One of the few remaining undeveloped sites in the Morehead Corridor sells for $17.8M

Spandrel Development Partners and Atalaya Capital Management have announced their purchase of 615 East Morehead Street, an undeveloped land parcel in the Morehead Corridor near Center City Charlotte. The 2.84-acre undeveloped parcel closed for $17.8M. 

           The Morehead Corridor is a highly attractive area with very few undeveloped sites. Equidistant from Uptown, Midtown and South End, it is in one of the most desirable areas for residential development on the edge of Dilworth, a neighborhood of gracious historic homes first developed in the 1890s. Nearby Midtown is emerging as an urbanized district drawing energy from Uptown, Elizabeth Avenue, and hospital and community college campuses. Nearby South End is a hotspot for millennials with its unmatched combination of urban proximity and a magnetic vibe that provide a landing pad for companies expanding their footprint. The Morehead Corridor is also known as one of the tightest office submarkets in the Southeast, as measured by vacancy, and has a 50 percent trailing five-year rent growth. 

“We were immediately drawn to the Morehead Overlook site by its location, the versatility of its zoning, and its potential in giving us an opportunity to create a unique institutional grade development in an exciting area of an amazing city,” said Emanuel D. Neuman, Principal/Co-Founder of Spandrel Development Partners, LLC. “It has inspiring views of the Charlotte skyline and a majestic streetscape that inspired one of Charlotte’s nicknames, ‘The City of Trees.’ The location also affords easy access to the inner belt, I-277/Hwy. 74, as well as I-77/US 21,” Ian Levine, Principal/Co-Founder of Spandrel, added. 

 One of the currently vacant parcels offers the benefit of the most flexible zoning type in the city: UMUD (Uptown Mixed-Use District), with no height restrictions. Most of Uptown and parts of the South End are zoned UMUD. The adjacent site, now a parking lot, is zoned B-2 with a height restriction of 100-feet. 

Spandrel’s partner, Atalaya Capital Management, also saw an unparalleled opportunity here in the Morehead Corridor. “This opportunity was well-aligned with our culture: entrepreneurial, collaborative and creative,” said Young Kwon, Head of Real Estate at Atalaya Capital. “We look forward to seeing it develop and thrive.” 

Charlotte has witnessed a 46 percent population growth in the city center over the past five years and is predicted to surpass 3.0 million residents by 2030. The city has transformed into a major corporate hub, attracting the world’s premier companies, including many Fortune 500, Fortune 1000 and Inc. 500 Fastest Growing Companies. It has also been ranked as the No. 1 Most Up and Coming City in America by Yelp. 

JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers, facilitated the sale and financing of the Morehead Overlook property. 

About Spandrel Development Partners 

Spandrel Development Partners (Spandrel) is a multi-disciplined equity real estate development firm. Based upon its proprietary analysis, Spandrel pursues opportunities for conversion, capital improvement and ground-up development in targeted U.S. markets based on strong and thriving economic and demographic indicators. Currently focused on the multi-family, student, hospitality, industrial, and retail market segments, Spandrel leverages its principals’ decades of development and investment experience in the creation of long term value. For more information, go to spandreldevelopment.com 

About Atalaya Capital Management 

Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes –specialty finance, real estate and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $5 billion in assets under management.  

About JLL 

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.