University City Projects/News

[RANYC]

Michael Neidorff, former CEO who was running the company in 2020 when it announced its decision to make its massive investment in a 2.4 million square foot Charlotte campus has died at age 79. Campus is supposed to open in Q3.  Sad news.  From his comments at various events, he seemed to be positioning himself as a major Charlotte booster.  In one set of comments, he said he and his wife were scoping out condos in Charlotte, and he appeared to hint that a Centene HQ relocation to Charlotte was a real possibility.  Sarah London has succeeded him and unclear if she has any ties to Charlotte or NC.  

[rancenc]

Former extended stay hotel turned into multi unit housing...From the Charlotte Business Journal!

A New Jersey-based private-equity firm is turning a former Marriott franchise in the University City area into multifamily rental units.

Lucern Capital Partners recently purchased TownePlace Suites, at 8710 Research Drive, from Kayak Group for $8.4 million. The three-story, 56,244-square-foot property was built in 2001 and has 96 units. It sold for $87,500 per unit.

 

Jonathan Brody, of Rosewood Realty Group, represented Lucern. Mike Kerwin and Daniel Shabtai, both of Rosewood, represented Kayak Group.

The sale closed March 25, according to Mecklenburg County real estate records, and was contingent on Lucern obtaining approval of its rezoning petition. Charlotte City Council granted the approval in June 2021, according to city rezoning records.

Shabtai said Lucern is in the process of repurposing the 2.3-acre property into apartments.

"There isn’t much that will need to be changed because it was an extended-stay hotel, a few architectural things on the inside to cater toward multifamily use," he said.

The property was attractive to Lucern because of its proximity to UNC Charlotte, in particular, Shabtai said.

"The location itself is (a) very prime Charlotte area, and the fact is, it was in dire need of multifamily," he said. "The buyer thought it was a home run, filling the need for multifamily in that area."

Charlotte-based DPR Design is the architect on the project.

[KJHburg]

University Place new Crescent apartments next to the Hilton replacing the big box stores.  These apartments will be around the lake across from the other retail and the existing condos.    Also Crescent's new Escent office building on David Taylor Drive in URP. 

https://www.noveluniversityplace.com/

 

[KJHburg]

a Residence Inn across from the McCullough LYNX station will be converted to apartments 2nd such project in the University area of an extended stay hotel.

""Vivo Living, based in El Segundo, purchased the site at 8503 N. Tryon St. for $8.25 million from RI Charlotte Property (Texas Western Management Properties), according to Mecklenburg County real estate records. The sale closed on May 11.Vivo Charlotte will include upgrades to its 91 units, which consist of 64 studios and 27 one-bedroom apartments, as well as new gym equipment, a renovated pool area, a dog park, grilling stations and a community work space and lounge.  Akash Rohera, Vivo partner and head of capital markets, said the units will rent at market rate, making them more affordable than the majority of apartments in Charlotte. Updates should only take a few months, and Rohera said tenants will begin moving in by the end of the summer.""

https://www.bizjournals.com/charlotte/news/2022/05/23/vivo-living-convert-residence-inn-hotel-apartments.html

[Desert Power]

Hotel conversions to apartments in an interesting move. I cannot say Charlotte seems over-saturated with hotel rooms, but maybe the university area is?

[KJHburg]

7 hours ago, Desert Power said:

Hotel conversions to apartments in an interesting move. I cannot say Charlotte seems over-saturated with hotel rooms, but maybe the university area is?

this particular Residence Inn by Marriott was their old design.  They have moved away from the multiple building hotel like this and why it makes it perfect for apartment conversion.  Business travel everywhere is still down and hotels have continued to struggle however extended stay is one of the best performing. 

[CharlotteWkndBuzz]

New article in the CO. Question I have, did the city know that area was potentially going to be turned in the entertainment district prior to that parks Chevy dealership being built? They have a huge lot to house inventory right in the middle of this plan. How can they fix that?

Edited May 24, 2022 by CharlotteWkndBuzz

[Third Strike]

9 minutes ago, CharlotteWkndBuzz said:

New article in the CO. Question I have, did the city know that area was potentially going to be turned in the entertainment district prior to that parks Chevy dealership being built? They have a huge lot to house inventory right in the middle of this plan. How can they fix that?

I remember the backlash from the car dealership’s rezoning. I believe this was before Topgolf and the entertainment district being proposed in this area. Still don’t know what the city was thinking with allowing that to pass. 

[rancenc]

Here is  the detailed article as a follow up to the two above mentioned postings!

https://www.charlotteobserver.com/news/business/development/article261722392.html

[KJHburg]

Couple photos from my drive through University Place area to a meeting.  

New Novel University Place apartments underway on the site of a former big box shopping center.   These are easy walking distance to JW Clay LYNX station. Photos 1-3

Photos 4-8 new apartments by Jane Wu and Panorama Holdings near the Top Golf.    Photo 7 new extended stay hotel. 

Building near new planned entertainment center and the Top Golf. 

Last more sunnier photos new apartments by McCullough LYNX station along N Tryon and the old Residence Inn by Marriott being converted to apartments next door.   Last 2 photos are the Marriott hotel on the UNCC campus at the JW Clay station. 

[rancenc]

Just outside the fringes of University City and the Concord Mills areas!

Greystar plans 500-plus multifamily units on north Charlotte site after acquisition

Jun 8, 2022, 7:00am EDT

http://media.bizj.us/view/img/12278445/31aelevationsummitprototypeprogram*304xx1620-1080-150-0.jpg

GROUP 4 DESIGN INC.

Greystar purchased a nearly 50-acre site in north Charlotte for $24.55 million last month, according to Mecklenburg County real estate records. The site is permitted to accommodate over 500 multifamily units.

A developer has purchased a site in north Charlotte that is permitted for hundreds of residential units.

Last month, Greystar bought a 49-acre site on Hucks Road for nearly $24.6 million, according to Mecklenburg County real estate records. The site is permitted for 516 multifamily residential units, including 402 apartments and 114 townhomes. Greystar plans to break ground on an apartment complex there later this summer.

“We are thrilled at the opportunity to continue to expand our Charlotte presence with another Class A multifamily project in the north Charlotte area,” said Josh Glover, Greytar's senior director of development. “Greystar consistently seeks to innovate and elevate the rental housing experience for our customers. From the design and planning stage to development, Greystar puts its customers first and we look forward to creating additional housing supply while providing residents with exceptional amenities and community spaces for enriched lifestyles."

The site's zoning allows for one-, two- and three-bedrooms among the 402 apartment units. The site entitlements allow the 114 townhomes to have three-bedroom floor plans with attached garages. The project site is within a mile of Clarks Creek Park and near Exit 23C of Interstate 485.

Greystar bought the site from MVP Equities, which was represented by the Capstone Land Sales team of Bryse Toothaker, Caleb Troop, Alex McDermott, Austin Green, Thomas Colaiezzi, Travis Cundiff and Jourdan Sullivan.

“We were blown away with competitive offers from regional and national developers,” Troop said. “The appetite for fully approved Class A apartment community sites in and around Charlotte’s 485 beltway continues to be robust. In-migration trends for Charlotte paired with a lack of suitable apartment land is creating a perfect storm of sorts in the multifamily space.”

Greystar came in at No. 23 on the Charlotte Business Journal's most recent list ranking the region's largest commercial real estate developers. CBJ data shows the company developed nearly 600,000 square feet of space locally from 2017-21.

[tozmervo]

12 hours ago, rancenc said:

Greystar plans 500-plus multifamily units on north Charlotte site after acquisition

Are we going to talk about the palm trees in the rendering?  

[DMann]

I hope not!

[RANYC]

29 minutes ago, tozmervo said:

Are we going to talk about the palm trees in the rendering?  

I long for a day when a proposed development of 500 residential units is never just a single-use project, and instead it's always mixed-use with retail or other uses.  Also, this project is surrounded by surface lots.  I know it's not in the core city, but shouldn't a project like this include some basics of walkability like structural connectivity to sidewalks, with perhaps the surface parking on the interior of the complex and away from the streets? 

Edited June 9, 2022 by RANYC

[704Dimitri]

12 hours ago, tozmervo said:

Are we going to talk about the palm trees in the rendering?  

Oml they look like college housing.

[Hushpuppy321]

Anyone know if the Greystar development will include those Townhomes for sale or rent?  I don’t like the trend of these big developers renting townhomes.

[KJHburg]

5 minutes ago, Hushpuppy321 said:

Anyone know if the Greystar development will include those Townhomes for sale or rent?  I don’t like the trend of these big developers renting townhomes.

If Greystar is involved I would say most likely rental townhomes. 

[KJHburg]

How uptown and University City can be more like each other.   Like the idea of the UC Rail trail and they mention Toby Creek greenway which I have walked its entire length.  It is a great trail right through UNCC campus on up to the Newell area and will be a part of the Cross Charlotte Trail XCLT

https://ui.charlotte.edu/story/why-uptown-and-university-city-want-grow-more-each-other

[J-Rob]

15 hours ago, KJHburg said:

How uptown and University City can be more like each other.   Like the idea of the UC Rail trail and they mention Toby Creek greenway which I have walked its entire length.  It is a great trail right through UNCC campus on up to the Newell area and will be a part of the Cross Charlotte Trail XCLT

https://ui.charlotte.edu/story/why-uptown-and-university-city-want-grow-more-each-other

My favorite part of that article was the quote low-key calling out Levine to turn his empty lots in Uptown into  residential developments (though I am sure they will eventually be mixed used). I would love for the remainder of the First Ward to be residential and retail focused.

Edited June 17, 2022 by J-Rob

[rancenc]

Residential and retail development gets a green light to commence construction.

Cambridge Properties' plan for apartments, restaurants and retail in University City gets green light

Jun 21, 2022, 2:31pm EDT

http://media.bizj.us/view/img/12287663/university-city-entertainment-district-2*304xx2028-1352-380-0.jpg

CAMBRIDGE PROPERTIES

Work on the second phase of the University City Entertainment District is set to begin ion coming months. It will include an 343-unit apartment complex and retail and restaurants inside an adaptive reuse space.

Dirt is about to move on the second phase of the University City entertainment district.

Charlotte City Council approved a petition last night to rezone 15.54 acres between North Tryon Street, Ikea Boulevard and University City Boulevard from from general business use to a combination of mixed-use and general business district. The rezoning allows for Cambridge Properties to begin the second phase of its planned entertainment district there.

Cambridge Properties President Jay Priester said this phase includes a four-story, 343-unit apartment complex, parking structure and adaptive-reuse renovations on an industrial building that will eventually house 100,000 square feet of retail and restaurants.

"We're in the process of finalizing a lease with a national retailer and working on several restaurant opportunities," he said.

Construction is scheduled to begin on the adaptive-reuse project in about 90 days, and land grading will start on the apartment piece by the end of the year. Phase two will take 18 to 24 months to deliver. The total project cost is about $200 million, though Priester said that could change as planned hospitality and office phases are added in coming years.

The project's first phase, an 80,000-square-foot Topgolf facility at 9110 Drivers Way, opened last June. It sits between the Lynx Blue Line and Interstate 85 in University City.

Eventually, Parks Chevrolet Charlotte will be moved and rebuilt on site to cover about half its current footprint, with a four-story parking structure to house vehicles, Priester said. The dealership, along with a 150-room hotel and up to 150,000 square feet of office space, will be the project's third phase. Priester said that is likely three to five years in the future.

He said Cambridge chose to develop in phases to support changes in the market, as well as its overarching goal of urbanizing the area. Its proximity to I-85 and the light-rail line help support the effort to bring people in and out of the development with ease.

"The goal is to take what’s been a suburban site and make it an urban development, and that’s why we’re taking a phased approach," he said. "Additional phases will come online as the market can support the intensity of the development we envision."

[KJHburg]

Follow up to @rancenc post here is the site plan.  The interesting thing mentioned is the Parks Chevy dealership will be rebuilt with a parking garage on a small lot.  I think going forward auto dealers will not need as much space as they did before because all seem content to have much less inventory going forward and just smaller inventories.  This was told to me by a Hendrick dealership.

https://www.cambridgeprop.com/wp-content/uploads/2021/10/UCED-Site-Plan-1.pdf  site plan

https://www.cambridgeprop.com/wp-content/uploads/2021/10/UCED-Brochure-2022-1.pdf   marketing brochure for this new entertainment district anchored by the Top Golf and apartments to come.  There are a lot of apartments already in this area between here and LYNX station. 

 

[KJHburg]

The densification of the University area especially along N Tryon continues.  I heard today another single story office building at McCullough and N Tryon will be razed and replaced with an apartment building like the nearby Verde apartments replaced a single story building.  

Here are some of the other apartment complexes going up along N Tryon and at University Place.   At least 4 apartment complexes under construction now within walking distance of LYNX stations and more to come.  

first 3 photos Novel at University Place replacing a big box shopping center.  

[nicholas]

Is there any hope of adding street parking to Tryon St through the University area?  I feel like there is a lot of development going on but it feels disjointed and very suburban due to the automotive sewers that are Tryon St and Harris Blvd.

[rancenc]

New branch library slated for the University City area.

https://www.charlotteobserver.com/news/politics-government/article266809221.html

[ArchiCLT]

12 hours ago, rancenc said:

New branch library slated for the University City area.

https://www.charlotteobserver.com/news/politics-government/article266809221.html

The news here is that they relocated the library out from the bottom floor of a spec office building that was to be along the lake, in the grass area labeled "future commercial."

The sad reality is that there's still way too much surface parking. Why demo an existing shopping center and parking lot if you're going to build the parking lot right back?