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...
Developers seek rezonings for 9 University City properties

Developers seek rezonings for 9 University City properties

The Charlotte-Mecklenburg Planning Department has posted rezoning requests for 9 properties across University City. One request, for up to 200 multifamily units on Shopping Center Drive near Home Depot, is scheduled to be heard on June 15.  DETAILS Two requests are for a combined 600 apartments and townhomes along IBM Drive. Rezoning hearing scheduled for June 15 Union at Tryon – 7.5 acres on Shopping Center Drive, from business  to MUDD-O for multifamily; Petition 2020-026. June 15 hearing. Other rezoning requests in University City Edgewood Preserve – 20.7 acres on Eastfield Road and Browne Road north of I-485, up to 38 single-family lots and 48 multifamily lots; Petition 2020-012. CCP University – 49 acres at IBM Drive near Neal Road for up to 300 apartments and townhouses; Petition 2020-035. Flournoy Development – 24.6 acres on John Adams Road east of I-85, from business and office to MUDD-O for 366 apartments, 56 townhomes, possibly office and commercial on first florr of building facing Mallard Creek Church Road; Petition 2020-048. Aberdeen Townhomes – 21.9 acres on Ridge Road north of I-485, from R-3 to R-8MF (CD) for up to 98 single-family attached homes; Petition 2020-051. Rangewater IBM Drive – 28 acres on IBM Drive just west of Harris Blvd, 300 apartments; Petition 2020-055. Accent Berkeley Place – 11.7 acres in Berkeley Place development on Mallard Creek Church Road, from CC commercial center to R-17MF (CD) for up to 198 apartments; Petition 2020-060. Cameron Commons – Site-plan amendment by K Sade Ventures Inc. for 90 acres on Cabarrus county line and NC 49, Mixed residential community with 250 single family homes, 288 multifamily units...
Are we creating the University City you want? Tell us!

Are we creating the University City you want? Tell us!

University City Partners was created to support the economic development and vitality of our community. As we move forward during and following the COVID-19-pandemic, we particularly need to know from you how we are doing, and what improvements you would like to see. Please help by completing our brief survey. The survey takes just a few minutes to complete; your answers will be anonymous. Click here to complete the survey. Thanks for helping build a better University City. We encourage you to share this survey link with other University City residents. Darlene Heater Executive Director, University City...