recent building permits in University City Building permits issued from Sept. 7 to Dec. 8 2020 include: Centene East Coast...
Help us secure the right home for University City’s library

Help us secure the right home for University City’s library

Money is short, and time is running out. We need your help – NOW – to speak up for our library. (Updated Jan. 6, 2021) Major decisions over the next month will likely decide the location and scale of University City’s next library. The current facility at 301 E. WT Harris Blvd. must soon relocate because the library’s lease is expiring. The two groups that will decide the library’s future – the leadership of Charlotte Mecklenburg Libraries and the Mecklenburg County Board – need to hear loud and clear from our community that we want the future University City Regional Library to have the building it needs at the best location to serve University City and all of Charlotte. SEE BELOW FOR HOW TO CONTACT OUR COUNTY COMMISSIONERS An exciting opportunity for University City’s future Developer EB Arrow’s announcement in July 2019 that it would help transform University Place by including a 40,000-square-foot library building in its Waters Edge project seemed like the perfect solution. This new home (just to the left of the main office building in this image) could follow in the footsteps of the South County Regional Library, now being renovated and expanded to 39,000 square feet. Leveraging the $1.1 billion LYNX investment University City Partners believes that having a library facility that’s nearly twice the size of the current one, equipping it with the latest technology and programming, and locating it in a dynamic urban center within a short walk of the LYNX light-rail line, will meet the library system’s stated goal of establishing libraries as the 21st Century “public commons” for their communities. A...
Commercial Real Estate Roundup – November 2020

Commercial Real Estate Roundup – November 2020

November 2020 report on commercial real estate in University City – Charlotte Centene Corp. moving quickly on East Coast HQ at University Research Park Work has begun on 770,000 SF building on Gov. Hunt Drive. See slide show Centene leasing additional space at Camp North End. MORE Centene’s thousands of future IT jobs help lift Charlotte’s Tech Town ranking. MORE Centene is hiring. See current Charlotte job listings. See the progress on Escent Research Park office building and campus Short video compares current construction images and finished renderings. Video also offers highlights of University Research Park’s newest office building. Crescent Communities expects to deliver finished building in Q1 of 2021. MORE Apartment market stays hot, with 6 more sales in University City RUSH student housing near campus sells for $95.25 million, Business Journal reports. BJ reports sales of 5 other University City communities. Prices run 150% or more of appraised values: Barrington Place, 2410 Allerton Way, $63 million. Grantee: Greystar. The Commons at University Square, 9201 Glenwater Drive, $37.26 million. Grantee: Affiliate of Cedar Grove Capital. The Maxwell at Highland Creek, 5410 Prosperity Ridge Road, $62 million. Grantee: Knightvest Residential. Wexford Apartment Homes, 1811 Wexford Meadows Lane, $16.5 million. Grantee: Morgan Properties. Crossroads Station Apartments, 6940 Hidden Forest Drive, $12.52 million. Grantee: Peak Capital Partners. Rezonings OK’d on Oct. 19 for Novant Health medical center, new housing Novant Health plans 144,000 SF facility at N. Tryon, Mallard Creek Church Road. Five approved rezonings will allow up to 1,020 townhomes and apartments. City held hearings on 50,000 SF of offices, 130 for-sale townhomes near Mallard Creek Road. MORE 5 more...
City Council Oks zoning change for Novant Health facility

City Council Oks zoning change for Novant Health facility

• Council also approves five rezonings for 1,020 townhomes and apartments. • Hearings held on proposals for offices, townhomes along Mallard Creek Road. Novant Health’s rezoning request for a 144,000-square-foot medical facility won unanimous approval from Charlotte City Council on Oct. 19. The council also unanimously approved five other rezonings across University City that would add more than 1,000 apartments, townhomes and one-floor attached homes. Two rezoning hearings also held on Oct. 19 were for two Mallard Creek Road tracts just west of West W.T. Harris Boulevard. One rezoning would allow up to 50,000 square feet of offices and similar uses while the other would permit up to 130 for-sale townhomes. Details are below. To watch a the meeting video, click here. A directory allows you to choose which items to watch. Charlotte City Council zoning decisions 1. Novant Health medical center on North Tryon Street Location: Western corner of North Tryon Street and West Mallard Creek Church Road Zoning change approved: 23.8 acres from mixed-use development, optional to mixed use development, optional, with site plan amendment Petitioner: Novant Health. Petition 2019-163 details Proposed uses: Up to 144,000 sf of medical and general offices uses with optional provisions for vacant land. Uses could include clinics, health institutions, surgery centers, and emergency rooms. Current zoning allows up to 1 million sf of general medical and office uses and other uses. Transportation improvements: Developer commits to provide numerous improvements both at the site and at the I-85 interchange with Mallard Creek Church Road. Other details: provide urban open space, plus 8-ft wide planting strip and 12-ft wide multi-use path along sites frontage...
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...