A Charlotte-based developer plans to break ground next week on a 77-unit apartment complex on Freedom Drive, adding to a mini-boom of new development just west of uptown.
“I’m very bullish on that neighborhood,” said D. Porter Jones, founder of DPJ Residential. “It’s been under-served for a long time.”
The project – to be called Asbury Flats – is expected to be complete in early 2016. The new buildings will be four stories, with surface parking, and will include amenities such as a saltwater pool, outdoor grill area, fitness center and club room.
DPJ Residential bought the 1.68-acre parcel at Freedom Drive and Walnut Avenue last week for $900,000, Mecklenburg County real estate records show.
Jones said he wanted to build an apartment complex that appeals to renters who want a new, upscale unit in a smaller, quieter setting than the 250- or 300-unit buildings developers are constructing in South End and uptown.
“I thought there was a void in the market to develop more boutique developments,” said Jones. “We want to offer prospective renters what these large-scale developments offer from an amenities standpoint, but do it on a smaller, more intimate scale.”
The Freedom Drive site’s proximity to uptown, stadiums and major employment centers should heighten its appeal, said Jones. He relocated to Charlotte from Atlanta two years ago with Pollack Shores Real Estate Group, and helped start Pollack’s apartment projects on Park Road near Selwyn Avenue and Central Avenue at 10th Street.
The new apartments are among several projects in the area west of uptown. Other development underway includes:
▪ A 70,000-square-foot office tower at 1213 W. Morehead St.
▪ A 283-unit apartment building at West Morehead Street and South Summit Avenue.
▪ Ryan Homes’ Bryant Park development off West Morehead Street, with townhouses for sale of up to 2,500 square feet with four bedrooms and 2.5 bathrooms.
Jones said he is partnering with Raleigh-based Chaucer Creek Capital on the Freedom Drive project. Cline Design is the architect, Concorde Construction is the general contractor and Design Resource Group provided civil engineering services.