23 Nov Spectrum Cos., BCDC break ground on University-area apartment community
In partnership with Batson-Cook Development Company (BCDC) and Heitman, The Spectrum Companies today announced it has begun construction on a 325-unit apartment community in Charlotte’s booming University area – close to transportation, jobs and UNC Charlotte and situated on 28 acres offering ample greenspace and outdoor amenities.
The community will include four midrise buildings and incorporate design elements including up to 10-foot ceilings, plentiful natural light, stainless-steel appliances, tile backsplashes, and multiple finish options. Residents will enjoy outdoor living with several acres of greenspace and amenity areas, resort-style saltwater pool, grilling courtyard, and dog park. The project also will include a standalone clubhouse with fitness and amenity centers.
A 10-minute walk from the University City station on the Lynx Blue Line, the site offers residents easy access to Uptown Charlotte, South End and NoDa. The apartment community is located in the heart of the region’s second-largest employment center with 75,000 employees and major employers including Wells Fargo, TIAA, Atrium Health and UNC Charlotte.
Health insurance giant Centene announced plans earlier this year to build a $1 billion regional headquarters on 80 acres in the area, where it will employ 3,200. The biggest economic development deal in North Carolina history, the project could eventually employ twice that and reflects the appeal of the university area for investment.
“Growth in north Charlotte and the University area in particular has been an exciting story over the past few years, and it continues to fuel demand for high-quality, suburban apartment living,” said Steve McClure, chief operating officer of The Spectrum Companies. “This great location combines the benefits of transit-oriented development with plenty of greenspace and outdoor amenities that residents want, whether they’re relaxing or working from home.”
The location, near University City Boulevard and North Tryon Street, is a short walk, bike or scooter ride to Toby Creek Greenway, which ultimately will become part of the Cross Charlotte Trail extending nearly 30 miles from Pineville on the south to Cabarrus County on the north.
“Close proximity to your job and access to significant outdoor amenities are increasingly important to people,” said Ian Wagoner, Spectrum’s managing director for multifamily development. “This project will provide all of that in one of the region’s fastest growing communities.”
Spectrum and BCDC expect to deliver the first apartments in the community in the second quarter of 2022, with project completion scheduled for the third quarter. It reflects the second partnership for Spectrum and BCDC, and Pinnacle Bank serves as lender on the project.
The Spectrum Companies owns, develops, leases and manages commercial and multifamily property across the Southeast. Spectrum has more than 4,000 apartment units under development or completed across the Carolinas and gives back to its communities through its Spectrum Cares program.
Spectrum developed and sold a second university-area apartment community, Garrison Park. The company also developed and manages The Mint in Uptown Charlotte and The Abbey in the vibrant South Charlotte neighborhood of Montford Park. Under construction in South End is Spectrum’s 304-apartment community, rising eight stories with significant retail in the Gold District near Bank of America Stadium, and two blocks from Spectrum’s mixed-use office development Vantage.
The university project team includes architect BB+M Architecture, civil engineering and landscape architecture firm LandDesign and general contractor Samet Corp.