Chicago developer expands into Charlotte, this time with $8 million Elizabeth land deal
A Chicago developer is continuing its reach into Charlotte with its most recent land purchase, this time in the Elizabeth neighborhood.
In July, Centrum Realty & Development purchased five parcels in the area of 1801 E. 7th Street for $8.5 million, according to Mecklenburg County property records. The company has crews out on the site this week conducting soil sampling, but said it’s still too early to disclose its plans.
There are three buildings on the site, which spans about 1.6 acres. Each is vacant and in various states of disrepair, said Centrum’s managing partner Larry Powers. The land is zoned business.
The site is around the corner from a Gold Line streetcar stop. It’s also down the street from the recently-completed Elizabeth on Seventh project, a mixed-use building with office and retail by North Caswell Road.
There are two shopping centers nearby, too. In March, Durham-based developer filed plans to rezone a roughly half-acre site at 1733 E. 7th St. and build a six-story boutique hotel. If approved, it would be the only hotel in the neighborhood.
“The site is just really well-located in the neighborhood and close to the center of gravity at Pecan and 7th,” Powers said. “It’s large enough of a scale that we could do something meaningful.”
Plans not yet finalized
But what those plans will look like are still not clear.
Centrum recently held an informal meeting with the Elizabeth neighborhood association to explain what its priorities are and to hear what the group’s priorities are, Powers said.
The company has not yet talked about whether it would save the buildings for future use or clear the site and start over, he said. It’s also too early to say whether Centrum will seek to get a rezoning for the property.
“We’re still studying all the uses we would consider viable and trying to wrap our arms around (the Unified Development Ordinance) and how it would affect this site,” Powers said.
Charlotte’s City Council adopted the Unified Development Ordinance in August. The development rule book will go into effect June 1.
Other land purchases
Centrum has bought some other land in Charlotte over the past year or so.
Last October, it purchased the property at 3022 Griffith St. in South End for $9.6 million. The building on site is still fully occupied and Powers said they haven’t done any work there yet.
Also that month, Centrum purchased property at 1909 South Blvd., along with another parcel, in Dilworth for $12.3 million. The site is not far from popular spots like Tyber Creek Pub and Dilworth Tasting Room.
Centrum recently won approval from City Council to rezone the land to transit-oriented development, Powers said. But he said it’s still too early to say what it’s planning for that site.
The company’s first Charlotte purchase came last February. It bought Seneca Square, an 80,000 square-foot shopping center at the corner of South Boulevard and Tyvola Road, for $10 million, The Charlotte Observer reported at the time.
Centrum mainly focuses on developing mixed use, apartment and office projects, Powers said.
Powers moved to Charlotte about two years ago, and Centrum has opened an office here.
This story was originally published October 13, 2022 at 5:40 AM.
