Update: Faison buys 511 Queens Rd. property for apartments

Developer Faison has purchased a vacant 1.4 acre parcel at 511 Queens Road, Mecklenburg County property records show, and the land could soon see a six-story building with 62 apartments.

A deed filed Dec. 30 shows a Faison-affiliated corporation purchased the land from Five-Eleven Partners for $3 million. The property is next to Theatre Charlotte, and had been originally slated for a condo development before the economy crashed.

Update: Kris Fetter, Faison's managing director of construction and residential development, said the company's plans are still in the design phase. There's no timeline yet for construction on the site, Fetter said.

Rush Dunaway, a broker with Sperry Van Ness Percival Partners, represented the seller, a Columbia-based company. He said the land is zoned for up to 62 residential units, and Faison could build a six-story structure (including one story of underground parking).

Dense, infill development is making a comeback after the recession, Dunaway said.

"It dried up for about eight years," Dunaway said. "It's back now."

Charlotte-based Faison is a major apartment developer, and from 2012 to 2014 the company developed about 2,000 apartment units throughout the Southeast. Last year, Faison divested two of its business lines - spinning off its advisory business and selling its property management division - to focus more on investing its own capital.

"Today, Faison is focused on investments for its own account and multifamily developments utilizing the entrepreneurial spirit of its founder" Henry J. Faison, the company says in its self-description.

(Hat tip to the guys at Urban Planet for spotting this first!)