The mixed-use project in the arts district is adjacent to the 36th Street LYNX light rail station between 35th and 36th streets. The site is currently used as warehouse space.

The plans filed by Eller Capital Partners of Raleigh calls for 200 apartments units and at least 5,000 square feet of non-residential space, not including resident amenities, such as a fitness center.

An artist rendering of one of the two buildings Faison plans for its Elizabeth apartment project as filed with rezoning petition.

The developer has also committed at least $20,000 for building artwork.

Also on the agenda for Charlotte City Council Monday night was the controversial Elizabeth apartment project that would raze popular Elizabeth bar and restaurant Jackalope Jacks, which is adjacent to the Savvy & Co. office.

Elizabeth-area neighbors had previously fought against the proposed apartment project from development firm Faison for increasing area density in the area of East 7th Street and North Caswell Road.

City Council approved Monday a much-revised version of Faison’s year-old proposal, which initially called for 200 apartments and then was reduced to 123 units.

The council OK’d up to 100 apartments at the corner of East Seventh Street and North Caswell Road on the 1.7-acre parcel of land in Elizabeth.

There was also prior concern about the exterior appearance of the proposed single 60-foot building, to which some council members objected.

The final plan is for 100 apartment and 30,000 square feet of non-residential space in two buildings with a two-level parking area in the back.

Developed mainly in the early 20th Century, Elizabeth’s spectacular trees have matured to form canopies over the streets. Its equally spectacular homes range from quaint bungalows to brick mansions and everything in between. Many of the interiors have been renovated to meet more modern standards without giving up the charm of the original exteriors.

Elizabeth Avenue and 7th Street are the main roads through the neighborhood, which is roughly bordered by Randolph Road and Independence Boulevard.

A $240 million redevelopment plan is under way as a collaborative effort between Grubb Properties and partner Novant Health (Presbyterian) and CPCC. In July, Grubb released its plan to add 550 apartments and 20,000 square feet of retail space along the streetcar line in Elizabeth.

The median price of a home in Elizabeth is approximately $262,000.

During the last 12 months, 42 homes have sold in Elizabeth for an average sales price of approximately $545,000. Expect to pay about $240 per square foot for a home.

Currently, there are 6 homes on the market in Elizabeth, 3 of which are already under contract as of Feb. 1. During the last year, an average of 3.5 homes sold each month, putting the current inventory at about 1.7 months.

Because of the limited land space in Elizabeth, homes tend not to sit on the market long; The 12-month average is 38 days. There are fully renovated homes that top $1 million and diamonds in the rough that can be had in the $200,000s.

The highest and lowest sold price for the last 12 months was just below $1.05 million and $282,000, respectively. Demand for the area is high, and homes average a closing price close to 98% of list price.

There are also a few condominium options in Elizabeth, such as The Grove and Elizabeth Court.

A substantial portion of Elizabeth, the Elizabeth Historic District, is listed on the National Register of Historic Places.

The neighborhood gets its name from Elizabeth College, a women’s Lutheran college established in 1897 that was located on the present site of Presbyterian Hospital. Elizabeth was also once home to William Henry Belk, the department store magnate. His former home is now property of Presbyterian Hospital and is used as office space.

The neighborhood’s rich history and proximity to Uptown make Elizabeth one of the most desirable areas in town. Luckily, it’s also home to some of the best dining – The Fig Tree, Carpe Diem and Cajun Queen – and shopping in town!