Rendering of the planned Montage apartment building on Stonewall Street. Axiom Architecture
Rendering of the planned Montage apartment building on Stonewall Street. Axiom Architecture

Development

What’s new in commercial and residential real estate in the Charlotte region.

Development

New uptown apartments get the cash to start construction

February 16, 2017 10:26 AM

It takes green bills to turn red dirt, and a new apartment building should be under construction soon in Charlotte, now that it’s secured financing.

HFF’s Charlotte office said Thursday that it has arranged funding for the Montage building on Stonewall Street. The six-story, 302-unit apartment building will be constructed on the former site of the Actor’s Theatre, on what’s become the busiest single street in Charlotte for building.

Charlotte developer Proffitt Dixon the site, totaling about 2.6 acres, for $8.6 million last month. The company has said the first apartments in Montage will be available in late 2018.

HFF said it has secured $46.5 million in construction financing from the Pacific Life Insurance Company. HFF also arranged an unspecified amount of joint venture equity with Creek Lane Capital, a Chicago-based real estate investment firm founded by Kevin Mulhall and the Walsh family.

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“With all of the development activity in the works, the Stonewall area is turning into the newest live-work-play corridor in Charlotte and the Montage is uniquely positioned in the heart of it all,” said HFF senior managing director Travis Anderson. “Similar to the Presley Uptown, which was developed by Proffitt Dixon Partners, Montage will offer best-in-class finishes with a unique and thoughtful amenity package.”

Resident amenities will include a saltwater swimming pool, club room, dog park, bicycle repair center and a gym. The building will also include 11,000 square feet of retail space on the ground floor. Its one-, two- and three-bedroom units will average 830 square feet.

The south side of Stonewall Street is set to completely transform in the next few years. From Bank of America Stadium east, in order:

▪ Lincoln Harris is building a major mixed-use development on the former site of the Observer, starting with a 30-story office building.

▪ Crescent Communities is planning a mixed-use development and office tower called Tryon Place.

▪ Crescent is building a Whole Foods-anchored development with 450 apartments and two hotels next to the Blue Line light rail, called Crescent Stonewall Station.

▪ Northwood Ravin last week kicked off a high-rise apartment development that will include 421 apartments.

▪ Then there’s Montage, this Proffitt Dixon project.

▪ BK Partners is planning to buy and redevelop the county-owned Bob Walton Plaza building as part of its Brooklyn Village plan.

Ely Portillo: 704-358-5041, @ESPortillo