Long-planned residential projects back on track

Uptown The joint venture leading the Brooklyn Village development is struggling to secure financing for the first phase of the project, which is likely to delay the start of construction. BK Partners, a partnership between New York-based Peebles Corp. and Charlotte-based Conformity Corp., is behind the project, which calls for a $700 million community, stretching across several uptown blocks totaling 17 acres on East Brooklyn Village Avenue, South McDowell Street and East Martin Luther King Jr. Boulevard. Pre-development site work is ongoing and includes major utility tie-ins that will allow for eventual vertical construction. The project scope has not changed. BK Partners is targeting a summer 2025 groundbreaking on the first phase of apartments. Brooklyn Village Phase 1 is expected to include multifamily housing with at least 10% of units priced under market rate, 106,800 square feet of retail and a 150-room hotel. The property is to be divided into six separate parcels. The projected office space could total up to 531,600 square feet. ( BK PARTNERS)

By Charlotte Business Journal

CHARLOTTE — Several long-planned residential projects across the Charlotte region cleared rezoning approval in June, paving a path forward for each.

[ Big residential development shot down ]

That includes a controversial develohttps://www.wsoctv.com/news/local/big-residential-development-shot-down/C5NAXVLVQBEMJF3WIY6XAOQYSA/pment off Rea Road in south Charlotte that calls for as many as 566 apartments as well as a mixed-use project in Elizabeth with 175 apartments.

Elsewhere in the region, two developers won approval of separate projects after scaling back the original scope of their plans. A mixed-use project on Alcove Road in Mooresville will now include 350 townhomes — down from 660 residential units; and a development off Gilbert Road in Statesville will bring 475 to 500 single-family homes to the site — down from 550 residences initially.

And national homebuilders continue building out their local pipelines. M/I Homes, for instance, announced in June plans to build 800 homes and townhomes across three new projects in Wingate, Gastonia and York.

Toll Brothers Inc. is gearing up its latest Charlotte-area project, which will add more $1 million homes in Weddington. Tri Pointe Homes Inc. has purchased 30 acres at the former Charlotte Knights stadium site in Fort Mill for dozens of townhomes, and Lennar Corp. broke ground in June on its massive, 1,860-home development for residents age 55 and older in Lancaster County.

That’s as several apartment projects are wrapping up. An east Charlotte property with 287 units is now complete as is a 300-unit development in University City. And a South End apartment community that includes a coliving element is slated to open early in July despite a shake-up in property management.

Read more about these and other projects in CBJ’s latest real estate roundup here.