Food Truck Friday at South End on September 25, 2015. Diedra Laird dlaird@charlotteobserver.com
Food Truck Friday at South End on September 25, 2015. Diedra Laird dlaird@charlotteobserver.com

Development

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

Development

Common Market, Food Truck Friday site sold for almost $12.2 million

April 13, 2016 02:45 AM

A triangular piece of land in South End known for its local businesses and gatherings has been sold for just under $12.2 million, Mecklenburg County real estate records show.

Cousins Properties is developing the site for Dimensional Fund Advisors. The Austin-based financial company plans to build an eight-story office building on the 2.3-acre property bordered by Tryon Street, Park Avenue and Camden Road.

DC Charlotte Plaza LLLP, a corporation affiliated with Cousins Properties, closed on the purchase of the site March 30. The company assembled the land from three owners, each of whom received a portion of the purchase price: The Ferguson family, Barwick & Associates, and Gaines Brown, the South End pioneer who originally purchased many of the buildings and helped revitalize them.

Charlotte City Council approved Dimensional Fund Advisors’ plans in January. The new building on the site will total 285,000 square feet, with at least 15,500 square feet of retail space for shops or cafes at each of the building’s corners.

Food Truck Friday, which regularly drew thousands of diners, has split into new gatherings at Sycamore Brewing in South End and the Light Factory in Plaza Midwood. The Common Market’s owners are still seeking a new location in or near South End; their Plaza Midwood store isn’t affected.

Ely Portillo: 704-358-5041, @ESPortillo