Wednesday, February 4, 2015

West Morehead apartments to break ground this year

The West Morehead corridor is popping these days, and a Charlotte developer plans to add to the boomlet with a 283-unit apartment complex planning to break ground in mid-summer.

Southern Apartment Group - a subsidiary of CitiSculpt - bought the land at West Morehead and Summit Streets in 2013 and 2014. The two parcels total a bit more than 3 acres. Lindsey McAlpine, CitiSculpt's managing partner, said the company has already started early work on the site.

"We're in design, and we've started some demo on site," said McAlpine. Construction on the complex is set to begin in mid-summer. McAlpine said he hasn't formally branded the site yet, but he's kicking around "Stadium West."

CitiSculpt is also developing a 70,000 square-foot office down the street at 1213 W. Morehead St., along with the Knox Group.

McAlpine said "Stadium West" will have lower rents than the luxury units that are springing up on seemingly every corner in Charlotte. "This will really be a value play," said McAlpine.

He also said the area won't be as "crowded" as the South End corridor, which has exploded in recent years as the epicenter of new apartments. McAlpine said the area's walkability, with spots such as Rhino Market and Pinky's, will help draw creative-class workers seeking an urban lifestyle.

3 comments:

George Cox said...

Hey Ely - Got Greystar ?

Ely Portillo said...

Hi George, not yet. I have gotten in touch but haven't heard back - looks like they don't want to share yet.

James Edgar said...

OK, who let the spammer in?

I'd certainly be interested in this place if the rent is reasonable. I could walk 3 blocks west and catch the #2 bus and get dropped off at my office back door. That would be wonderful. I'll be watching to see how it unfolds. I like the "Stadium West" name.