Development

University-area apartments moving forward

Jane Wu is planning to build 380 apartments at a site adjacent to the Blue Line extension.
Jane Wu is planning to build 380 apartments at a site adjacent to the Blue Line extension.

Plans are moving forward for a major new apartment complex along the Blue Line light rail extension on North Tryon Street.

Developer Jane Wu, principal of Carolina States Regional Center, is financing the project in part through the EB-5 program, in which foreign investors can get a green card for investing at least $500,000 in a project in the U.S. (Read my previous story about the program and Wu here).

Plans filed Wednesday with the city give a little more detail on the planned apartment complex:

“University City Apartments at Tom Hunter Station

Approximately 380 apartments on just over 15 acres. Site proposes two new public streets with connections to N. Tryon, Reagan Drive, and Orchard Trace.”

Wu’s company is also trying to rezone a nearby 22-acre industrial site for transit-oriented development. The site plan is still being fleshed out, but city staff have said they don’t support the rezoning petition as-is.

Ely Portillo: 704-358-5041, @ESPortillo

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