(Read more on the multifamily market.)
CHARLOTTE, NC-Tampa, FL-based Phillips Development & Realty is planning to break ground on the 372-unit apartment component of the mixed-use Carlisle at University Center this month. The project is located at 708 McCullough Dr., with the first units expected to be delivered in October 2008.
Phillips Development secured a $32.4-million loan for the apartment project whose total cost is $42 million. Phillips Development & Realty site acquisition associate Jackson Naftel tells GlobeSt.com that the project will consist of 19 buildings and a clubhouse. The complex will contain one-, two- and three-bedroom units with an average size of 962 sf and target rents of just over $1 per sf.
Dallas-based Humphreys & Partners Architecture LP is the architect on the project, which incorporates Humphreys' "Big House" concept, in which the building is designed to resemble a mansion rather than an apartment building. The design features single-family home characteristics, like bay windows, pitched roofs and direct-access garages. LandDesign is the civil engineer on the project, Compass Bank provided financing and Real Estate Capital Partners is the equity partner on the project.
Location was a major factor in Phillips' decision to move forward with the project. Charlotte is known to be a livable city with strong job growth. Also, the area is home to several colleges and universities.
Phillips Development is exploring other development options for the site, which is zoned for apartment, hotel, office and retail uses. Naftel says a full-service or limited-service hotel is planned for the site, but specific details and a hotel operator have not yet been determined. The site is zoned for up to 200,000 sf of office space and 70,000 sf of retail space, but specific details of those components have not yet been established.
"We hope to break ground as soon as possible on these components, but do not want to rush it," he says. "We want these components to complement the apartments."
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