The bidding war still isn’t over for a 3.8-acre parcel of city-owned land on Stonewall Street: A second upset bidder, apartment developer Northwood Ravin, is offering $14.15 million for the land and plans a major mixed-use development.
Last month, Atlanta-based apartment developer Pollack Shores originally offered $12.2 million for the site, which the city then advertised for upset bids. Camden USA, another apartment company, stepped in a few weeks later and agreed to pay $13.3 million for the land.
Now, Charlotte-based Northwood Ravin is offering the highest price yet. City of Charlotte real estate division manager Tony Korolos said Northwood Ravin is planning to build up to 50,000 square feet of retail and office space on the site and 400 residential units that could be apartments or condominiums.
“We’re looking for the highest and best offer, and we’re very excited by the level of interest we’re seeing,” said Korolos. Its bid for the Stonewall parcel will now be advertised for upset as well, with the bid period open until mid-June.
Korolos said he’s already heard from Camden that they are running the numbers. An upset bidder would now have to offer just over $14.8 million.
A Northwood Ravin representative declined to comment.
The parcel is one of five chunks of land that were left over from construction of Interstate 277, and the city used them as collateral for a $20 million construction loan to build the NASCAR Hall of Fame. Only the smallest of the parcels, abutting the Actor’s Theater of Charlotte, remains on the market.
Stonewall Street is set to see a transformation, with major development planned along its entire length within the I-277 loop. At the western end of the street, Lincoln Harris is under contract to buy The Charlotte Observer’s 9.4-acre site, while Crescent Communities is building hundreds of apartments, an office tower, hotels and a Whole Foods on vacant land and surface parking lots. Portman Holdings is planning to build an office tower as well, and Proffit-Dixon is planning to finish a 230-unit apartment complex at Stonewall and Caldwell streets later this year.
The Stonewall Site isn’t the only place uptown Northwood Ravin has its eyes on. The firm, led by David Ravin, is also exploring development of a six-story apartment complex at the site of the defunct James K. Polk building at 500 W. Trade St., according to real estate records.