Paradigm didn't disclose its fee or the construction cost of the project in a press release, but industry estimators familiar with comparable projects tell GlobeSt.com the venture will cost at least $50 million.
Completion is expected in late spring of 2004. Cornerstone owns the land at Third and Church Streets. Though rents have not been determined, Paradigm plans to compete with Gateway Village a few blocks away on West Trade Street. Those apartments rent from about $750 per month.
The apartments will be on 14 floors atop an eight-story, 1,841-space parking deck. The residential component of the building will be 380,000 sf. Cornerstone plans a 28-story office building adjacent to the apartment project at Third and Tryon streets, and will begin construction when an anchor tenant is signed.
The apartment building will be Paradigm's first project in Charlotte. The company has completed projects in Virginia, Maryland, Washington, DC, Delaware, Pennsylvania, and New Jersey.
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