Lennar Multifamily has bought a 5.2-acre site in South End for $17.85 million, real estate records show, clearing the way for a major redevelopment that will bring hundreds of new apartments to South Boulevard.
The Pepsi Bottling site is adjacent to the New Bern Station on the Blue Line light rail. Lennar plans a mixed-use development on the site which would include 432 apartments, 26,500 square feet of retail space and 804 parking spaces, according to preliminary plans filed with the city.
The building will be six stories, and will include a parking deck. There will be five ground-floor retail spaces and direct access to the Rail Trail pedestrian path.
“Lennar Multifamily is bringing an institutional-quality development to the heart of the South End to continue the area’s incredible transformation into a residential and retail destination,” said Justin Good, managing director for HFF, which worked with Foundry Commercial to market the property for sale on behalf of privately held Pepsi Bottling Ventures. “Designed to maximize connectivity with New Bern Station and the Rail Trail, the development will offer significant street-level retail and unmatched access to all that nearby Uptown has to offer.”
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Axiom Architecture and LandDesign are designing the project. Lennar Multifamily, a subsidiary of homebuilder Lennar Corp., also developed the new Midtown 205 apartment building on South Kings Drive in Midtown.
The Pepsi bottling plant on the site was built in 1938. The stretch of South End where it’s located is seeing a major wave of redevelopment. On Tremont Avenue, developer Pollack Shores is planning to build a new, 350-unit apartment building. Nearby, at 216 Dunavant Street, Faison is planning to build 368 units, while Solis Southline, a 300-unit building, is under construction at South Boulevard and Remount Road.
Across South Boulevard, Marsh Properties has begun construction on a major new mixed-use development at Sedgefield Shopping Center, which will include 300 apartments and and a Harris Teeter grocery store. And at South Boulevard and Poindexter Drive, developer Bainbridge Companies is planning 200 more apartments in a seven-story building.
Altogether, there are now 1,950 apartments under construction or in the planning stage in the area.