My route to and from work takes me through the Kenilworth Avenue and Morehead Street intersection, which means I see the still-vacant apartment site at that corner at least twice a day.
There hasn’t been much work done on the site since Forestar Group demolished an old vacant building and several others on adjoining lots. Forestar plans to build a 379-unit apartment complex, with up to 25,000 square feet of retail space.
While Solis Dilworth is going up quickly on the opposite corner and Crescent Dilworth nears completion a couple blocks down Morehead Street (bringing a total of almost 500 new apartments), the Forestar site is still sitting idle. I have seen graffiti painted over, but other than that, there hasn’t been much done.
I called Texas-based Forestar to check in and see if they have any updates. Marketing materials from CBRE show a November 2016 delivery date, along with a rendering and a name – “Dillon” – for the complex. (Click here to see the marketing flier, along with a rendering of the building).
Spokeswoman Anna Torma said Forestar is still working on the project, but didn’t give any more details on timing.
“It still remains a project that’s in our pipeline, but we haven’t provided any information on commencement,” said Torma. When I asked her about the marketing flier and the November 2016 date, Torma repeated that the project is “still in the pipeline.”
Forestar recently wrapped up a strategic review of its operations that could give the Charlotte project a lift. The company said Tuesday that it plans to shift its resources away from its timberland, oil and gas business and focus more intensively on its mixed-use and multifamily residential projects.
“As a focused real estate company, we plan to take advantage of market conditions and the strength of our team to invest in multifamily opportunities, including projects that provide additional recurring cash flow,” said CEO Jim DeCosmo.