The busiest street for development in Charlotte is about to see another project kick off: Proffitt Dixon has closed on the purchase of its Stonewall Street site and plans to start construction in February.
The Montage, as the project is known, will be on the former site of the Actor’s Theatre and an adjacent parcel of vacant land next door that was owned by the city of Charlotte. Proffitt Dixon bought both sites, totaling about 2.6 acres, for $8.6 million this week. Designed by Axiom Architecture, the Montage is expected to total 302 units, with ground-floor retail.
Proffitt Dixon expects the first apartments will be available in late 2018. The Montage apartments are the second building the Charlotte-based company has developed on Stonewall Street. A few blocks away, at Stonewall and McDowell streets, Proffitt Dixon developed the Presley apartments.
The south side of Stonewall Street is set to completely transform in the next few years. From Bank of America Stadium east, in order:
▪ Lincoln Harris is building a major mixed-use development on the former site of the Observer, starting with a 30-story office building.
▪ Crescent Communities is planning a mixed-use development and office tower called Tryon Place.
▪ Crescent is building a Whole Foods-anchored development with 450 apartments and two hotels next to the Blue Line light rail, called Crescent Stonewall Station.
▪ Northwood Ravin last week kicked off a high-rise apartment development that will include 421 apartments.
▪ Then there’s Montage, this Proffitt Dixon project.
▪ BK Partners is planning to buy and redevelop the county-owned Bob Walton Plaza building as part of its Brooklyn Village plan.
For those keeping track, yes, almost every single tract of land on Stonewall Street between the stadium and the I-277 loop is being redeveloped. The one exception is the Westin hotel, which is staying put – but directly behind it and just off Stonewall Street, the 615 South College office tower is nearing completion.