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Apartment developers say yes to NoDa

By Greg Lacour
Correspondent

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    The Yards at NoDa

    Location: 401 E. 33rd St.

    Units: 340, including studio and one-, two- and three-bedroom rentals.

    Amenities: Pool, fitness center, clubhouse, dog park.

    Projected opening: Summer 2014.

    Developer: Gvest Partners of Charlotte and Atlanta.

    Mercury NoDa

    Location: North Davidson and East 36th streets.

    Units: 240, including studio and one-, two- and three-bedroom rentals.

    Amenities: Pool, fitness center, game room, dog spa.

    Projected opening: First quarter of 2015.

    Developer: Woodfield Investments, Charlotte and Arlington, Va.

    Studio6

    Location: 2724 N. Davidson St.

    Units: Six condo-type units for sale.

    Amenities: Garages.

    Projected opening: Summer 2013.

    Developer: RED Development Partners, Charlotte.

    Johnston and Mecklenburg Mills

    Location: 3315, 3327 N. Davidson St.

    Units: 48 in Mecklenburg, combining studio and one- and two-bedroom apartments; undetermined number in Johnston.

    Amenities: Studio space, outdoor social and recreational areas.

    Projected opening: Summer 2014.

    Developer: The Community Builders, Boston/Washington, D.C.



After years of inactivity, developers are beginning to build housing anew in NoDa, Charlotte’s trendy arts district.

At least four major residential projects that will add more than 600 apartment units to the neighborhood are planned. Most are apartments, designed to meet the needs and budgets of young professionals drawn to NoDa’s walkability and nightlife.

Driving the mini-boom:

• A lending market for housing that’s thawing after five years.

• NoDa’s status as a popular neighborhood and one of the few near the center city with empty lots.

• The LYNX Blue Line Extension, the light rail project that will link uptown through NoDa to the University City area. That project is projected to begin in January and start operating in 2017.

“I think it’s a snowball effect,” said John Bell, a partner with Gvest Partners, which is developing a planned 340-unit rental complex on vacant land off North Davidson Street. “As (light rail) comes in, there’ll be more people visiting, and as our community goes in and others are built, it’ll just bring more people in to spur retail businesses, the shops, the restaurants.”

Gvest’s project, The Yards at NoDa, is new. Two other projects are years in the making but now emerging from the hibernation after the economic crisis.

The Mercury NoDa complex, a 240-unit development near NoDa’s hub corner of North Davidson and East 36th streets, is projected to get rolling again after lying dormant since 2008, said Chad Hagler of Woodfield Investments. The Virginia-based development firm is about to close on the 3.2-acre site and expects to begin renting in the first quarter of 2015.

“If the recession hadn’t hit, there’d be something there now,” said Hagler, who’s also president of the Greater Charlotte Apartment Association’s Board of Directors. “It lacked some nice Class A rental housing, so it made sense for us to go in and build that product.” A closer look at the residential development in progress in NoDa:

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