Construction started this week on a new apartment complex along the light rail route as part of the Blue Line’s extension.
Three hundred seventy-six apartments are planned at the corner of North Tryon and the I-85 connector road, according to a Charlotte Observer report.
Carolina States Regional Building is developing the apartments and raised some of its funding from Chinese investors as part of a program that allows the investors to get green cards for investing $500,000, the report said.
These apartments, that will be within walking distance of the light rail, are just the latest in a long line of projects slated for the Blue Line extension project.
There are plans for 1,900 apartments in total along the 11-station extension project, as well as retail and office space. The light rail extension is slated to be functional in 2017. For a full breakdown of what is happening along the Blue Line, see The Charlotte Observer report.
This latest groundbreaking comes just a day after real estate experts gathered Uptown for a symposium sponsored by the Real Estate & Building Industry Coalition.
Experts like Synco Properties President Tim Hose and developer and real estate consultant Chris Leinberger agreed that walkable urbanism and mixed-use developments are the future of real estate development.
Changing demographics and lifestyles have pushed market demand into more urban areas of the city. The trend is toward people remaining single or marrying later in life and having fewer children at home. People are also driving less and willing to pay more for what amounts to less living space, according to Leinberger.
Waverly on Providence and Synco’s planned redevelopment of The Colony apartments are prime examples. Skye Condominiums in Center City and The Ratcliffe are also technically mixed-use projects, having designated retail space on the ground floors.
According to an Observer report, city officials are hoping the trend catches on in areas that have been neglected, specifically citing the 80-acre tract of land where Eastland Mall once stood and revitalization of some tired suburban areas.
The business of building is booming in the Queen City. If you follow the trends, then take a look at these Uptown listings.