An apartment developer has started construction on a new building just outside uptown, adding hundreds of new units to the booming South End apartment market.
Called Broadstone Queen City, the 260-unit apartment development is on a 1.9-acre site at South Tryon and Morehead streets. Real estate records show Arizona-based Alliance Residential bought the site this month for just over $9.7 million.
The apartments will include studio, one- and two-bedroom units, with amenities such as a gym, pool with sun deck overlooking the skyline and bike storage. Alliance said it expects rents will be lower than those at uptown buildings, the most expensive in the city, averaging almost $1,900 a month.
“Our value proposition is that we can provide superior proximity to uptown jobs and a best-in-market finish package, albeit at a more attractive rent than the new Uptown product coming online," said Donald Santos, Alliance's Charlotte-based managing director.
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The building is expected to open in the spring of 2020. Charlotte's apartment market remains white-hot, with about 27,000 more apartment units planned or under development.
The site at Morehead and Tryon streets had been targeted for a 14-story office tower years ago, but those plans fell apart when no anchor tenant could be located.
Alliance is also active in other parts of Charlotte. Near the Broadstone Queen City development, the company is building 345 apartments on Wilkinson Boulevard, called Broadstone Bryant Park.