Development

City gets upset bid for Stonewall Street site from 2nd apartment developer

The city of Charlotte has agreed to sell nearly 4 acres on Stonewall Street, currently covered by a large mound of dirt from a nearby apartment project. The land would be sold to Camden, which outbid Atlanta-based Pollack Shores Development’s $12.2 million bid with a $13.3 million offer.
The city of Charlotte has agreed to sell nearly 4 acres on Stonewall Street, currently covered by a large mound of dirt from a nearby apartment project. The land would be sold to Camden, which outbid Atlanta-based Pollack Shores Development’s $12.2 million bid with a $13.3 million offer. jkomer@charlotteobserver.com

Atlanta-based Pollack Shores’ $12.2 million bid to buy a prime parcel of vacant land on Stonewall Street has been upset by another apartment developer, city officials said Tuesday.

Camden USA Inc. has offered the city just over $13.3 million to buy the nearly 4-acre site, said Tony Korolos, manager of the city of Charlotte’s real estate division. Under rules for the sale of city-owned land, Charlotte must now advertise again to allow any further upset bids. Korolos said that new upset bid period will end May 26.

In addition to Camden’s $13.3 million bid, Korolos said two other, lower offers were received.

“It’s a very good price, and there’s a lot of demand on it,” Korolos said of the bidding. The site is tucked between Interstate 277 and Stonewall Street on the south side of South Caldwell Street.

Atlanta-based Pollack Shores hasn’t responded to requests for comment about its plans for the site, but the company is developing two other low-rise apartment complexes in Charlotte on similar-sized parcels. The company didn’t immediately respond Tuesday.

Camden is a national apartment developer and manager, and owns and operates 11 apartment complexes in the Charlotte region. The nearest Camden property to the Stonewall Street site is Camden Grandview on East Morehead Street, on the corner opposite the Stonewall Street parcel at the I-277 interchange. A Camden representative couldn’t immediately be reached for more details about the company’s plans for the site.

The site is one of five created when Charlotte and the N.C. Department of Transportation built I-277. The leftover land around interchanges was pledged as collateral for the city’s $20 million construction loan to build the NASCAR Hall of Fame. After a lull during the downturn, the sites have sold briskly.

Crescent Communities plans to build a Whole Foods, two hotels and a 450-unit apartment complex at Stonewall and Caldwell streets on a separate parcel of city-owned land that Crescent has a contract to purchase for $10.3 million. Proffitt Dixon is building the 230-unit Fountains Uptown complex at Stonewall and McDowell streets on land it bought for $3.8 million. And on Monday, Charlotte City Council approved a $4.1 million bid by apartment developer Red Partners to buy another of its parcels at South Boulevard and I-277.

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