Vision Ventures announced it has completed the sale of an approximately 12-acre, fully entitled, multi-family development site located within an Opportunity Zone in Charlotte, North Carolina. The site is located less than one mile from the city’s Central Business District at W 26th Street and Catalina Avenue.
Capstone Land Sales brokered the transaction on behalf of the seller and procured the buyer, co-developers Neyland Apartment Associates from Knoxville, TN and Nashville-based Stonehenge Real Estate Group Consulting. The partnership will construct 295 surface-parked apartment units within four-story elevator buildings, as well as carriage units with garages. Additionally, 14 townhomes and five single family units will be built on the site, which the buyer successfully rezoned in 2018.
The North End development site is located adjacent to the city’s largest adaptive re-use project, Camp North End, and is proximate to the broader NoDa submarket, which is anchored by the Blue Line light rail extension. Vision Ventures assembled and purchased the Camp North End site, a total of 75 plus acres, then sold to ATCO in 2016.
“We are pleased to see our vision and the transformation of the North End corridor continue,” said Paul Picarazzi, Principal at Vision Ventures. “Nearby infrastructure improvements along North Tryon Street as well as improving amenities and services indicate a corridor that is poised for growth. We remain bullish on North End.”
The project is phase one of a multi-phased development effort on land assembled by Vision Ventures, who is already reviewing options for the remaining 25 acres, which could include additional residential, office, or a variety of mixed uses. This will be the second project in Charlotte for Stonehenge and Neyland, who are also currently under construction on Stonehenge NoDa about one mile away, a 13-acre parcel purchased from Vision Ventures in 2018.
The Capstone Land Sales advisory team representing the seller consisted of AJ Klenk and Caleb Troop.
“In an escalating construction labor and materials cost environment, this project will be the closest surface-parked apartment construction project to the city’s core and is perfectly positioned in the path of progress,” Troop said. “With much of South End built out and infrastructure on the North End starting to take shape, we are witnessing increased development interest in the North End.”