New medical spa coming to SouthPark this summer near Whole Foods Press Release
A cosmetic treatment center that provides services like body contouring and cellulite reduction is coming to the Sharon Square shopping complex in SouthPark this summer.
LightRx Face & Body will occupy a 1,500 square-foot space, and construction is expected to begin soon, according to a statement this week from Pappas Properties, the Charlotte firm that developed Sharon Square.
Physicians at the medical spa will provide non-surgical cosmetic treatments like body contouring, laser liposuction, cellulite reduction, skin tightening, skin rejuvenation and laser hair removal.
The Cellar @ Corkbuzz to open in SouthPark Press Release
Laura Maniec, the master sommelier and smart brain behind Corkbuzz, the wine-focused restaurant with locations in New York and Charlotte, is adding something new to the market: The Cellar @ Corkbuzz.
Located in the space right next to Corkbuzz, in Sharon Square in SouthPark (right behind the Whole Foods on Fairview), the new space will be a wine retail store and wine bar with a small-plates menu. Maniec plans to open early next week.
Calling it “a little jewel box of a space,” Maniec gave us a look at the new space Wednesday: The chandelier and library ladder to slide around the shelves of wine are still coming, but the new tasting bar already has a cool cork front and the wine-cask tabletops are ready to go. At 850 square feet, it’s a third of the size of the 2400-square-foot restaurant, but will allow enough room to add more classes and tasting experiences.
Inspired by some of her favorite small wine bars in Paris, The Cellar @ Corkbuzz is designed to be a place where you can grab a glass of wine and sit with a plate of black pepper biscuits with prosciutto and beer mustard or Spanish-style tomato bread with white anchovies, or where you can grab a bottle of wine you’ve never tried before and take it home with you.
Construction set to start soon on new Scaleybark development Press Release
Pappas Properties said construction will start soon on the first phase of its long-planned Scaleybark Station development next to the light rail, on a prominent site that’s sat vacant as South End booms.
The company, along with its partner Cherokee, closed on the sale of a portion of the site to Pulte Homes for $4.2 million earlier this month. Pulte is planning to build 58 townhouses as part of the first phase. The site Pulte purchased is a portion of an 8-acre parcel on the northern part of the planned development, adjacent to Clanton Road.
In addition to the residential development by Pulte, Pappas Properties plans to start work on the site’s first commercial development. That will include 16,000 square feet of retail space, fronting South Boulevard in front of the townhouses. Two restaurants have signed letters of intent for that space, Pappas Properties said, though the company didn’t reveal their names.
The company also plans to start construction immediately on an extension of Tryclan Drive through the site from Dewitt Lane, to connect South Tryon Street and South Boulevard. A second phase of the project is set to break ground in 2017, Pappas Properties said.
Townhouses being considered for site of planned Scaleybark project Press Release
A townhouse development is being mulled as part of a transit-oriented project long discussed for South End.
The townhome project appears to be in partnership with Pulte Homes, a national homebuilder with projects across Charlotte, including Park South Station, Chapel Cove and Midwood Square.
Attempts to reach Pappas Properties on Monday for more information on the project were not immediately successful.
The townhouses align with Pappas’ Scaleybark Station, a mixed-use development planned since before the recession. The project is proposed for 23 acres, steps away from the Scaleybark Station on the LYNX Blue Line. It calls for three phases of development that would add more than 400,000 square feet of office and retail, 440 residential units, a 125-room hotel, and 58 townhouses.
Elsewhere in Charlotte, Pappas Properties has plans to develop a midtown mixed-use project on the Charlotte Regional Realtor Association site, which would include a new CRRA office building and a dense mixture of office, retail, residential and hotel uses.
City considering $3.9 million in support for major midtown development Press Release
Pappas Properties unveiled its updated plan on Thursday to redevelop the Charlotte Regional Realtor Association property in midtown Charlotte.
The plan, presented at Thursday’s City Council economic development committee meeting, would include a high-density, mixed-use development containing retail, offices and multifamily residential at the 5.3-acre site adjacent to Pearle Street Park on Kenilworth Avenue and Greenwood Cliff Road.
A wealth management firm has signed a lease for part of the fifth floor of the SunTrust office building at Sharon Square in SouthPark, Pappas Properties and Allen Tate Company said.
Second Half Strategies will take 2,888 square feet of the office building, part of a mixed-use development that includes a Whole Foods, apartments and restaurants.
“We are pleased to bring Second Half Strategies to the SunTrust Building at Sharon Square,” said Peter Pappas, CEO and founder of Pappas Properties.“Second Half Strategies has a strong reputation consistent with the caliber of tenants we are targeting.
” added Pappas.
Starbucks To Join Sharon Square Mixed-use Community In Southpark Press Release
Charlotte, N.C. - Starbucks has signed a lease agreement to open a freestanding coffee house at Sharon Square, a mixed-use community developed by Pappas Properties and Allen Tate Company. Starbucks will be the sole tenant in a new two - story, 3,000 square foot building at the Sharon Road entrance to the community opposite the SunTrust office building and regional headquarters.
“We look forward to the addition of Starbucks to SharonSquare, ” said Peter Pappas, CEO and founder of Pappas Properties.“Starbucks adds another walkable amenity to Sharon Square that will be welcomed byour residents and the SouthPark community, ” added Pappas.
Starbucks joins a roster of regionallyand nationally recognized restaurant and a sculpting studio. Whole Foods, the Solis apartment community and the Sun Trust office anchor the Sharon Square development.Pappas reports that the Solis apartments are now more than 96% leased and that the SunTrust Regional Headquarters office building is more than 85% leased. Four retail spaces totaling 8,500 square feet are available for lease.
Nick Lukens of Moseley Real Estate Advisors represented Starbucks on the lease transaction. Brian Roth of Pappas Properties marketed the property for the landlord.
May 27, 2015
Pappas Properties names new managing director By Ely Portillo | CharlotteObserver.com |
Charlotte-based Pappas Properties has named Wade Finger its new managing director, responsible for daily operations and financing at the regional development company.
Finger was previously the vice president of finance at the firm. CEO Peter Pappas said Finger has been important in previous Pappas Properties developments.
“Wade is well equipped to guide the Pappas team in its daily development and financing work as reflected by his accomplishments in structuring and overseeing complex projects involving institutional capital and public-private partnerships,” said Pappas, in a statement. “He has played an integral role in Metropolitan and most recently Sharon Square.”
Read Full Article, Click Here »
February 17, 2015
CEO: SunTrust plans to continue growth in Charlotte By Rick Rothacker | CharlotteObserver.com |
Fresh off the opening of a new regional headquarters building in SouthPark, Atlanta-based SunTrust Banks plans to continue its growth in Charlotte, CEO Bill Rogers said in an interview Tuesday.
“We want to continue to invest in this market,” Rogers said during a Charlotte visit that included meetings with employees, customers and community leaders.
The bank now has about 500 employees in the Charlotte area, and Rogers expects that number to increase over time. About 200 of those employees, in businesses ranging from wealth management to bond trading, work in the new five-story headquarters building off Sharon Road.
“It’s a great symbol,” said Rogers, 57, who joined a SunTrust predecessor in 1980 and became CEO in 2011. “It’s the first post-crisis, large investment made in SouthPark, and we really love being part of that.”
SunTrust first entered North Carolina in 2004 when it acquired Memphis, Tenn.-based National Commerce Financial, parent of Central Carolina Bank. That deal came after the bank was unsuccessful in breaking up Charlotte-based First Union’s 2001 bid to buy Winston-Salem-based Wachovia.
“I don’t spend a lot of time looking in the rear-view mirror,” Rogers said of the thwarted Wachovia deal. “I want to keep my eyes focused on the windshield and the opportunities that sit in front of us.” Read Full Article, Click Here »
January 30, 2015
Southern Hospitality By Keia Mastrianni | CharlotteObserver.com |
Dogwood Southern Table and Bar opened in early November in SouthPark. Just like any good Southerner, the restaurant opened its doors with a special kind of warmth found only below the Mason-Dixon line. Dogwood, located directly behind the Whole Foods Market on the corner of Sharon and Fairview Road, aims to honor local and regional artisans through efforts that extend to the plate and beyond.
Owner Jon Dressler, the man behind Dressler’s restaurants in Birkdale Village in Huntersville and the Metropolitan in Charlotte, took a collaborative approach with this concept. A family man himself, Dressler recruited his restaurant family to seek out some of the best artisans and farmers in the region to fuel the approachable Southern inspired menu.
General Manager Tim Buchanan spearheaded the search for local artisans, taking trips to area farmers markets and farms to meet with the folks who would contribute to the restaurant. He documented his travels through a series of photos that are now on display inside the restaurant, a personal touch that highlights the spirit in which the Dogwood was erected.
The restaurant space is contemporary with warm and rustic accents. Above, large wooden beams sourced from 19th century barns make an imposing statement upon entrance. A large community table in the bar area welcomes frivolity and the fireplace flickering to the right, a cozy compliment to the comfortable space. Custom art from local artist Lisa Gorman decorates the walls, a touch added by Kim Dressler who contributes her design sensibilities to each of her husband’s restaurants.
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January 29, 2015
Solis Sharon Square apartments 70 percent leased By Ely Portillo | CharlotteObserver.com |
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.
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.
Pappas Properties breaking ground on Berewick Town Center By Will Boye | Charlotte Business Journal |firstname.lastname@example.org
Pappas Properties is holding a groundbreaking ceremony this morning for Berewick Town Center, a retail center for the Berewick residential development in the Steele Creek area that will be anchored by a 53,000-square-foot Harris Teeter store.
The shopping center will be built along Steele Creek Road, between Dixie River Road and Shopton Road West. In addition to the grocery store, the $60 million first phase of the shopping center will include a Walgreens, additional space for retail and restaurants and a hotel. It’s expected to be complete by the summer of 2016.
Plans for the second phase call for medical, office and retail space as well as more residential development.
“Our team dedicated itself to delivering a high-quality master-planned community at Berewick complete with a town center and desirable grocery store, restaurants and shopping, and it is truly gratifying to see it get started,” Peter Pappas, president of Pappas Properties, said in a release.
More than 1,250 single-family homes and townhomes have been completed at Berewick. Early this year, Pappas Properties purchased an additional 69 acres to expand the Aberdeen section of the development, and builders DR Horton, Eastwood Homes, Lennar, Mattamy Homes and Ryan Homes are currently constructing new residences.
The Berewick project is part of a wave of new development in the Steele Creek area that includes Charlotte Premium Outlets, Steele Creek Commerce Park and an expansion of the RiverGate shopping center.
Shelco is the general contractor for Berewick Town Center, and Shook Kelley and LandDesign are providing architecture and engineering services. Brian Roth of Pappas Properties is marketing the project and handling outparcel sales and office leasing, and Gwen Glaeser of CNL is leasing the retail space.
Sharon Square wins honors for office, mixed-use categories By Will Boye | Charlotte Business Journal |email@example.com
The five-story Sharon Square office building is the first office project to be constructed in SouthPark since 2007, when Piedmont Town Center was finished.
Located at Sharon Road and Ashley Park Lane, the building is already more than 80% leased by anchor tenant SunTrust Banks Inc. The bank has a branch on the ground floor and has leased the building’s second, third and fourth floors for its regional headquarters.
SunTrust originally signed a lease for 43,500 square feet at Sharon Square in 2013 and expanded its space this summer, taking an additional 19,000 square feet.
The building is part of the larger mixed-use project that's being developed by Pappas Properties and Allen Tate Co.
Pappas Properties and Terwilliger Pappas recently relocated their offices to 5,000 square feet on the top floor of the building.
SunTrust had been leasing 30,000 square feet on Morrison Boulevard in SouthPark, and it owns an office building at 101 S. Kings Drive of equal size.
“Sharon Square in SouthPark meets all of our criteria and will provide a prominent presence that reflects and reinforces our commitment and continuing growth in this important market,” said Bill Peele, SunTrust’s regional president.
SunTrust takes another floor at Sharon Square By Will Boye | Charlotte Business Journal |firstname.lastname@example.org
SunTrust Banks Inc. (NYSE:STI) has taken an additional 19,000 square feet of office space at the Sharon Square office building, leasing the fourth floor of the new five-story development in SouthPark.
The Atlanta-based bank has now leased the second, third and fourth floors of the building and also has a branch on the ground floor that opened in April.
Last year, SunTrust announced it would anchor the 105,500-square-foot building and locate its Charlotte regional headquarters at the development at Sharon and Fairview roads. SunTrust plans to move in at Sharon Square this fall.
The office building is the first to be constructed in SouthPark since Piedmont Town Center was completed in 2007, and it’s part of the larger Sharon Square mixed-use project being developed by Pappas Properties and Allen Tate Co., which includes 239 luxury apartments and 22,000 square feet of retail space adjacent to the Whole Foods Market.
With the SunTrust expansion, the Sharon Square office building is more than 80% leased, with approximately 15,000 square feet of office space available on the fifth floor and space remaining on the ground floor for an restaurant or retailer.
Pappas Properties recently relocated its offices to roughly 5,000 square feet of office space on the top floor from the Metropolitan development in midtown Charlotte.
Charles Jonas of Jones Lang LaSalle represented the landlord on the fourth-floor lease.
Developer hopes to revamp South Village area By Ann Sheridan | NBC Charlotte |email@example.com
It is being dubbed as Charlotte’s next great T.O.D., transit oriented development, and the hot spot for the millennials who want to live and work near the light rail.
The Scaley Bark site doesn’t have a name yet, but its developer, Peter Pappas, says the project will be far different than other South End projects. Pappas says the site will be “job driven.” He hopes to attract businesses from Charlotte as well as out of town companies looking to relocate to a city with a strong workforce.
The 23-acre complex will be a mix of office space, affordable housing and restaurants. There will be some retail, but the emphasis will be on jobs. Pappas says he hopes the ̶o;workforce” oriented housing will make the site affordable for professionals like teachers, police officers and fire fighters.
Pappas, who grew up in Charlotte, also helped create Birkdale Village in Huntersville, Phillips Place in South Park and Metropolitan near Uptown.
He chose the South Village project for it’s proximity to the light rail Blue Line and the contiguous space.
The owner of Dressler’s is developing a restaurant for Sharon Square in Charlotte’s SouthPark. Jon Dressler plans to open the venture — which is not yet named - this fall. Plans call for a roughly 4,000-square-foot space with outdoor dining.
It will feature a menu described as “elevated Southern fare.”
The goal is to offer Southern comfort food in a casual environment. The menu will include roasted meats, fish, locally sourced vegetables and desserts. The restaurant will be open for lunch and dinner.
Sharon Square is a mixed-use development at Sharon and Fairview roads. It is being developed by Pappas Properties and Allen Tate Co.
“Sharon Square is an ideal setting for our clientele given its easy access to the many affluent neighborhoods throughout south Charlotte,” Dressler says. Read Full Article, Click Here »
Developer Peter Pappas was honored as the 2014 SouthPark Ctizen of the Year by the SouthPark chapter of the Charlotte Chamber at a luncheon Tuesday.
Pappas is founder and president of Pappas Properties and is also CEO of Terwilliger Pappas, a development firm he co-founded with Ron Terwilliger last year. Pappas is developing Sharon Square in SouthPark and has previously developed such Charlotte projects as Berewick, Birkdale Village, Metropolitan and Phillips Place.
Pappas Properties and the Allen Tate Co. are building 239 luxury apartments and 22,000 square feet of retail space adjacent to the Whole Foods Market at Sharon Square, a mixed-use project at the intersection of Sharon and Fairview Roads that will also feature a new, 105,500-square-foot office building anchored by SunTrust Banks Inc.
“Anything we do, we want it to be an asset to the community,” Pappas said during a Q&A session with chamber President Bob Morgan. “I want to be able to look back on it and say this has added value to the communities we work in.”
Pappas Properties purchases 69 acres in Steele Creek area for Berewick expansion By Will Boye | firstname.lastname@example.org
Pappas Properties has purchased 68.7 acres in Charlotte's Steele Creek area for an expansion of its Berewick residential development.
An affiliate of the Charlotte real estate firm purchased the land this month for $2.4 million from a partnership controlled by Sarah Belk Gambrell, one of the largest landowners in the Steele Creek area. The undeveloped tract is on the south side of Shopton Road, near Westinghouse Boulevard.
Peter Pappas, head of Pappas Properties, says his firm purchased the land in order to expand the Aberdeen section of Berewick. He expects new single-family development to start on the land in the third quarter.
“Our single-family activity has been very good,” he says. “We’ve got a number of builders interested in additional lots at Berewick.”
More than 1,100 single-family homes and 180 townhomes have been built at Berewick, and Pappas recently told the Charlotte Business Journal that about 100 homes per year were being absorbed there. Read Full Article, Click Here »
Bill MacNeil has been named chief financial officer of real estate firms Terwilliger Pappas and Pappas Properties.
MacNeil was most recently chief financial officer at Lincoln Harris, where he spent 16 years. In his new role, he will be responsible for all financial matters at Terwilliger Pappas and Pappas Properties, including development of joint-venture partnerships and arranging construction financing. He also will serve as chief administrative officer for the firms, managing human resources, technology and risk.
Developer Peter Pappas leads both firms. Pappas Properties develops, markets and manages retail, office, residential and mixed-use projects. Formed this year with veteran multifamily executive Ron Terwilliger, Terwilliger Pappas focuses on apartment development and acquisition.
“I’ve known Peter for 16 years, and he’s built a great team here,” says MacNeil, who started in his new role last month. “It’s a really exciting opportunity.”
Locally, Terwilliger Pappas was recently selected to develop the apartments at Waverly in south Charlotte and is developing a luxury apartment project at Sharon Square, where Pappas Properties and the Allen Tate Co. are developing office and retail space. multifamily projects that deliver outstanding financial performance and maximum value for their partners. Read Full Article, Click Here »
It’s been about six years since a new office building has risen in SouthPark, but that’s changing.
On Thursday morning, a ceremony was held to mark the completion of the tallest part of a five-story office building that will be part of the roughly $95 million Sharon Square mixed-use development.
The building will be home to a regional headquarters for Atlanta-based SunTrust Banks, which will take up floors one through three.
The building will be home to a regional headquarters for Atlanta-based SunTrust Banks, which will take up floors one through three.
The bank acquired branches in Charlotte and elsewhere in North Carolina after it bought Memphis, Tenn.-based National Commerce Financial Corp., parent company of Central Carolina Bank, in 2004. It plans to consolidate some of its Charlotte operations, including a nearby branch, into the new, $25 million headquarters building, in a move designed to give SunTrust more visibility.
As for the rest of the Sharon Square projects, which will include housing and shopping at Fairview and Sharon roads, work remains and buildings are still under construction. Whole Foods is the sole business open in the eight-acre project so far.
Sharon Square is expected to feature 239 apartments and about 89,000 square feet of retail space, including restaurants. The apartments and retail space are expected to be finished by the second quarter of next year. Read Full Article, Click Here »
May 16, 2013
Ron Terwilliger, Peter Pappas Form Multifamily Partership By David Coburn | email@example.com
Former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas, CEO of Pappas Properties LLC, today announced they have formed Terwilliger Pappas Multifamily Partners to develop multifamily projects in the Southeast's fastest-growing markets.
The partnership also announced that it has closed on financing and is under construction with Crabtree Village, a 292-unit apartment community adjacent to the Crabtree Valley Mall in Raleigh. The project targets those residents seeking a highly amenitized community within walking distance of restaurants and retail.
Terwilliger Pappas Multifamily Partners is also developing 239 luxury units at Sharon Square in Charlotte's SouthPark area and is pursuing additional sites in Raleigh, Charlotte, Atlanta and Nashville.
In addition to Terwilliger and Pappas, Chairman and CEO of Terwilliger Pappas Multifamily Partners respectively, the management team includes Alan P. Dean, Chief Operating Officer, and Thomas R. Barker, Division Executive. Dean, who joined Pappas Properties in 2011 to lead its multifamily development business, and Barker are longtime former colleagues of Terwilliger at Trammell Crow Residential.
"We continue to see healthy interest in multifamily development and believe Terwilliger Pappas Multifamily Partners is uniquely positioned to take advantage of the attractive opportunities that exist today," said Mr. Terwilliger, Chairman Emeritus of Trammell Crow Residential and a nationally renowned expert in multifamily development. "Led by Peter, Alan and Tom, our team has the experience, track record and expertise to develop exceptional multifamily projects in marquee locations across the Southeast."
"I am excited about the opportunity to work with a partner of Ron Terwilliger's caliber. He is a leader in the multifamily industry and his philanthropic efforts especially as they relate to housing have been tremendous," said Mr. Pappas, who founded Pappas Properties in 1999 and has developed nationally acclaimed mixed-use projects including Phillips Place, Birkdale Village and Metropolitan in Charlotte. "With Ron's leadership, Terwilliger Pappas Multifamily Partners will create multifamily communities that enhance the quality of residents' lives, featuring distinctive designs and located on high-quality sites connected to employment centers, restaurants, retail and other amenities."
Terwilliger Pappas Multifamily Partners is currently working to acquire additional sites in Charlotte and Raleigh, and has two sites under contract in Atlanta. The group has also begun to explore opportunities in the Nashville market.
Construction financing for the $40 million first phase of Crabtree Village is being provided by Wells Fargo and mezzanine financing is being provided by Lincoln Financial Group. The project architect is J. Davis Architects and is being constructed by Brasfield and Gorrie.
About Terwilliger Pappas Multifamily Partners
Terwilliger Pappas Multifamily Partners is a partnership formed by former Trammell Crow Residential CEO J. Ronald Terwilliger and Peter A. Pappas, founder and CEO of Pappas Properties LLC. Terwilliger Pappas is uniquely positioned to develop and acquire multifamily projects in targeted growth markets in the Southeast, including Atlanta, Charlotte, Nashville and Raleigh. With experienced professionals and an enviable track record of success, Terwilliger Pappas' goal is to develop exceptional multifamily projects that deliver outstanding financial performance and maximum value for their partners. Read Full Article, Click Here »
SunTrust Banks plans to move its new regional headquarters to the Sharon Square mixed-use development in SouthPark, the bank announced Wednesday.
The bank has signed a lease for roughly 43,500 square feet in a 105,500-square-foot office building being developed by Pappas Properties and The Allen Tate Cos.
The bank will open a full-service branch on the first floor and have offices on the second and third floors. The bank will also have a four-lane drive-through adjacent to the building. SunTrust expects to occupy the building by the second quarter of 2014.
The bank doesn’t plan to add any jobs in association with the new headquarters, saying the space is needed to accommodate existing growth, said a spokeswoman for the Atlanta-based bank. The bank currently owns a 30,000-square-foot building at 101 S. Kings Drive, property records show.
The bank also occupies space in the Avery building on Morrison Boulevard in SouthPark, and its capital markets division has offices in Piedmont Town Center, the spokeswoman said.
SunTrust has 36 branches in the Charlotte metropolitan area and last year added more than 100 employees at a new loan sales center at the LakePointe Office Park.
“We’ve been in search of a strategic location to bring a cross-section of teammates together and enhance our ability to serve our clients in the region,” Bill Peele, SunTrust’s Charlotte regional president, said in a statement. “Sharon Square in SouthPark meets all of our criteria and will provide a prominent presence that reflects and reinforces our commitment and continuing growth in this important market.”
The building would be the first new Class A office space built in SouthPark since 2007. Class A is the designation for what’s considered the best-quality office space.
Sharon Square, near the intersection of Fairview and Sharon roads, is home to Whole Foods Market, which opened in September.
Developers are also building 239 apartments and plan to add 21,000 square feet of retail. Two floors of the new office building are available for lease.
“Having a tenant the caliber of SunTrust adds value not only to this new Class A office building, but to the entire Sharon Square mixed-use development,” Peter Pappas, president of Pappas Properties, said in a statement. “By starting construction on this phase in May, we’ll be able to complete the offices, apartments and retail buildings in early 2014, allowing our office tenants and residents to enjoy all the amenities, restaurants and shopping at Sharon Square.”
The contractor for the SunTrust Regional headquarters will be Adolfson & Peterson. The project architect is LS3P, and office leasing will be handled by Jones Lang LaSalle.
Pappas Properties and the Allen Tate Co. are preparing to break ground on 239 luxury apartments and 22,000 square feet of retail space at their SouthPark mixed-use development. Site work will begin immediately on the $52 million second phase of the project at Sharon and Fairview roads. The development was recently renamed Sharon Square. Plans call for a 133-unit, five-story building with 13,666 square feet of street-level retail and a parking deck with 445 spaces to be built on a parcel adjacent to the new Whole Foods Market.
A second three-story building with 106 apartments and 7,678 square feet of shops will sit just south of the first, on the opposite side of Ashley Park Lane, with part of it bordering Broad Street. Sharon Square will offer studio, one- and two-bedroom units ranging from 550 to 1,275 square feet. Rents will range from $950 to $2,000 per month. The apartments will have high-end finishes such as stainless steel appliances and granite counter tops. The project will feature gated and reserved parking as well as amenities such as an elevated pool terrace, private courtyards, workout facilities, a cafe and two amenity rooms that open to landscaped garden terraces.
Peter Pappas, president of Pappas Properties, expects the first units to be ready for tenants in a year, with retail and restaurants opening in the fall of 2013.
He notes that in addition to the on-site retail, Sharon Square will put residents within walking distance of an array of shopping.
“It will create a very walkable community,” he says. “One of the things we like about how this is all tying together is Whole Foods is right in your front door, and then you can walk back to Phillips Place and the retail there. You can also cross Sharon at the traffic light and get to Sharon Corners.”
He says the 22,000 square feet of retail will include a mix of high-end boutiques and restaurants, and he says lease negotiations are under way with several prospects that would be new to the Charlotte market.
The three restaurants that are negotiating leases would all have large outdoor dining areas, consistent with the developer’s vision for a project that captures the flavor of Charleston, S.C., and Savannah, Ga.
Pappas and Allen Tate own 9.4 acres at the SouthPark site, where Charlotte’s first Whole Foods Market opened late last month. Originally, the project was to include a 120-room boutique hotel. Those plans have been refined since 2007, when the two firms formed their joint venture.
It’s no surprise that a multifamily component will lead the second phase. Local apartment development is rising, according to an August survey by research firm Real Data. It cites 4,329 units under construction in the Charlotte market and an additional 11,217 units proposed. The average apartment rental rate increased to $839 in August from $786 in February, and the vacancy rate dropped to 5.8% from 6.7%, Real Data says. Development firms such as JLB Partners and Woodfield Investments are planning apartment projects near Sharon Square, but few developments have broken ground in the SouthPark area. One is Crescent Resources’ 321-unit Circle South Park community, which kicked off in June.
“That submarket has been underserved in high-end rental housing,” says Alan Dean, vice president of multifamily development at Pappas Properties.
While apartment projects in uptown and South End are going after young renters, Dean says Pappas’ target market is the “sophisticated renter. It’s not so much age as it is their taste.”
In addition to the apartments and retail coming to Sharon Square, site plans call for two retail and office buildings in the future on either side of Ashley Park Lane where it meets Sharon Road.
One building would include 6,067 square feet of ground-floor retail and 10,500 square feet of second-floor office space. The larger of the two, on the north side of Ashley Park, would have 13,610 square feet of retail and 56,940 square feet of office space.
Pappas says his firm and Allen Tate decided to drop the Ashley Park name in favor of Sharon Square because “the Sharon identifier became more important to our tenants and those that want to locate there.”
LS3P Associates Architects and Niles Bolton Architects designed the project, and Adolfson & Peterson Construction will serve as general contractor.