CHARLOTTE, N.C. — A new $300 million mixed-use development will bring hundreds of apartments to Charlotte's South End by 2027, the company behind the property said.
Hoffman & Associates announced plans for two projects on Distribution Street, which is near the intersection of South Tryon and Remount Road in South End. The projects will include over 800,000 square feet with numerous amenities, including ground-level retail space.
The first project, located at 2500 Distribution Street, is scheduled to break ground in spring 2024. The building is expected to have approximately 330 apartments and nearly 350,000 square feet of residential living space. Hoffman & Associates estimates the development to be complete by fall 2026.
The second project, which is near the first building, will break ground in 2025 and is expected to be completed in the summer 2027. The second building will have approximately 410 apartments across nearly 425,000 square feet. Plans also include over 5,000 square feet of retail space.
As of April 10, 2023, the organization reported nearly 3.8 million square feet of office space was available in the area.
Jason Kenna, from the Pineville-based crane rental company, Heede, told WCNC Charlotte that they have approximately 35 cranes erected around Charlotte and Concord, 12 of them in South End. Most of them were set up for mix-use or residential projects.
"Obviously the more cranes in the air, the more construction is going on," Hedde's vice president of national sales said. "Cranes are kind of like the economic indicator, right? So, the more cranes that are up, it means that we're doing well. So if you look over at the skyline in Charlotte right now, I'd say we're doing pretty well."
When it comes to other commercial projects, the demand for modern office buildings had an effect on commercial space in Uptown. Barry Fabyan, senior managing director of JLL, told WCNC Charlotte in January that the market would be rough in 2023.
"We are short 400,000,000 feet of office demand across the country, and Charlotte is not immune to being part of that," Fabyan explained. "Couple that with the fact that we have the new office and groups have moved to this highly amenitized area. That has caused us to have this temporary glut of office space in Uptown and other areas."
He said all is not dark for owners of those spaces in Uptown.
"They have reacted really quickly to spend the money, to reinvest in the property," Fabyan said. "Charlotte is a great city. Inbound companies, inbound population, we feel, will rebound quickly. And these properties will be at the front of the line when that demand returns."
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