A Raleigh-based developer has dropped plans for a new apartment development near the Blue Line light rail extension in NoDa, citing unexpected costs.
The plan from Eller Capital Partners would have built 200 apartments between 35th and 36th streets, behind the Evening Muse. That’s about a block from the 36th Street light rail station, opening next month.
Charlotte City Council approved the rezoning request in 2016. Since then, the adjacent apartments by Crescent Communities have opened, and a new retail building is underway on the adjacent site as well.
Asked about the status of the apartments, Daniel Eller, CEO of Eller Capital, said this week that the company isn’t proceeding with the project.
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“We are not moving forward with the proposed NoDa Station project at this time due to the fact that the project cost significantly exceeded that which could be reasonably supported by rental rates in the submarket,” said Eller, who attributed the higher costs in part to some site-specific characteristics.
“It is a fantastic location and if opportunity and economics align at some point in the future we would love to reconsider, but we have no current plans to reengage on this site,” said Eller.