Business

Stonewall upset bidder plans SouthPark apartments

Chicago-based Bond Companies plans to build up to 367 apartment units at the corner of Sharon Township Lane and Sharon Road. The now-vacant land once housed an apartment complex.
Chicago-based Bond Companies plans to build up to 367 apartment units at the corner of Sharon Township Lane and Sharon Road. The now-vacant land once housed an apartment complex. shardiman@charlotteobserver.com

A Charlotte subsidiary of a Chicago-based developer plans to build a five-story apartment complex in SouthPark, with construction starting by late September.

Morgan Bond Charlotte LLC, a subsidiary of Chicago-based Bond Companies, plans to open the yet-unnamed complex by spring 2017. It would contain between 359 and 367 units on an 8-acre parcel at the corner of Sharon Road and Sharon Township Lane.

SouthPark is in the middle of a construction boom. Just down the street from the Bond Companies project, Synco Properties and Schlosser Development have plans for more than 1,000 apartment units and Childress Klein plans about 450. The other streets around SouthPark mall are swelling with development, too, bringing concerns about congested traffic.

Rob Bond, co-founder of Bond Companies and one of the managing principals of the project, said the site will feature amenities including a 1-acre park for residents. The land once housed an apartment complex, but now the 8 acres sit empty aside from a few strips of concrete.

Bond said the company purchased the site from an affiliate of Grubb Properties and Grubb retained a stake in it. According to real estate records, Morgan Bond Charlotte LLC purchased the site for $15 million from a limited liability company affiliated with Grubb. The project will use Samet Construction as a general contractor and Cline Design Group as the principal architect. Both are Charlotte firms.

“We are very bullish on Charlotte,” Bond said, adding the company has opened a Charlotte office to put down roots in the community and grow its operations.

That was evident Monday, when the company posted a $15.1 million upset bid for a 3.8-acre city-owned parcel on Stonewall Street. Bond said the company sees that site as the “Gateway to Uptown,” and its bid, if victorious, is $1 million more for taxpayers.

For that project, he said the company would draw on its experience with mixed-use projects around the country and would blend retail with residential units and possibly a hotel.

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