Another high-rise tower has started construction on Stonewall Street

A rendering of 550 Stonewall.
A rendering of 550 Stonewall.

Charlotte-based developer Northwood Ravin said Wednesday that it’s kicked off construction on another high-rise apartment tower on Stonewall Street.

Called 550 Stonewall – just a temporary name – the building at Caldwell Street and Stonewall will total 421 apartments. They’ll be split between two buildings: A 20-story tower with 143 units and a four-story building with 278 units. The four-story building will be atop three stories of podium parking, wrapping an elevated pool and lounge deck.

The 20-story tower will include shops and restaurants on the first floor, a gym on the third floor, a fourth-floor dog park and a rooftop bar on the 20th floor. The buildings will be arranged around a central courtyard plaza.

“The Stonewall corridor will see unprecedented growth over the next several years. Our team has worked hard to design a community that compliments this high profile gateway location,” said Mike Wilson, Northwood Ravin’s vice president. The new apartments will also include pedestrian paths open to the public

“People walking up and down Stonewall will have the alternate option of walking through our community and experiencing central urban gardens with integral seating areas and a feature fountain overlooked by a monumental stair,” Wilson said.

The first apartments in the development should be ready for tenants in mid-2018. Northwood Ravin bought the 3.76-acre parcel – which was left over after completion of the I-277 loop – from the city of Charlotte in February 2016 for $14.2 million.

Northwood Ravin’s Stonewall project is the latest on a street that’s rapidly being transformed. On the other side of Caldwell Street, Crescent Communities is building a 450-unit apartment building and a Whole Foods next to the Stonewall Station light rail stop.

On the other side of Northwood Ravin’s site, Proffitt Dixon is planning a 300-unit apartment building at the site of the Actors Theatre. And further down the street, Crescent is planning another office high-rise at Stonewall and Tryon streets, while Lincoln Harris and Goldman Sachs are planning a major mixed-use development on the former site of the Charlotte Observer.

The tower and low-rise building will be distinct. The tower units will include floor-to-ceiling glass windows, coffered ceilings and gas cooking. The low-rise building will include touches such as 10-foot ceilings and “rainfall” shower heads.

In total, the development will include 6,400 square feet of ground-floor retail and 11,000 square feet of office space, on the second floor. The rooftop includes a 1,950-square-foot outdoor deck. Other high-end amenities at the development will include an indoor pool, men’s and women’s sauna and steam rooms, private fitness studios and 24-hour concierge service.

Northwood Ravin is acting as general contractor for the project, and BB+M Architecture is the architect. The company owns several other apartment buildings in Charlotte, including the 51-story Vue and the Village at Commonwealth. In October, Northwood Ravin started construction on 326 new apartments called Providence Row, near the Providence-Fairview intersection.

Ely Portillo: 704-358-5041, @ESPortillo