Development firm Bainbridge is kicking off a new development in South End that will bring hundreds of new apartments to the already-booming corridor.
Brokerage company HFF said Monday that Bainbridge has closed on the 1.6-acre site, which sold for $4.95 million. HFF and Foundry Commercial represented the sellers, Pepsi Bottling Ventures and the McRee family.
“Bainbridge was attracted to the South End’s robust residential fundamentals as the area continues to thrive and diversify into a multi-faceted urban node,” said HFF managing director Justin Good. “The community is designed to intertwine the public linkages with common area gathering spaces to emphasize the site’s key position along the light-rail line and the Rail Trail.”
The site is currently a parking lot and a one-story stretch of commercial buildings. Last year, Charlotte City Council voted to rezone the land to allow Florida-based Bainbridge to build 200 units in a seven-story building, with five stories of apartments above a podium-style parking deck. The building will have a courtyard at the corner of South Boulevard and Poindexter Drive, and will include a “decorative accent” at the entrance from the site to the Rail Trail.
The 1/3-mile stretch of South Boulevard immediately around the Bainbridge site, near New Bern station on the Blue Line light rail, is on track to see more than 1,200 new apartments in several new developments over the next few years.
On the other side of the South Boulevard, Marsh Properties is building the first phase of a major redevelopment of the Sedgefield Shopping Center. The first phase will include 300 apartments and a Harris Teeter grocery store.
A block further south, Lennar Multifamily in September bought the former Pepsi Bottling plant for $17.85 million. The company plans to build 432 apartments, 26,500 square feet of retail space and 804 parking spaces on the site. Lennar has already demolished the Pepsi building.
And a block north of the Bainbridge site, Terwilliger Pappas is developing Solis Southline, a 300-unit apartment building set to open in April 2017.