ATCO purchses 75 acre redevelopment site in Charlotte’s north end

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1776 stateville charlotte
The development site (Google Maps street view)

ATCO Properties & Management, a Manhattan-based owner/operator of class A commercial real estate, says it has acquired 75 acres north of uptown following real estate transactions that closed in 2016.

On Dec. 19, ATCO closed on another transaction, purchasing a former Rite Aid Corp. distribution center at 1776 Statesville Ave. for $5.9 million, Charlotte Business Journal reports.

According to ATCO, the building was first developed in 1924 as a factory for Ford Model Ts. During World War II, the site was built out by the U.S. Army as a quartermaster depot and, during the Cold War, was the Charlotte Area Munitions Plant, where Hercules and Nike missiles were assembled.

“We have an opportunity to help fulfill the city of Charlotte’s vision by transforming this site into an engine for economic growth (and) a catalyst for socioeconomic mobility for all Charlotteans,” Damon Hemmerdinger, co-president of ATCO Properties & Management, said in a statement.

ATCO is expected to file for entitlements by mid-2017.

ATCO says it presently owns and manages more than 35 buildings ranging from high-rise office and residential towers to one-story industrial structures and high tech flex buildings, including several in New York City. Nationally, the corporation owns properties in seven U.S. states, and internationally has investments in seven countries which include London, Barcelona, Paris, Brussels, Milan, Frankfort, Ingolstadt and Dublin.