CHARLOTTE – Proffitt Dixon Partners, a developer based in the city, finally has closed on a 2.28-acre parcel of land just inside the Interstate 277 loop, at the intersection of Stonewall and McDowell streets.
Kent Winslow, a city development manager, confirmed Monday that the sale went through last week. Proffitt Dixon paid about $3.8 million for the site, with plans to build the Fountains at Stonewall apartments. Plans call for Fountains to be a five-story, 210-unit project.
Proffitt Dixon won the contract to buy that piece of land back in July of 2011. The initial closing date was set for May 10. The developer was later granted a two-month extension on the purchase, but Proffitt Dixon only needed an extra five days.
The city is using the $3.8 million from the sale to put toward the $10 million debt that lingers from the city’s helping to finance the NASCAR Hall of Fame.