CHARLOTTE, NC —Capstone Companies is pleased to announce the successful $9,000,000 closing of the Graham & 6th Street Urban Infill Development Site in Charlotte, North Carolina. The ±1.64-acre infill urban core development site, located at 420 W 6th Street, marks a significant milestone in the city’s ongoing growth efforts.
Strategically situated in the heart of Uptown Charlotte’s Fourth Ward Historic District, the development site offers unparalleled access to the city’s Central Business District and is surrounded by a burgeoning landscape of development activity. It boasts exceptional connectivity to major amenities and is less than half a mile from both I-77 and I-277, providing access to the greater Charlotte MSA.
The Capstone brokerage team, led by Managing Director of Multifamily Investment Sales, Eric Liebich, and Firm Partner, Ron Corrao, orchestrated a highly successful marketing process that concluded in 2021. During that time, the team garnered multiple offers primarily from multifamily and mixed-use developers.
A thorough vetting process was implemented when working with the sellers to select the buyer, ultimately choosing Birmingham, Alabama-based Daniel Corporation, as they stood out as the group best positioned to execute on a project at this specific location. Selecting a buyer with a proven track record of executing on similar urban infill development projects was critical given the nuances of this site related to the Uptown Historic District, the rezoning process, and some unique and challenging physical site conditions.
The development team is poised to commence initial site work and construction in April 2024 on a seven-story, 241-unit apartment project with 1,500 SF of street-level retail space at the corner of North Graham and West Sixth Street. The building will offer residents studio, one-, and two-bedroom apartments, and the property will include an elevated pool deck, coworking space, state-of-the-art fitness studio, two-story resident social space, conditioned bike storage and repair room, a resident-only market on site, and secured and covered parking. The first units are slated to deliver in summer 2026.
“It’s been a long time coming given the challenging capital markets environment we’re operating in, and the timelines associated with the Historic District and the rezoning process; however, it will be worth the wait to see the project Daniel Corp. will bring to life here while still preserving some of the façade and design elements of the existing buildings that sit on the site today,” said Liebich.
“We believe office occupancy is bottoming out, or is near its bottom, and the impact of that on uptown will improve in the coming years,” said Daniel Corp. Vice President, Cameron Conner. “We like our location on North Graham because we sit just on the edge of the Fourth Ward neighborhood, which creates a nice, lower-density neighborhood setting while still being walkable and bikeable to all things Uptown,” Conner added.
Nationally top-ranked Brassfield & Gorrie has been appointed as the general contractor for the project, bringing their expertise to ensure the successful execution of the development. Charlotte-based Cline Design Associates is the project architect and interior designer. Furthermore, Trustmark and First Horizon Bank are financing the project.
Media Contact:
Jaclyn Chapman
Director of Strategic Marketing Communications
jaclyn@capstone-companies.com
