Development

Northwood Ravin closes on $14.2 million uptown land purchase

Northwood Ravin has closed on its purchase of the parcel at bottom left, with a large dirt pile, along Stonewall Avenue.
Northwood Ravin has closed on its purchase of the parcel at bottom left, with a large dirt pile, along Stonewall Avenue. jkomer@charlotteobserver.com

Development firm Northwood Ravin has closed on its $14.2 million Stonewall Street land purchase, buying a piece of prime uptown real estate from the city of Charlotte.

The 3.76-acre parcel is at Stonewall Street and South Boulevard. It’s been covered with a large mound of dirt excavated from the Presley apartments down the street for more than a year. Real estate records show the purchase closed Feb. 16.

David Ravin, CEO of Northwood Ravin, said his firm is still planning for the land and a project announcement could be coming soon. Any project on the land would likely include a dense mix of uses, such as retail and residential. The firm has developed prominent apartment complexes in Charlotte, such as Village at Commonwealth on Commonwealth Avenue, and it owns the Vue, the city’s tallest apartment tower.

The Stonewall land – which Northwood Ravin won after a bidding war with two other apartment developers – was one of five extra parcels created when the state built Interstate 277. Charlotte received the land, and has since sold all of the parcels to private developers. That land is now powering a major building boom along Stonewall Street.

Proffitt Dixon is finishing the Presley apartments and planning more apartments at the Actor’s Theatre site, while Crescent Communities is building a Whole Foods and apartments next to the Stonewall light rail station.

Ely Portillo: 704-358-5041, @ESPortillo

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