Development

Ascent apartment tower opening in 1st quarter 2017

The Ascent apartment tower, under construction adjacent to Packard Place and the new Ink & Ivy bar.
The Ascent apartment tower, under construction adjacent to Packard Place and the new Ink & Ivy bar.

A 33-story apartment tower uptown is set to open in the first quarter of 2017, the latest in Charlotte’s ongoing apartment boom.

Charleston-based Greystar is developing the project, which will total 314 units. It’s the second major apartment tower under construction uptown – the Mint Museum apartment tower by Childress Klein held a topping-out last week. That 43-story, 394-unit project is set to open this fall.

The Ascent apartment tower is adjacent to Romare Bearden Park, and it will have retail on the ground floor. Greystar hasn’t announced tenants yet, but said the retail space will also be ready in the first quarter next year.

And, lest you wonder whether the Charlotte market can support all of these new apartments, take a look at the numbers I wrote about on Monday. The latest data from Charlotte-based Real Data shows the vacancy rate is actually lower now than it was last year, as supply remains tight despite thousands of new apartment units coming available for lease.

Ely Portillo: 704-358-5041, @ESPortillo

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