Monday, February 2, 2015

Pappas accelerating South End apartment plans

Charlotte developer Peter Pappas says he's speeding up his plans for South End, with a new apartment complex at South Boulevard and Remount Road under consideration.

The possible new complex by Terwilliger Pappas - an apartment firm Pappas heads - is still in the early stages. Pappas is studying a parcel of land at the South Boulevard intersection, but said it's too early to have details such as a timeline for construction or possible number of units.

"The south corridor continues to be an area where Terwilliger Pappas would like to focus and allocate capital," said Pappas. He said the success of recent leasing activity, combined with more retail and restaurant options, make the area more appealing. South End is one of the fastest-growing apartment markets in the city, with new complexes such as Camden Southline coming online and more under construction. The area also has a new Publix soon to debut, along with a major redevelopment of the Sedgefield Shopping Center anchored by a Harris Teeter planned.

Terwilliger Pappas has four Solis-branded apartments under construction or planned in Charlotte, including Solis Sharon Square, Dilworth, Waverly and Ballantyne. Together, those apartments total about 1,000 units.

Pappas has been trying to build a mixed-use development at Scaleybark Station on South
Boulevard since 2007. He has said the recession stymied plans.

"While we are just beginning to study the South Boulevard and Remount site, we are also actively pursuing development plans at Scaleybark Station, a transit oriented development that that will include a mix of office, hotel, retail, for-sale and for-lease housing," said Pappas. "The strong residential leasing activity over the last 12 months has prompted us to accelerate our plans on both parcels at Southline and Scaleybark."

You can check out marketing materials for the planned Scaleybark development here. The development plan - which would include up to 850 residential units and more than 450,000 square feet of office space - is below. Stay tuned for updates on both of these projects as they get more firm.


Anonymous said...

The city must give Pappas some more tax breaks or deferments. He cannot possibly build something of this magnitude without assistance from Govco.

Anonymous said...

How many more apartment complexes will be built before the City Council realizes they've made a HUGE mistake? Apparently that's something they will never bother to look into, now or in the future.

James Harrison said...

The area of Southend has really taken off. In two years it will almost be unrecognizable. Hopefully it'll bring lots of local businesses and create a nice community.

Anonymous said...

Pappas knows what he is doing. The man brought us Phillips Place and Metropolitan, among other things. Let the man do his thing and appreciate the benefits.

Anonymous said...

Anonymous 12:18….you may think all of us appreciate the "benefits" of that development but there are some that do not. The congestion and altered landscape in the SouthPark area is not necessarily a positive. There are some of us who have no desire to become Atlanta or to have every piece of land piled stories high with apartments or retail.