Development

Apartment developer under contract to buy Actor’s Theatre site uptown

ERICA ANNE DE FLAMAND

An apartment developer is under contract to buy the Actor’s Theatre site uptown, and plans to develop an apartment building as high as 10 stories.

Stuart Proffitt, a managing principal at Charlotte-based Proffitt Dixon, said the company has been developing its plans for the Stonewall Street site for about six months. A couple blocks away at Stonewall and McDowell streets, Proffitt Dixon is building a 230-unit upscale apartment complex called Fountains Uptown.

The Actor’s Theatre property, just under one acre, is owned by a company affiliated with the Mulvaney Group, a South Carolina real estate company. Michael Mulvaney didn’t return a message seeking comment.

Proffitt said work on the site won’t begin until next summer, after the current season at the Actor’s Theatre.

Dan Shoemaker, executive director of the Actor’s Theatre, said the group’s lease runs through next June. The Actor’s Theatre is searching for more space in uptown and South End, Shoemaker said.

“Even before we were aware of the sale of the building, we were looking for larger space,” he said. “This has just kind of sped up that process.”

The apartment building is planned to be between six and 10 stories, with 5,000 to 10,000 square feet of retail space on the ground floor.

Next door, the city of Charlotte is trying to sell a 1.7-acre parcel. A Charlotte official said the city is in talks with possible purchasers, but no agreement has been reached. Mecklenburg County owns the building next door.

“We could expand our project if we acquire the city-owned parcel. Regardless, we certainly expect to collaborate with the city and county to ensure a cohesive plan for the redevelopment of their adjacent sites,” said Proffitt.

Stonewall Street is undergoing a wholesale transformation, from Bank of America Stadium to I-277. Lincoln Harris is under contract to buy and redevelop the Charlotte Observer site, Crescent Communities is building a Whole Foods, office tower, hundreds of apartments and up to three hotels, and Charlotte-based Northwood Ravin recently agreed to buy a parcel of vacant land from the city for apartments.

Ely Portillo: 704-358-5041, @ESPortillo

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