The site where the Charlotte Hornets once played will soon be home to hundreds of apartments, as part of a redevelopment project that sat idle for years.
Charlotte-based real estate developer Terwilliger Pappas announced Monday that it had closed on the sale of an 8-acre multi-family development site near West Tyvola Road, part of the redevelopment known as City Park. Pappas plans to build Solis City Park, a 272-unit apartment complex. The sale price for the land was not disclosed.
The former Charlotte Coliseum was leveled in 2007, but the project stalled until recently. The project has seen new life with the opening of the dual-branded Residence Inn & Fairfield Inn & Suites by Marriott, apartments and homes for sale by Ryan Homes. A shopping center across the street from the Pappas development also opened in 2017, with a Starbucks, Panera Bread, Chipotle and other retailers.
The redevelopment plans call for more residential, retail and office space on the site. A 140-room Aloft Hotel is under construction, and is expected to open this year, according to the website for the development.
“What was once a vacant 18,000 seat arena with 50 acres of abandoned asphalt around it has been transformed over the years into truly one of the great revitalization projects in Charlotte,” Caleb Troop, investment sales adviser at Capstone Land Sales, the firm that brokered the deal, said in a release.
Atlanta-based Pope & Land Real Estate is the master developer of the planned 150-acre community, and sold the land to Pappas.
In the release, Craig Miller, executive vice president at Terwilliger Pappas, cited the project’s proximity to major employers. Companies like Sealed Air, Belk and UTC Aerospace Systems have a presence in the area.
Pappas has developed apartments in areas like South End, SouthPark and Berewick, near the Charlotte Premium Outlets.