Significant development activity is under-way at uptown Charlotte’s Stonewall Street. Within the next two years, there will be a full-service grocery store, several companies, thousands of residents in what Charlotte Business Journal describes as the city’s biggest epicenter of development activity.
The projects are in very different stages — 615 South College, which began construction in August 2015, is almost done, whereas final details on other projects, including Lincoln Harris’ development at the former Charlotte Observer site and Crescent Communities’ Tryon Place, have yet to be confirmed. But it’s inevitable that more cranes will dot the skyline on this side of downtown in 2017 and well into 2018.
The business publication says Charlotte-based Proffitt Dixon Partners has closed on its purchase of the former Actor’s Theatre of Charlotte site at 650 E. Stonewall St. to develop 302 apartments and 11,000 sq. ft. of ground-floor retail, according to Stuart Proffitt, managing principal at Proffitt Dixon. Construction is expected to begin in February.
This is one of several multifamily projects either planned or underway in uptown Charlotte.
“Demand continues to keep pace with supply and as long as job growth continues at (the) current pace, we expect the apartment market to remain stable in the near term and be strong over the long term,” Proffitt said.
The Stonewall St. project, named Montage, will include a mix of studios and one-, two- and three-bedroom units, Proffitt said. The ground-floor retail will be based on tenant needs but will likely accommodate four retailers. Proffitt Dixon wrapped up on another Stonewall apartment project, Presley Uptown, last year — that 230-unit project is at the corner of East Stonewall and South McDowell streets.
Proffitt said Montage and Presley are “similar in density and quality,” with the biggest exception being Montage’s ground-floor retail space, which was added because of its proximity to the upcoming 47,000-square-foot Whole Foods at Crescent’s project across the street, creating a retail corridor along Stonewall.
Among the Stonewall projects reported by the business publication:
- Almost 2,500 residential units, most of which are high-end apartments (exceptions include Brooklyn Village, which is expected to have a workforce-housing component and 170 condo units);
- More than 2 million sq. ft, of office space;
- More than 300,000 sq. ft. of retail; and
- At least four hotels.