Development

More construction coming: Midtown site sells for millions in planned redevelopment

The Charlotte Regional Realtor Association building off of Greenwood Drive, near Pearl Park, on the edge of uptown. developer Peter Pappas is proposing building retail, office and a hotel .
The Charlotte Regional Realtor Association building off of Greenwood Drive, near Pearl Park, on the edge of uptown. developer Peter Pappas is proposing building retail, office and a hotel . mhames@charlotteobserver.com

Pappas Properties has bought part of the Charlotte Regional Realtor Association property on Kenilworth Avenue and plans to start a new, mixed-use development soon.

Property records show an LLC affiliated with Pappas Properties has spent about $4.1 million on property around Kenilworth Avenue and Greenwood Cliff. The first phase of the planned project will involved 3.8 out of the total 5.2 acres, and will include extending Pearl Park Way and the construction of a new building for the Realtor association and the Mingle School of Real Estate.

A timeline for construction was not immediately available.

The final goal is a “high-density, mixed-use development in Midtown,” the Realtor association’s officials said in a statement. Plans from Pappas would include almost 200 apartments, 168,000 square feet of new office space, a hotel with up to 150 rooms, shops, restaurants and changes to adjacent Pearl Street Park.

“We look forward to working with Pappas Properties and Little Diversified Architectural Consulting and our general contractor Myers Chapman to transform this site to better serve our members and students as well as benefit the community,” said Realtor association CEO Anne Marie DeCatsye, in a statement. Roger Cobb and Grey Poole of Selwyn Property Group represented the group, and will continue to provide consulting services.

Charlotte City Council approved a $4.4 million reimbursement agreement late last year, under which they’ll pay Pappas Properties for roads and a trail that’s part of the planned park improvements.

Pappas Properties will extend Pearl Park Way from Kenilworth Avenue to Dilworth, which has long been a city goal. The developer will also build Berkeley Avenue inside the development.

The area around Kenilworth Avenue and Morehead Street has seen a massive surge of new development in recent years. The Solis Dilworth apartments are open, and two more apartment buildings with more than 600 units are under construction on Kenilworth and Harding Place.

Ely Portillo: 704-358-5041, @ESPortillo

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