Development

Apartment company buys uptown site for $23 million

The site on Eighth Street
The site on Eighth Street

An apartment development company has bought a site in First Ward that’s mostly used for parking, Mecklenburg County real estate records show.

The site is bounded by Eighth Street, Ninth Street, North College Street and the Blue Line light rail. Owner Levine Properties has had the site on the market since late 2015.

Lennar Multifamily paid $23 million for the site in a deal that closed last Wednesday, according to county real estate records. That works out to a price of $6.3 million per acre. It’s across from First Ward Park, uptown’s newest park.

Lennar’s local executive, Jeff Harris, didn’t disclose any specific plans for its uptown site. The company bought the former Pepsi Bottling Company plant on South Boulevard for $17.85 million and demolished the building last year. Lennar is planning a mixed-use development with 432 apartments and 26,500 square feet of retail space on the 5.2-acre site. Lennar also developed the Midtown 205 apartment building on South Kings Drive in Midtown.

Ely Portillo: 704-358-5041, @ESPortillo

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