A prominent piece of land next to SouthPark mall has been sold to a Florida-based developer planning to build hundreds of new apartments.
Developer ZOM paid $13.2 million for the 2.7-acre site at Barclay Downs Drive, between Carnegie Boulevard and Bulfinch Road. That’s at one of the mall’s entrances, and a small office building and parking lot currently occupy much of the site.
The purchase is the latest step in a project that has been in the works since last year.
ZOM won approval from Charlotte City Council in November to build apartments on the site. SouthPark mall owner Simon Property Group, itself a major developer, opposed the rezoning petition. The mall’s owners said they were opposed to the plan because of concerns about traffic.
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A recent report from Charlotte-based Real Data showed the area that includes SouthPark is the busiest part of the whole city for apartment development, with more than 2,600 apartments under construction.
ZOM is planning to build 203 apartments in a six-story building, 14,000 square feet of shops and restaurants and 8,000 square feet of amenities and apartment leasing offices. The company has thousands of apartments under development, mostly in Florida and Texas.
Cushman & Wakefield’s Charlotte office represented the sellers, a group of local investors.
“The increasing urbanization of the area and underutilization of the site provided the opportunity to revitalize and redevelop a trophy site in one of Charlotte’s premier multi-use neighborhoods,” said Cushman & Wakefield director Jared Londry, in a statement.
Managing director Rob Cochran called it a “ a rare opportunity to create a denser development and pedestrian-friendly connection between SouthPark Mall and the office, retail and multi-family along Carnegie Boulevard.”