A developer has filed plans to build up to 360 apartments and additional retail space on Pfeiffer University’s Park Road campus, adding to a growing boom in the south Charlotte corridor.
Pfeiffer, which has its main campus in Misenheimer, said in October that it was putting the 5-acre site on the market.
A rezoning plan filed recently by Spartanburg, S.C.-based Johnson Development would replace the Pfeiffer building with a six-story apartment building. The building would include up to 17,000 square feet of retail space on the ground floor, facing Park Road, that could be used for restaurants or offices.
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Colleen Perry Keith, the school’s president, said Pfeiffer is still negotiating with Johnson Development, but is close to signing a contract for the sale of the property. “We’re hoping to have it all nailed down this week,” she said.
The school, which has MBA and other programs in Charlotte, is looking to lease space nearby. Pfeiffer has had a Charlotte presence since the early 1970s. The school’s needs are changing because of the growth of online coursework, Keith said. Pfeiffer needs a more technology-oriented space.
“I don’t need as much square footage, but I need the right kind of square footage,” she said. Keith said the school has started working with a broker to look for a new location in Charlotte, and hopes to have one by early next year.
A Johnson Development executive attached to the project couldn’t immediately be reached. The company has developed mixed-use, office and residential projects in Spartanburg, including Library Commons, a condominium project.
The site is several blocks south of Park Road Shopping Center, where owner Edens has renovated and brought in more upscale, national tenants. Also, just south of the Pfeiffer site, Atlanta-based Pollack Shores is building a 273-unit luxury apartment building.
North of the Pfeiffer site, Grubb Properties is seeking to build up to 450 apartment units in a mixed-used development. Across Park Road, Spectrum Properties is tearing down the Abbey Place apartments and building a new 265-unit apartment building.