Tuesday, February 11, 2014

Construction underway on luxury Stonewall Street apartments uptown

Construction is under way on Fountains Uptown, a luxury apartment complex at East Stonewall and McDowell streets.
Work on the the six-story, 230-unit complex began in early January, after Charlotte-based Proffitt Dixon Partners bought the 2-acre site from the city of Charlotte for $3.8 million last year. It will feature a two-level clubhouse, an elevated saltwater pool and a rooftop patio with skyline views. The project’s first units will be completed by mid- to late-summer with full completion in 2015, said Wyatt Dixon.


The project comes amidst an apartment complex building boom, with 14 projects under construction in uptown and South End, according to Center City Partners.


“We certainly see a lot of competition out there over the next 18 to 36 months,” Dixon said. “While we don’t have plans to begin pursuing other infill opportunities right now, we believe that quality urban living in Charlotte is here to stay. This will bode well for Charlotte’s long-term prospects. It will certainly be more challenging in the short term, however.”

22 comments:

James Edgar said...

I assume this is yet another building with $2,000-$4,000 a month rent, like the other 25 apartment buildings in the center city. Are there really that many millionaires with nowhere to live?

Archiguy said...

Good question. Anyone with that kind of liquidity is probably looking to buy, not rent. Nevertheless, I'm sure they hired plenty of high-priced consultants to evaluate the market and provide their bankers with very slick-looking pro-formas full of colorful charts and graphs and crunchy numbers to prove the market is indeed there.

And in 3 years you'll read about this project being sold to some investment group, with the original developers pocketing a few cool millions, and 3 years after that you'll read about it "going condo". Because that's how this game is played.

Anonymous said...

How does the city allow a 2 story blank brick wall in an urban district?
One of the more horrific looking apartment buildings to appear in recent years. Looks more at home in Ballantyne than Center City.

Al Webb said...

Well this city has alot of millionaires and some may want to rent others may not but you have to think why buy when you can rent to have everything else taken cared of, they do it in bigger cities

Anonymous said...

So if you're paying $2k - $4k a month to live in uptown you're a millionaire? That's news to me. There are plenty of 2 bedroom options in and around uptown under $2000/month. Catalyst comes to mind. Not everyone has to live in the Vue.

Anonymous said...

I guess if you have a 2 bedroom apartment for $2K and you split it with a roommate, that $1K/month isn't too outrageous.

I couldn't afford it but if you are a young corporate employee making $100K+, I am sure it isn't much of a stretch.

Anonymous said...

What is under construction next to the Actor's Theatre on Stonewall?

Eric Frazier said...

To answer Anon 11:18's question -- I'm guessing you mean that city-owned site near where Stonewall meets South Blvd. extension. City says nothing's going up there yet -- it's just a staging area for equipment from the Fountains construction site.

Anonymous said...

With this being a stick built project, rents will likely be less than they are at something like the Vue.

It is sorta on its own in uptown anyway. Not really close to much. I figure a 2BR place here will run $1600ish/mo. Most people that live in these projects are young anyway. They have roommates. $800-1000/mo isn't bad.

I mean I'd rather pay $800/mo to live in center city with a roommate than $800 to live by myself in the burbs...or even $500/mo with a roommate to live in the burbs.

Pradigy Musicman said...

This is good news for 2nd Ward. I like the location, right off I-277 and near SouthEnd. I'm sure the rent will be near $1800 - 2000 for a 2 bedroom but that's standard for Uptown. I think this place will fill up very quickly due to it's location to everything. There are a ton of apartments being built currently, hopefully that will bring down the price a tad bit to 1600 for a 2brd.

Anonymous said...

Looks like any pigeon coop with a balcony and running water is considered "luxury" in this one horse town.

Anonymous said...

ANON at 11:18 AM - actually, that is the site of the new Embassy Suites!

Eric Frazier said...

Unless I'm working from outdated info from Center City Partners here, the location for the new Embassy Suites is 401 E. Martin Luther King Blvd, the site of the old AME Zion office building.

Anonymous said...

If this is the property just north of I-277 and kitty corner from the Mecklenburg Acquatic Center I cannot imagine a worse place to live - unless you are a serious swimmer. It's all hemmed in by heavy traffic, not a walkable situation except maybe down to the old Charlottetown Mall area.

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Jackie said...

Interesting. Any idea who is in charge for the construction site cleanup?

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