A pair of rival developers is set to face off Monday night in front of Charlotte City Council. They’re each seeking to buy a 3.8-acre parcel of uptown land to build an apartment complex on Stonewall Street.
Here’s the issue: Charlotte received five parcels of surplus land when the state built Interstate 277. The city has been working to sell the parcels. This particular parcel, at Stonewall and Caldwell streets, has received four bids, each higher than the next. But the two most recent bids have issues.
Charlotte-based Northwood Ravin offered almost $14.2 million for the land. Morgan Bond LLC, a joint venture of Chicago-based Bond Companies and a California developer, then offered an upset bid of $15.1 million.
Here’s the catch: Morgan Bond’s bid did not come in with a fully funded escrow account before the deadline. So the highest bid didn’t technically qualify, while the qualifying bid is about $1 million less.
City Council will have to vote to decide which bid to take. If they accept Northwood Ravin’s bid – as staff is recommending – the decision will be final. If they take Morgan Bond’s bid, there will be another 10-day upset period during which a fifth offer could emerge. Both developers will be speaking at the meeting, according to a memo from city staff.