CHARLOTTE, NC—A multi-family project is imminent after the sale of a 12-acre redevelopment site at a highly visible south Charlotte intersection just 500 feet from the Tyvola Road Blue Line light rail station.
The site, located at 1001 Tyvola Road just east of the Interstate 77 interchange, was sold by Keffer Management Company in a deal that closed June 30 for $7.2M, according to Capstone Land Sales.
The site was the original home of Dick Keffer Pontiac and for decades housed automotive sales and a service center, which can still be seen today. The Keffer Auto Dealership outgrew the space and expanded to several other locations around Charlotte—presenting a rare redevelopment opportunity along the light rail.
Knoxville-based Neyland Associates and Nashville-based Stonehenge Real Estate Group are planning a 297-unit apartment development on the site, which will also include adjacent commercial space. It will be the firm’s third project in the market. Neyland and Stonehenge are set to deliver 299-unit Amaze @ NoDa this summer along the light rail in Noda at 3740 Philemon and is also under construction on Pine25 @ Northend near Camp North End, which features 312 surface-parked units.
“We continue to see development interest spill further north and south of uptown along the light rail,” said Capstone Senior Advisor Caleb Troop, who worked alongside colleague AJ Klenk. “While the pandemic has varying impacts to the commercial real estate market, the demand for well-located, reasonably priced infill rental housing remains strong.”