It's not just close-in, urban neighborhoods that are seeing rapid growth in Charlotte — the area's apartment boom extends to the suburbs as well.
Developers are planning hundreds of new apartments in Huntersville and Indian Land, S.C., according to plans announced last week. They reflect continued interest from apartment developers in the areas on Charlotte's edges that may have once attracted more single-family subdivisions.
"A fast-growing job base, proximity to major employers and strong demand for luxury multifamily housing were all factors for pursuing this opportunity," said Palmer McArthur, vice president of development at Pollack Shores, which is building 300 apartments at Highway 521 and Bridgemill Drive, in Indian Land.
The Atlanta-based developer, which is also building apartments in Charlotte's South End, is focusing more on suburban developments and seeing a strong return on those investments, executives said. Suburban apartments offer cheaper land prices than most sites close to city centers, and can also be built without parking decks, which add millions of dollars to a project's cost.
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Here's a look at the latest plans:
▪ Pollack Shores says construction on the new apartments in Indian Land, called the Mason at Six Mile Creek, will start in July. The development will be near Red Ventures and the new RedStone Shopping Center, anchored by a 14-screen movie theater. Preston Partnership is the architect, while LandDesign is the civil engineer and landscape architect.
Amenities will be similar to those that have become standard at luxury buildings across Charlotte, including a dog spa, "central town green," a pool, gym with a yoga room, co-working space for residents who work from home and an outdoor bar with grills.
Pollack Shores bought the 20-acre site last month for $4.5 million. Bill Ziegler acted as the buyer's agent, and Mike Bilodeau with MPV Properties represented the seller.
"As York and Lancaster County continue to attract jobs, it’s only reasonable that apartment development will follow suit," Ziegler said.
▪ In Huntersville, 297 new apartments are planned to start construction soon at Old Statesville Road and Eastfield Road, just north of Charlotte. Developer Caldwell Station NC closed Friday on a $42 million construction loan from Trez Forman Capital Group. The development will consist mostly of garden-style apartments, with some for-rent townhouses included.
Amenities will include a saltwater pool, dog park, clubhouse and a gym with a cardio studio. Brett Forman, CEO of the lender funding the project, said they're continuing to look at suburban markets for new apartment developments.
"This is a suburban submarket with a strong appetite for Class A apartment product. We continue to target similar opportunities in the region," said Forman, in a statement.