Category: News

by Ely Portillo

If you spend most of your time in uptown or the surrounding neighborhoods, it’s easy to miss the boom that’s happening further south in Steele Creek.

But off Steele Creek Road, in the Berewick master-planned community, excavators are pushing piles of red dirt and buyers are snapping up new houses as fast as construction workers can build them. Retail and other commercial buildings are following, filling in what had been blank spots. Nearby, the 28273 zip code is one of the hottest in the nation for home sales, emphasizing that while in-town developments attract more attention, the death of the suburbs has been greatly exaggerated.

“It’s mushrooming quickly,” said Brian Roth, vice president of marketing at Pappas Properties, Berewick’s developer, on a recent tour of the site. Although the current boom feels frenzied, Pappas has been working on the site since 1999, and the first residents moved in more than a decade ago to those houses in the mid-2000s.

The commercial and multifamily development is newer. In addition to the houses and townhouses, Solis Berewick, a 275-unit apartment development, is now open, and just moved in its first residents. A 125-room Hampton Inn & Suites is planning to open next summer, and a Courtyard by Marriott is in rezoning. New restaurants, including Mod Pizza, McAlister’s Deli, an Italian concept called Enrico’s and Fuzzy’s Taco Shop are coming to the town center. An age-restricted project for residents 55 and older is also under contract, Roth said, and more apartments are planned.

Berewick, with five national homebuilders at work, is set to see its 2,000th home sale later this summer. The community will likely sell 500 houses this year, and is closing in on its full build-out, which will total about 3,000 houses, townhouses and apartments. Roth said they expect to hit that mark by the end of 2018.

The average sales price: $297,000, with one home pushing past the $400,000 mark.

by Ely Portillo

Pappas Properties has bought part of the Charlotte Regional Realtor Association property on Kenilworth Avenue and plans to start a new, mixed-use development soon.

Property records show an LLC affiliated with Pappas Properties has spent about $4.1 million on property around Kenilworth Avenue and Greenwood Cliff. The first phase of the planned project will involved 3.8 out of the total 5.2 acres, and will include extending Pearl Park Way and the construction of a new building for the Realtor association and the Mingle School of Real Estate.

A timeline for construction was not immediately available.

The final goal is a “high-density, mixed-use development in Midtown,” the Realtor association’s officials said in a statement. Plans from Pappas would include almost 200 apartments, 168,000 square feet of new office space, a hotel with up to 150 rooms, shops, restaurants and changes to adjacent Pearl Street Park.

“We look forward to working with Pappas Properties and Little Diversified Architectural Consulting and our general contractor Myers Chapman to transform this site to better serve our members and students as well as benefit the community,” said Realtor association CEO Anne Marie DeCatsye, in a statement. Roger Cobb and Grey Poole of Selwyn Property Group represented the group, and will continue to provide consulting services.

by Jennifer Thomas

This Texas taco concept expects its first N.C. restaurant to open this summer.

by Jennifer Thomas

This southwest Charlotte master-planned community is adding medical offices.

by Ely Portillo

Terwilliger Pappas has begun work on Solis Berewick Commons, at the intersection of Berewick Commons Parkway and Dixie River Road. The community will include 230 apartments.

The Charlotte Regional Realtor Association plans to break ground Wednesday on a new headquarters building on Kenilworth Avenue, the first phase of a mixed-use development that would add more density to the fast-growing street.

The building will house the Carolina Multiple Listing Services, the Mingle School of Real Estate and the Housing Opportunity Foundation, which is the association’s charitable group.

Master developer Pappas Properties has spent $14 million assembling land for the planned mixed-use development around the Realtor association building. Previously approved plans show the development would include about 200 apartments, additional new office space, a hotel with up to 150 rooms, shops, restaurants and changes to adjacent Pearl Street Park.

The area around the intersection of Kenilworth Avenue and Morehead Street is growing rapidly, adding hundreds of new residents. Lincoln at Dilworth, a 379-unit luxury apartment building, is under construction at the intersection, with plans to open in the coming months. Atrium Health is building $125 million expansion of the Levine Cancer Institute on the opposite corner. And at Harding Place, 225 more apartments are under construction in a separate development as well.

The Realtor association will stay in its current building until construction is complete on the new one. Then they’ll move, and the current building will be torn down to make way for the rest of the development. Site plans show buildings along Kenilworth and Pearl Park Way, filling much of the site.

by Ashley Fahey

Terwilliger Pappas has begun work on Solis Berewick Commons, at the intersection of Berewick Commons Parkway and Dixie River Road. The community will include 230 apartments.

by Davie Hinshaw

The Charlotte Regional Realtor Association broke ground Wednesday on its new headquarters building, located off Kenilworth Avenue at Pearl Park Way

by Ashley Fahey

At its midtown site, Pappas Properties will deliver about 280,000 square feet of medical outpatient space over the next two years for Atrium Health adult specialty centers, including Sanger Heart and Vascular Institute, neurology and digestive health.

Atrium Health is extending its campus in midtown Charlotte with a $200 million investment in two medical office buildings. It’s the next phase of Pappas Properties’ $250 million mixed-use development at its Kenilworth Avenue site.

The project involves the construction of about 280,000 square feet of medical outpatient space over the next two years for Charlotte-based Atrium’s adult specialty centers, including Sanger Heart and Vascular Institute, neurology and digestive health. Pappas will also develop a parking structure and two levels of subterranean parking for the medical office space and future phases of the project.

“We constantly assess how to provide the most convenient access to the care our patients need. These new medical office buildings are conveniently located (close) to our Atrium Health hospital campus and will provide vital access for our communities in central Charlotte,” Atrium says.

The medical office buildings will be at Kenilworth Avenue and Harding Place on part of a larger 5.5-acre site, which has been the longtime home of the Charlotte Regional Realtor Association. CRRA’s current building, which dates back to the 1970s, will be demolished after a new, 58,697-square-foot headquarters is expected to deliver in the spring.

CRRA broke ground on its new headquarters in March.

Atrium says it has been working with Pappas Properties “as the vision for this development grew and materialized.” Details were finalized over the last year.

The midtown project is part of Atrium’s strategic facility master plan and a $1 billion capital commitment over the next seven years. The commitment, which was announced in June, is a piece of Atrium’s larger goal to address capacity issues, technological advancements and infrastructure needs in an effort to make patient care more efficient, Atrium chief executive Gene Woods previously said.

“This is really an opportunity to reposition ourselves,” Woods said.

by Ashley Fahey

At its midtown site, Pappas Properties will deliver about 280,000 square feet of medical outpatient space over the next two years for Atrium Health adult specialty centers, including Sanger Heart and Vascular Institute, neurology and digestive health.

A publicly traded REIT is now the majority owner of a midtown Charlotte medical office development after a financing deal recently closed.

Toledo, Ohio-based Welltower Inc. (NYSE: WELL), a real estate investment trust that primarily invests in senior housing and medical office, provided capital in exchange for a 75% ownership in Charlotte-based Pappas Properties’ midtown mixed-use project, which includes two buildings anchored by Atrium Health that will measure 281,148 square feet at buildout.

Terms of the deal were not disclosed. In December, Welltower disclosed it was under contract with Pappas to acquire the 75% ownership stake in the two medical office properties, which have a 15-year term agreement with Atrium.

The $250 million, Pappas-led development is on Kenilworth Avenue, between Greenwood Cliff and Pearl Park Way. Charlotte-based Atrium will open specialty centers at the site, including heart and vascular, neurology and digestive health. Elsewhere on the site, which measures more than 5 acres, construction is wrapping up on the 58,697-square-foot Charlotte Regional Realtor Association headquarters. Future development is likely to include additional parking, more office space and a 150-room hotel with a rooftop bar.

The medical office buildings are expected to deliver in the second and third quarters of 2020.

Welltower and Pappas have also formed a joint venture for potentially more development opportunities in the region, according to JLL Healthcare Capital Markets, which secured debt and equity for Pappas Properties.

Mindy Berman and Louis Stephens at JLL represented Pappas in the deal. Berman, managing director at JLL, said in a statement that “state-of-the-art clinical outpatient properties” aligned with “leading health systems” attract the strongest and most competitive interest from health-care real estate investors.

Welltower owns more than 1,400 properties in the U.S., Canada and United Kingdom. The REIT has become an active investor in the Triangle, where it’s spent more than $100 million in acquiring several medical office and senior-living properties in recent transaction.

by William Thornton

Charlotte’s Pappas Properties Midtown development is slated for completion in the third quarter of 2020.

Birmingham contractor Brasfield & Gorrie has started construction on a medical office building project in Charlotte, N.C.

The Pappas Properties Midtown development is scheduled to be completed in the third quarter of 2020, the company announced. The project involves two Atrium Health medical office buildings and a nine-level parking deck.

The two medical office buildings, within walking distance of Pearl Street Park, will be connected by a four-level pedestrian bridge.

Brasfield & Gorrie Vice President and Division Manager Michael Byrd said the project will create a lively environment in a new part of the city.

“We are also honored to build on our long history with Atrium Health as they demonstrate their continued commitment to Charlotte through these new facilities,” Byrd said.

CEO and President of Pappas Properties Peter A. Pappas said the campus will be further developed in phases and include additional medical, residential, hotel, and restaurant uses.