Development

Another developer makes an upset bid for Stonewall parcel

The parcel of land at Stonewall and Caldwell streets.
The parcel of land at Stonewall and Caldwell streets.

The bidding war for a 3.8-acre parcel uptown shows no signs of stopping, with a Chicago-based company putting in a third upset bid to buy the land from the city.

A company affiliated with the development firm Bond Companies has offered $15.1 million for the land at Stonewall and South Caldwell streets. A real estate company in California also appears to be affiliated with the bid, based on corporate records.

Charlotte-based Northwood Ravin had previously offered $14.15 million, upsetting two prior bidders.

Tony Korolos, head of the city of Charlotte’s real estate division, said City Council will need to decide whether to accept the bid at next Monday’s meeting. He said there was an issue with the timing of the Bond Companies’ full funding of a required escrow account.

“We’re planning to put all the information in front of council,” said Korolos. He said the newest bidder, Morgan Bond Charlotte LLC, is considering building a mixed-use development with multifamily housing, retail and possibly a hotel.

Two developers have already made upset bids for the site, pushing its price up from an initial offer of $12.2 million by Atlanta-based Pollack Shores. Apartment developer Camden USA made a $13.3 million offer to buy the site, and then Northwood Ravin offered $14.15 million.

The land was one of five leftover parcels created when the state built Interstate 277. The land was used as collateral for a construction loan to fund the NASCAR Hall of Fame. All but one of the parcels have been sold or are under contract.

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 plans to build an office tower as well, and Proffit-Dixon plans to finish a 230-unit apartment complex at Stonewall and Caldwell streets later this year.

Portillo: 704-358-5041;

Twitter: @ESPortillo

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