Fresh off its acquisition of an uptown apartment complex, a Florida-based multifamily real estate firm is underway on its first development in the Charlotte market. Mill Creek Residential, which is partnering with Greensboro-based Hawthorne Residential Partners on the project, said yesterday it has broken ground on a 239-unit apartment development in SouthPark.
Called Modera SouthPark, the midrise community will consist of twin buildings at 7740 and 7741 Liberty Row Drive, along a planned 3-mile walking and biking trail called The Loop. The property is next to The Barclay at SouthPark retirement community and the Canopy by Hilton hotel. The apartments are the final piece of the master-planned Liberty SouthPark development, approved in 2016.
Mill Creek said it expects residents will begin moving into Modera SouthPark in the spring of 2024. Anticipated rental rates were not disclosed, but the apartment development is described as luxury in the press release.
Modera SouthPark will range from studio-, one-, two- and three-bedroom units with an average square footage of 1,100. Interior finishes will include stainless-steel appliances, quartz countertops, tile backsplashes, hardwood-inspired flooring, upgraded fixtures and cabinet pulls, designer lighting, large bedrooms and chef-inspired kitchen islands.
A club-quality fitness center, clubrooms, a resort-style pool, multiple courtyards, a golf simulator and a secured parking garage with electric vehicle charging stations are listed as community amenities. Modera SouthPark will also feature private storage, shared coworking areas and private furnished offices.
Rendering courtesy of Mill Creek Residential
The groundbreaking follows Mill Creek's $59 million purchase of a 184-unit complex then named Quarterside Uptown, as previously reported by CBJ. Mill Creek bought the property at 810 E. Seventh St. from The Connor Group in October and rebranded it to Alister Uptown.
Hawthorne, an apartment management company, has a portfolio that includes eight properties in the Charlotte region.
In other local news:
Yet another new residential analysis is out that seeks to highlight the Charlotte area's hottest ZIP codes. This time, real estate technology company Opendoor pulled the top ZIP codes in Charlotte where it says people are most interested in living.
The 10 local ZIP codes pinpointed by Opendoor are primarily located north, south and east of center city. They are: 28025; 28110; 29732; 28117; 28277; 28027; 28173; 28215; 28269; and 28078.
“We’re continuing to see lots of young professionals and families move to North Carolina,” Jon Enberg, Opendoor's Charlotte general manager, said in the report. “Charlotte is seeing more demand than most cities in the Southeast — median prices up 22% year over year — and at a higher price point, up to $450,000 in many suburbs. Surrounding suburbs — like Fort Mill and Rock Hill to the south and Huntersville and Concord to the north — are growing in popularity as residents can get more space and access good schools.”
No local ZIP code made it on the national list, which was culled using MLS data in the 44 major metro areas where Opendoor operates. ZIP codes were ranked by the number of total homes that went under contract within 90 days of listing last year.
The Opendoor study follows a report out recently from Zillow that identified the hottest ZIP codes here based on competitiveness. And Redfin Corp. last month named three local ZIP codes — two in Union County and one in Iredell County — as places where it expects home-buying competition to remain strong in 2022.
And a burger and craft beer chain is looking for franchisees in the Charlotte market. Ford's Garage, a 1920s, garage-themed restaurant inspired by Ford Motor Co., is targeting the Charlotte area for seven locations, according to a news release.
Ford's Garage promotes the service station and Probation-era themes by having servers wear blue mechanic shirts, making bathroom sinks out of tires and fuel pump nozzles and building bar tops from hand-hammered copper. The franchise has a licensing agreement with Ford, giving them use of the company's logo and other brand imagery. Model Ts and As, for instance, hang over the bar.
Burgers are the main feature of the menu, with a variety of options served. Other food items include homemade meatloaf, chicken wings and tenders, onion rings, macaroni and cheese, salads, grilled chicken and various seafood dishes. The bar has 150 different types of beer, including 40 on draft, as well as wine, cocktails and nonalcoholic drinks.
The Florida-based concept was founded in 2012 near Henry Ford's winter home in Fort Myers and started franchising three years later. It currently has 16 locations, the majority of which are located in the Sunshine State.
Provided by Ford's Garage
Yesterday's top-read story on the CBJ website: Bank of America to increase bonus pool for employees, per report
In the national news:
- States uncertain as Biden vaccine-or-test mandate takes effect — U.S. News & World Report
- Powell confirmation hearing could shed more light on plans to contain inflation — The Wall Street Journal
- For retail workers, Omicron disruptions aren’t just about health — The New York Times
- Bank stocks set for big gains ahead of potential Fed rate increases — WSJ
- Jamie Dimon sees the best economic growth in decades, more than four Fed rate hikes this year — CNBC
- CVS Health raises 2021 earnings outlook, backs 2022 forecast — CNBC
Sports:
The Georgia Bulldogs defeated the Alabama Crimson Tide 33-18 last night in the College Football Playoff National Championship Game. The win gave Georgia its first national championship since 1980.
Bank of America, an MLB corporate sponsor since 2004, has ended that deal, taking with it a large credit card portfolio that dates much further back, including credit card giant MBNA, acquired by BofA in 2005, reports the Sports Business Journal, a CBJ-affiliated publication. The Charlotte-based bank, however, will retain some sponsorships with individual teams, including the Baltimore Orioles, Boston Red Sox, Houston Astros, Los Angeles Dodgers, New York Yankees, St. Louis Cardinals and San Francisco Giants, according to the report.
This week and beyond:
Find details about CBJ's upcoming events atbizjournals.com/charlotte/event.
