CHARLOTTE, NC—Capstone announces it has closed the sale of The Hub on Harris: a fully entitled 288-unit workforce housing development site in southeast Charlotte.
Capstone sold the 28-acre property located at 7705 E. W.T. Harris Boulevard for an undisclosed price on behalf of K Sade Ventures, who is based in Wilmington, North Carolina, and procured the buyer, Pedcor Companies, who is based in Carmel, Indiana. Caleb Troop, Bryse Toothaker and Eric Liebich represented the seller in the transaction.
The site was formerly known as Charlotte Aircraft Corporation and has an aviation history that dates to the 1940’s. K Sade Ventures principal, Keith Saieed, successfully rezoned the property for multi-family residential use in 2018 with full support of the neighbors. While filing a site plan with the city of Charlotte, K Sade completed a Brownfields agreement with the state of North Carolina.
“The property represents an incredible opportunity to repurpose a key piece of Charlotte history while meeting the need for more quality housing in the fast-growing Charlotte region,” said Saieed. “While studying this area, I saw a lack of new product over the past 24 years in this part of the city and felt it was overdue for new multifamily investment, while also cleaning up a property the community felt was becoming a hazard.”
Along with attractive tax benefits that come with remediation of the site’s contaminated soil under the North Carolina Department of Environmental Quality Brownfields program, Capstone broker, Caleb Troop, believes the site has tremendous potential.
“While much of the multi-family development in our city during this development cycle has been focused on trendy A-plus submarkets like NoDa, South End, and Plaza Midwood, we are seeing developers and their equity partners pivot to solve the ‘missing middle’ housing issue,” Troop said. “This location serves perfectly as a project to meet the needs of our city’s blue collar workforce who either can’t afford or don’t want to pay for a newly built, highly amenitized home, but still want to live within a 15-minute drive of employment rich nodes of Uptown, Matthews, and Ballantyne.”
The site was initially known as the Grove Airport, which was built in 1941 and operated as a commercial and municipal airport. Shortly after, in 1943, the airport was renamed Delta Airbase, and was rumored to serve as an airfield to train pilots for World War II. By 1948, Delta Airbase was once again used as an airport and served as a small airport until the late 1990’s and early 2000’s.
Until the end of 2018, Charlotte Aircraft Corporation operated its aircraft parts supply business on the now-vacant site roughly one mile east of the proposed Eastland Mall redevelopment project. The airstrip can still be seen today, as well as 29 warehouses, airplane hangars, workshops, sheds, racks, and offices within the compound that are beyond repair.
Due to the site’s unique history, a film crew set up shop at the property on a multi-day film shoot for an upcoming Hollywood movie called “The 24th”, directed by Oscar winner Kevin Willmott about the all-black Twenty Fourth United States Infantry Regimen and the Houston Riot of 1917.
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.