Monday, February 9, 2015

New Plaza Midwood apartments will preserve most retail space

Tribridge Residential has torn down a pawn shop to make for a new, 246-unit apartment complex at Central Avenue and Clement Avenue, but the company says three other existing stores on the site will remain.

The company finished demolition of the pawn shop and warehouses (map below) on the property last week, Tribridge vice president Yates Dunaway said. Tribridge is now starting work on the apartment complex.

The remaining shops - Something Classic, American Beauty and Jackson Hewitt - total 18,000 square feet. They'll remain on the site, Dunaway said. The company bought the 5-acre site in December for $5 million.

Here are the vital stats for the apartment complex:

  • 246 units, a mix of studio, one- and two-bedrooms.
  • Amenities will include a pool, fitness center, club room and high-end interior finishes.
  • The buildings will be four and five stories tall, and will wrap around a parking deck.
Charlotte is in the midst of an apartment boom with 10,000 units being built and about 10,000 more planned, an all-time high. Think we're in a bubble? Check out my story from this weekend and let me know what you think.
A rendering of the future apartment building at 1305 Central Avenue

23 comments:

Pete Freedman said...

As the owner of American Beauty Garden Center, I can tell you the current situation for this development has decreased our parking, caused stress for the customers on our property and will be increasing our cost of business by over $800-$1000 a month for special delivery trucks.
We have spoken with Tribridge regarding the difficulty of parking for all businesses in our strip mall and they have decided that they will not he making any adjustments.
Tribridge, I challenge you in this public forum to help us gain even 50% of our functionality for deliveries and parking for our customers.

Therese St. Germain said...

Looks to me as though you don't care about the humble shop owner. You're just another Charlotte developer who wants to laugh all the way to the bank!

Therese St. Germain said...

Looks to me as though you don't care about the humble shop owner. You're just another Charlotte developer who wants to laugh all the way to the bank!

Anonymous said...

Who is buying all these high end apartments and condos, hope they can fill them up and they just do not sit there. Would rather not ruin what makes that area great by tearing down buildings that have a use.

Anonymous said...

Why are you deleting Mr. Freedman's comments? That isn't fair.

Anonymous said...

The city of Charlotte, does not have enough folks in it, to constantly fill up all these "high end" apartments and condos. This is the most unrealistic use of space in the Plaza Midwood area. Tearing down businesses that are of use, and taking away parking spaces to put these buildings on, makes no sense. Also, there is a shortage of parking in Plaza Midwood already, and all these new apartments and condos, will bring in too much traffic to an area that wont be able to handle it. Also, apartments do not bring permanent residents to the area, just more transition to an area that does not NEED it. What will happen with folks wont be able to handle the high rent? The city did not learn from the last housing bubble, so I guess these nice apartments and condos will go vacant. The city of Charlotte is run by fools.

Ely Portillo said...

Hi Mr. Freedman, thanks for your comment. I'm sorry I didn't have time to reach out and call you yesterday - had to run to City Council at 5 p.m. Please get in touch and let me know how this development turns out for your business and whether your concerns are addressed.

tPet said...

Pete ... This looks like maybe a not so subtle attempt to have you and the other retail tenants move out "on your own accord" so they can tear down those structures.

Anonymous said...

Is everyone commenting aware that you live in one of the fastest growing cities in the US?

James Edgar said...

Let me guess - the rent on these units will range from $1,500 a month for the studios to $3,500 a month for the 2-bedroom units. 9:41 and 11:15 are right; the only way all 10,000 of these $3,000 a month apartments are filled is if the ONLY people moving to Charlotte are already millionaires.

Maybe one of these decades, some company will build something those of us who make the median income can afford. But I won't be holding my breath...

Anonymous said...

I have seen what they have done to American Beauty Garden Center and I know this is having a negative impact in business. They have effectively blocked off parking at the store and impeded the ability for delivery trucks to deliver products. This store has been there seven years adding tremendously to the economic and environmental harmony in this neighborhood. This "growth" is strictly based on greed. I am alarmed and dismayed.

Anonymous said...

Anon @2:39 PM

Right! It's like people forget how quickly Charlotte is growing. And I would much prefer development like this than development adjacent to 485. All the recent urban development around center city is amazing and transformative.

Anonymous said...

I hope the design doesn't get value engineered down to being boring... like the Nook.

Pete Freedman said...

Hello Ely Portico,
As it stands right now and permanently, we have lost a lot for our business' functionalities and have no choice but to leave where our business has been for 8 years. There is no point in fighting this loss as the developers have effectively squeezed us so tightly that we sadly have had to choose to survive rather than battle. We hope the best for the people who continue to run businesses in the area.

Pete Freedman said...

That is exactly what is going on. For a fact

Pete Freedman said...

Thank you for the kind support, we will be moving to a different neighborhood in the same zip code.

Pete Freedman said...

Thank you for the kind support, we will be moving to a different neighborhood in the same zip code.

Pete Freedman said...

That is exactly what is going on. For a fact

Pete Freedman said...

Hello Ely Portico,
As it stands right now and permanently, we have lost a lot for our business' functionalities and have no choice but to leave where our business has been for 8 years. There is no point in fighting this loss as the developers have effectively squeezed us so tightly that we sadly have had to choose to survive rather than battle. We hope the best for the people who continue to run businesses in the area.

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