Midway through January, seven parcels of land in Uptown Charlotte were sold to a residential developer for $23 million. The land is bounded by the Lynx Blue Line extension and East Eighth, North College and East Ninth Streets. This project joins a long list of Uptown projects in progress this year.
This prime block of real estate is slated to become a mixed use project. Lennar, the national homebuilder affiliated with the purchase, is expected to build the project in phases. They are still working on the specifics, but the first phase should tentatively start in the 4th quarter of this year.
Initial plans are for a mid-rise building and a high-rise building. The mid-rise will likely have five floors of apartments with ground floor retail. The high-rise will likely be around 30 floors with apartments and street level retail.
The second phase, at the intersection of 8th and College is speculative at this point. It could include more multi-family or a commercial component like an office building or a hotel.
This site is really exciting as it is on the Lynx Blue Line buildout on track to open this summer. This makes the property more valuable to owners and future residents alike.
Also attractive to residents is the proximity to First Ward Park. This recent part, completed in 2015 is a great place for people to gather, listen to music, play sports on the great lawn, or just listen to the water on the rocks.
This project is part of the North Tryon Vision & Implementation Plan. This plan details the development of North Tryon Street and the surrounding area. SkyHouse Uptown and 10 Tryon are part of the project. Once the light rail is completed, there should be more projects including a “market street” along the light rail like from Ninth Street to the 7th Street Public Market. This is a potential home for Food Truck Fridays, farmers markets, or flower markets. Expect to see lots of outdoor patios and dining to complement the market street.
The Goodyear Arts building which sits on the site will be moved to a new location. The location is yet to be determined.
This project promises to be one of many announced in the near future. Once the light rail is completed, expect many more projects to begin. This will be an exciting new phase for Uptown. There will be plenty of opportunity to invest in this revitalization of First Ward.
If you are interested in learning more about this project or would like to tour a home in Uptown Charlotte, call us at (704) 525-4045. You can also view more about Uptown and view listings on our website here.
fabulous blog post thanks for sharing. – Dave