A rendering of 550 Stonewall. Frontop Computer Graphics
A rendering of 550 Stonewall. Frontop Computer Graphics

Development

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Development

Another high-rise tower has started construction on Stonewall Street

January 11, 2017 03:01 PM

UPDATED January 11, 2017 04:53 PM

Charlotte-based developer Northwood Ravin said Wednesday that it’s kicked off construction on another high-rise apartment tower on Stonewall Street.

Called 550 Stonewall – just a temporary name – the building at Caldwell Street and Stonewall will total 421 apartments. They’ll be split between two buildings: A 20-story tower with 143 units and a four-story building with 278 units. The four-story building will be atop three stories of podium parking, wrapping an elevated pool and lounge deck.

The 20-story tower will include shops and restaurants on the first floor, a gym on the third floor, a fourth-floor dog park and a rooftop bar on the 20th floor. The buildings will be arranged around a central courtyard plaza.

“The Stonewall corridor will see unprecedented growth over the next several years. Our team has worked hard to design a community that compliments this high profile gateway location,” said Mike Wilson, Northwood Ravin’s vice president. The new apartments will also include pedestrian paths open to the public

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“People walking up and down Stonewall will have the alternate option of walking through our community and experiencing central urban gardens with integral seating areas and a feature fountain overlooked by a monumental stair,” Wilson said.

The first apartments in the development should be ready for tenants in mid-2018. Northwood Ravin bought the 3.76-acre parcel – which was left over after completion of the I-277 loop – from the city of Charlotte in February 2016 for $14.2 million.

Northwood Ravin’s Stonewall project is the latest on a street that’s rapidly being transformed. On the other side of Caldwell Street, Crescent Communities is building a 450-unit apartment building and a Whole Foods next to the Stonewall Station light rail stop.

On the other side of Northwood Ravin’s site, Proffitt Dixon is planning a 300-unit apartment building at the site of the Actors Theatre. And further down the street, Crescent is planning another office high-rise at Stonewall and Tryon streets, while Lincoln Harris and Goldman Sachs are planning a major mixed-use development on the former site of the Charlotte Observer.

The tower and low-rise building will be distinct. The tower units will include floor-to-ceiling glass windows, coffered ceilings and gas cooking. The low-rise building will include touches such as 10-foot ceilings and “rainfall” shower heads.

In total, the development will include 6,400 square feet of ground-floor retail and 11,000 square feet of office space, on the second floor. The rooftop includes a 1,950-square-foot outdoor deck. Other high-end amenities at the development will include an indoor pool, men’s and women’s sauna and steam rooms, private fitness studios and 24-hour concierge service.

Northwood Ravin is acting as general contractor for the project, and BB+M Architecture is the architect. The company owns several other apartment buildings in Charlotte, including the 51-story Vue and the Village at Commonwealth. In October, Northwood Ravin started construction on 326 new apartments called Providence Row, near the Providence-Fairview intersection.

Ely Portillo: 704-358-5041, @ESPortillo