Tiny apartments in Charlotte’s South End receive big boost in construction funding
An apartment complex filled with tiny units is being built in Charlotte’ South End, and it just got a rather large construction loan.
Charlotte’s Panorama Holdings has received a $16 million construction loan for its new multifamily development, according to JLL, which helped the developer secure the funding.
The J, at 1722 South Tryon St., is an 84-unit, six-story apartment complex from Charlotte’s Panorama Holdings.
But it’s different type of development then what Charlotte may be used it. The apartments are microunits, averaging about 363 square feet, which is about the size of an average one-car garage.
The units come fully furnished with Ori robotic furniture systems, which will transform a living room into a bedroom with the touch of a button. That’s the robotic part. While some of the designs online vary, essentially a bed will come down from the ceiling on top of the couch on a conveyor belt system, converting the space, according to Ori’s website.
The apartments will all have washer and dryers, kitchens and boast over 9-foot ceilings.
It’s unclear how much the units will cost.
Besides the mircounits and infill development, Panorama is focusing on car-free developments, another growing trend in Charlotte.
There’s bike storage on every floor, scooter parking spaces and the development is blocks away from the East/West light rail station.
Construction began on the building, which takes up a third of an acre, or two single-family lots, in September and is set to be completed this year. Panorama celebrated its topping out of The J in early April
About Panorama
Panorama is a woman and minority-owned real estate investment manager headquartered in Charlotte. The company develops and acquires multifamily and hotel properties.
In Charlotte, Panorama has worked on the Panorama Tower, a 17-story office building and hotel in Ballantyne, along with Lumeo in University, a 377-unit apartment complex.
