Development

First condo tower since recession kicks off with uptown party

A rendering of the planned 1Brevard tower.
A rendering of the planned 1Brevard tower. 505 Design

The condo boom could be back on in Charlotte: The city’s first major condo project kicked off with a party Tuesday uptown.

1Brevard is a 31-story tower at the corner of Fourth and Brevard streets being planned by Boston-based Greg Rudolph of RTG Holdings and Robert Gunn of Gunn Financial. The 1.7-acre parcel is owned by Brevard Street Associates, a local group of investors. The condo tower will include 174 units.

At an invitation-only launch party at the sales center at Fifth and Brevard streets, prospective buyers and real estate professionals looked at marketing materials as a jazz trio played.

Prices will range from $400,000 to more than $1.8 million, with units ranging from 1- to 3-bedroom floor plans or penthouses. The size will range from 687 square feet to 3,197 square feet. The developers are hoping to complete the tower in late 2017.

The condo tower is planned to include a pool, fitness center, library and lounge on the seventh floor, a dog lawn and outdoor kitchen on the eighth floor, a secure parking deck and a rooftop deck.

At the adjacent SKYE condos, 15 out of 67 units are on the market, according to listings by the McDevitt Agency. Prices range from about $357,000 for a 936-square-foot one bedroom, 1 1/2 bathroom unit to almost $2.4 million for a 3,787-square-foot penthouse.

1Brevard would be the first uptown condo tower project since the recession. As the economy has rebounded, apartment construction in Charlotte has hit a record high. But condo projects have languished. Some of the most prominent pre-recession condo projects, such as the 51-story Vue, couldn’t sell and converted to apartments.

On the 1Brevard project, John Moriarty & Associates is the general contractor and FMK Architects is designing the building. The Design Group and 505 Design are also participating in the design.

You can see floor plans, designs and more information about amenities online at 1brevard.com.

Ely Portillo: 704-358-5041, @ESPortillo

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