There are lots of cranes in the skyline over Charlotte, but the majority signify a boom in the city’s rental market, which is a big change from the mid- to late 1990s when mid- and high-rise condominiums and townhomes were the norm.
The latest land acquisition by a real estate developer affiliated with Lennar will add even more rental properties to the Queen City horizon.
The property purchased by Lennar in Uptown Charlotte.
LMC Block 42 Holdings LLC purchased 7 parcels of land close to Uptown for $23 million, according to a recent Charlotte Business Journal report.
The property, which is bordered roughly by the Lynx Blue Line, East Eight and East Ninth and North College streets, will be the site of a multi-phase, mixed-use development with plans for mid- and high-rise apartment buildings with ground-floor retail opportunities. The mid-rise property will likely be 5 floors of apartments with ground-level retail, while the high-rise plans include 30 floors of living above ground-level retail.
A later phase in the project could include more multi-family rental units or commercial real estate for office space or a hotel at the intersection of Eighth and College.
The site’s proximity to the Lynx Blue Line extension and First Ward Park were key reasons for Lennar’s interest in the property, according to the report.