A Raleigh-based developer is planning to build a new 300-unit apartment complex uptown, next to the Gateway Village development.
Andy Andrews, CEO of Dominion Realty Partners, said his company is under contract to purchase the vacant 3.2-acre site on West Trade Street between Irwin Avenue and Sycamore Street. He said his firm also has agreed to buy the 1.6-acre adjoining site, extending to Interstate 77, but hasn’t yet finalized plans for that area.
Construction on the five-story complex could start as early as midsummer, said Andrews.
“We’ve been sniffing around opportunities in Charlotte for a while,” said Andrews. “This site was an awesome urban-infill site.”
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Charlotte is in the midst of a major apartment-building boom, with more than 10,000 units under construction and a similar number planned, an all-time high for the city.
Andrews said he’s not worried about oversupply in the Charlotte market. With an urban site near hotels, schools, restaurants and offices, he said, he’s confident the demand will materialize.
“If you were just going to go put an apartment complex out in the woods, without any infrastructure, office or retail nearby, you might be making a mistake,” said Andrews. “We’re sure, in the long haul, that this is a good place.”
He said Dominion considered building a high-rise apartment complex, as Childress Klein and Greystar have announced for uptown, but decided a mid-rise was a safer bet.