After years of inactivity, developers are beginning to build housing anew in NoDa, Charlottes 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 NoDas walkability and nightlife.
Driving the mini-boom:
• A lending market for housing thats thawing after five years.
• NoDas 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 its 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, therell be more people visiting, and as our community goes in and others are built, itll just bring more people in to spur retail businesses, the shops, the restaurants.
Gvests 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 NoDas 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 hadnt hit, thered be something there now, said Hagler, whos also president of the Greater Charlotte Apartment Associations 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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