Thursday, January 29, 2015

Solis Sharon Square apartments 70 percent leased

Terwilliger Pappas' newest apartment development  - Solis Sharon Square - is about 70 percent leased, developer Peter Pappas told me on a recent tour of the property.

The upscale mixed-use development has also leased about half of its retail space, with restaurant Dogwood Southern Table open and Corkbuzz and Rusty Bucket to follow by June. The development also includes Charlotte's first Whole Foods and SunTrust's regional headquarters.

The "Perk Lounge"
Solis Sharon Square is the first Solis development in Charlotte. Terwilliger Pappas is building a second Solis Dilworth and a third Solis Waverly in southeast Charlotte, and just got rezoning approval for a fourth Solis in Ballantyne. The company is also building Solis developments throughout the Southeast, including in Raleigh, Durham and Atlanta.

Solis Sharon Square has leased 167 out of 239 units. Pappas said two-bedrooms have been especially strong. The Latham building is fully leased, and the Graham building is still leasing as workers finish the final common spaces.

"It's good, very good," said Pappas. A 1-bedroom starts at $1,615 a month, while a 2-bedroom starts at $1,985.

A model apartment in Solis
The upscale features at Solis Sharon Square offer a window into what the demographics Pappas is targeting (Millenials, executives and empty nesters) have in mind.
  • High-end common spaces: The apartment complex features spaces such as "Boost" (a fitness center with nice equipment), "Savor" (tricked out demo kitchen that will have cooking classes), the "Perk Lounge" (free Starbucks coffee, TV, tea) and "Break" (a room with a pool table, poker table and TVs).
  • Attention to finishes: From granite counters that have become standard in high-end apartments to higher-quality wood flooring and art in the hallways, Pappas said his company paid special attention to the details to create apartments that meet renters' expectations.
  • Outdoor gathering areas: Solis Sharon Square has a pool and outdoor decks featuring bocce ball and grills. The apartments also have a pet walk for dog owners to let their dogs go for a run.
  • The "Boost" fitness center
  • Working closely with surrounding businesses to create a real mixed-use experience: Pappas' thesis is that people are willing to pay a premium to rent places closer to their jobs with more amenities and a walkable lifestyle. To help create that lifestyle, the complex is working with businesses. For example, Whole Foods will deliver groceries to Solis residents if they buy more than $25 (which isn't a challenge every time I go to Whole Foods), and a cooking school will hold classes for residents in the demonstration kitchen.