Charlotte developer Peter Pappas is planning to build a mixed-use development on the 5.4 acres of property that belong to the Charlotte Regional Realtor Association in midtown near the Metropolitan, according to real estate records filed Tuesday.
Pappas, CEO of Pappas Properties and Terwilliger Pappas, met with city engineering officials on Tuesday, records show, suggesting that the project is early in the planning stages.
The property sits at
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near Midtown Neighborhood Park. According to real estate records filed with the city’s online system, the development would consist of multiple buildings.
The Realtor association listed the site for sale last November with development in mind – a move that attracted a pool of interested buyers, said Roger Cobb of Selwyn Property Group, which is representing the Realtor association in this deal.
Within the last three months, Cobb said the association narrowed the prospects and started negotiations with one developer for the site, Cobb said.
He would not say if the Realtor association planned to remain tenants on the property once it’s developed.
Pappas Properties has developed many well-known areas in the Charlotte area, including the Metropolitan, Birkdale Village in Huntersville and Phillips Place in SouthPark. Terwilliger Pappas, a separate company, is developing several upscale Solis-brand apartment complexes in Charlotte, including Solis Dilworth near the Realtor site at Kenilworth Avenue and Morehead Street.
A representative of Pappas Properties declined to comment.