A Canadian developer has continued investing heavily in the West Morehead corridor, with public records showing firms affiliated with David Laren have spent almost $5.9 million acquiring old buildings near West Morehead and South Mint streets.
As I reported in February, Toronto-based Laren hopes to transform the partially disused, low-slung commercial buildings into upscale bars and restaurants. The location is appealing – at an interchange with I-277, across the street from Bank of America stadium, near booming South End and a slew of new apartments and office buildings.
Laren has continued acquiring property at the site, Mecklenburg County records show. In April, a company affiliated with him spent almost $1.38 million on a 0.26-acre parcel at 305 West Morehead St. In all, Laren now owns a block of 1.25 acres running along West Morehead.
In all, Laren’s firms have paid an average per-acre price of $4.7 million for the properties.
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Marketing signs are up now that tenants such as Action Graphics have relocated from the buildings. Legacy Real Estate Advisors’ Adam Williams is listing the site.
“Retail/Restaurant space available,” a sign at the corner of Morehead and Mint announces.
Laren has said his ultimate plan is to redevelop the site with a mixed-use, high-rise building. But until that happens, he plans to turn the area into a much more vibrant strip near uptown.
“We envision a promenade of chic restaurants, lounges, sports bars,” Laren said earlier this year. “We want to bring sort of a New York, Miami flavor – some rooftop patios, really hip.”
Ely Portillo: 704-358-5041, @ESPortillo
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