Charlotte-based apartment developer Proffitt Dixon has offered $4.1 million to buy a city-owned parcel on Stonewall Street adjacent to the Actor’s Theatre of Charlotte, which the developer is already under contract to purchase.
The 1.7-acre, sickle-shaped parcel wraps partially around Actor’s Theatre and has little street frontage, sandwiched between the theater, Interstate 277 and an off-ramp. That could make development tricky – but Proffitt Dixon will be able to combine the parcel with the nearly 1-acre piece of land occupied by the Actor’s Theatre.
Last month, managing principal Stuart Proffitt said the company has been developing its plans for the Stonewall Street site for about six months. Proffitt Dixon plans to build an apartment building as tall as 10 stories on the Actor’s Theatre property.
“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,” Proffitt said at the time. The county is moving its offices out of the adjacent Bob Walton Plaza building.
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Upset bidders will have the chance to outbid Proffitt Dixon for 10 days after City Council’s approval of the contract Monday, which was outlined in the group’s agenda, as required by state law. If no one outbids Proffitt Dixon, they’ll get the land, while if another company offers more, that bid will then be advertised for potential upset.
Parcel 3, as it’s known, is the latest city-owned piece of land on Stonewall Street to draw strong developer interest. Northwood Ravin is buying land at Stonewall and Caldwell streets for apartments, while Crescent Communities plans to build a Whole Foods, apartments and hotels next to the Stonewall Street light rail station.
Proffitt Dixon is already building a 230-unit apartment complex (formerly known as Fountains Uptown but now called Presley Uptown) down the street at Stonewall and McDowell streets.
The surplus parcels were created when Charlotte and the N.C. Department of Transportation built I-277, and were used as collateral for the NASCAR Hall of Fame’s construction loan. All five surplus parcels are now under contract for private development.