The sale has closed for the site of Jackalope Jacks in Elizabeth, clearing the way for a planned redevelopment of the property into new apartments and shops.
Charlotte-based apartment developer Faison purchased the 1.7-acre site for just over $5 million, Mecklenburg County real estate records show. The deal closed on Monday.
Jackalope Jacks will remain open through the Super Bowl in February at its current location, and then relocate to a new spot in Plaza Midwood, the restaurant’s owner said.
Faison bought the site from owner Redan Boulevard East 7th Street LLC, a firm affiliated with Pamlico Capital. The parcel is located at Seventh and Caswell streets. Greg Pappanastos represented the sellers.
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In July, Charlotte City Council voted 8-2 to approve Faison’s request to rezone the site for a new, mixed-use development after more than a year of often-contentious negotiations. Neighbors opposed the plan, which they said was too dense for the area and would bring traffic problems. Faison was forced to scale back their original proposal and split it into two buildings, with a total of 100 apartments and 30,000 square feet of shops and restaurants.
“We have closed and we’re excited about it,” said Faison senior managing director Chris Branch. He declined to offer more information about when construction might begin on the project.
Rob Nixon, owner of Jackalope Jacks, said the restaurant will be open at its current location for several more months, before relocating. The longtime neighborhood hangout will go out with a final football game – though, unfortunately, likely not a Panthers repeat, Nixon said.
“We’re going to push it to Super Bowl Sunday,” said Nixon. Then, Jackalope Jacks will move to another nearby location.
“We’re moving over to the Rabbit Hole,” he said, a music venue in Plaza Midwood that Nixon also operates, next to his Peculiar Rabbit restaurant. The new Jackalope Jacks will have live music and show sports.