Fewer people own their own homes now than since the mid-1990s, not necessarily because they don’t want to buy, but because they can’t. Apartment rents and occupancy rates are as sky-high as all those new, under-construction and just-announced apartment buildings.
Week after week, developers announce new apartment projects in Charlotte. Like the 342 units in NoDa, or the 321 units in southwest Charlotte, or the 270 units in South End that have started, or will start, this year. In Charlotte, it is a rare week that passes without the revelation of a new multifamily project. And the numbers justify that trend, for now.
For a time, at least, the Park at Drexel apartment complex will stand alone. And if it succeeds, it will stand as a testimonial to the principle that being overshadowed between two centers of activity, Downtown and SouthPark, isn’t a drawback.
At the intersection of Providence Road and Strawberry Hill Drive rests an aging apartment complex. Camden Pinehurst, which was not always the name of the 40-building complex with the brick-and-vinyl exterior, has been in south Charlotte since 1967. But the owner, with pressure from the numerous brand new, Class A apartment properties popping up around the city, decided a change was needed.
Wilmington-based Biltmark Development plans to place more than 200 apartment or condominium units on 2.3 acres near Bank of America Stadium.
As the Charlotte area undergoes an apartment boom, new apartment projects are being planned from one end of the city to the other. And of all the places in which Grubb Properties could build, the pull of SouthPark has become irresistible to the Charlotte-based developer.
When Brenda Hayden first set her eyes on the foreclosed and defunct 22-unit apartment complex that Builders of Hope was considering transforming into an affordable-housing development in west Charlotte, one word came to mind: uninhabitable. Despite the squalor -- three people were squatting in the three blighted buildings on Rowan Street -- BOH bought the property in 2009 with a neighborhood stabilization grant from the U.S. Department of Housing and Urban Development, said Hayden, Charlotte-area director of BOH, which is based in Raleigh.
"Retail is in the tank right now in Cornelius," said the developer, Gary Cangelosi. "It’s overbuilt in retail. Just look at the storefronts. Just look at what happened to the four grocery stores that used to be there."
In a city where apartment complexes are going up left and right, Memphis, Tenn.-based MAA Communities is trying to stand out.
And on the eighth day, God created excavators, and the excavators moved the earth and prepared the land to receive 210 luxury apartments at Stonewall and McDowell streets in uptown Charlotte.