The developer of the 30-story condominium high-rise at Fourth and Brevard streets has canceled plans for the building citing low pre-sales, according to a notice posted on 1Brevard.com.
The 174-unit building was tentatively scheduled to be completed in late 2017 and would have been the first condo tower built since the market crash in 2008. More than 4,000 square feet of ground-level space was going to be donated to McColl Center for Art + Innovation for a gallery. The development also included plans for a small park/green space.
According to the 1Brevard announcement, the group marketing the project found there was not a big enough pre-sale market to support a project of this scope.
Gundolph LLC, the developer on the project, was a collaboration of Greg Rudolph of RTG Holdings and Robert Gunn of Gunn Financial. The residential tower was due to have residences priced from $400,000 to $7 million for the penthouse unit.
“The developers are considering alternative uses for the property. It is their expectation that these alternatives will work to the benefit of Uptown and fulfill unmet needs of the City of Charlotte,” the 1Brevard announcement stated.
While the condominium market may not be ready for a project of this scale, the Charlotte/Uptown apartment market is booming.
According to a Real Data report, there are more than 12,000 apartments under construction in the Charlotte area with average rents exceeding $1,000 per month. Uptown has the highest average rent of a Charlotte area at $1,694, according to Real Data.
For the full scoop on the apartment boom, see the Charlotte Observer report.