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Think millennials are shunning homeownership? Think again

Despite common belief and many obstacles, millennials could soon become major players for the residential, single family homes market. Zillow.com (NASDAQ:Z), a real estate research website, conducted a poll about views on homeownership. In all but one category, the 18-to-34 age bracket expressed more favorable views than older generations. Millennials were much more likely to report that owning a home is necessary to live the good life, provides more personal freedom and is necessary to be a respected…

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New York REIT purchases second phase of Northlake apartments for $21.8 million

A New York real estate investment trust has purchased the second phase of the Ashton Reserve apartment complex near Northlake Mall. Bluerock Residential Growth REIT Inc. recently completed the acquisition of the second phase, which totals 151 units. The company paid $21.8 million, or $144,500 per unit, which Bluerock says compares favorably with pricing of $160,000 per unit for similar properties in the market. In August, Bluerock purchased the first 322-unit phase of Ashton Reserve, located on…

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Crescent Communities sets groundbreaking for Whole Foods-anchored project uptown

Crescent Communities plans to break ground on its Stonewall Station project in uptown Charlotte in early January. The company has scheduled a Jan. 6 groundbreaking ceremony for the mixed-use development, which will be anchored by a Whole Foods Market and will also include approximately 450 apartment units, two hotels and additional retail space. In November, the Charlotte real estate firm closed on its purchase of a 3.6-acre site at the intersection of East Stonewall and South Caldwell streets,…

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Florida firm planning South End project buys two apartment properties for $97 million

A Florida-based firm that is planning to build a new complex in South End has purchased two Charlotte apartment properties for $97 million. The Bainbridge Companies, headquartered in Wellington, Fla., recently purchased The Retreat at McAlpine Creek, a 400-unit complex off Pineville-Matthews Road in south Charlotte, for $55.5 million. The company also purchased Ashford Green, a 300-unit near UNC Charlotte, for $41.6 million. The Connor Group, a real estate investment firm based in Ohio, was the…

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Faison purchases site for apartments and retail for $8.8 million

Faison Enterprises has purchased a 5-acre site for $8.8 million in Optimist Park where the firm is planning a development with apartments and retail space. The Charlotte real estate firm purchased the industrial property from the Wellmon family, which earlier this year won a transit-oriented, mixed-use zoning for 9 acres on the west side of North Davidson Street, along the Lynx Blue Line extension. The site is bounded by North Brevard Street, Charles Avenue, Matheson Avenue and Jordan Place. Faison…

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Faison purchases site for apartments and retail for $10 million

Faison Enterprises has purchased a 5.7-acre site for $10 million in Optimist Park where the firm is planning a development with apartments and retail space. The Charlotte real estate firm purchased the industrial property from the Wellmon family, which earlier this year won a transit-oriented, mixed-use zoning for 9 acres on the west side of North Davidson Street, along the Lynx Blue Line extension. The site is bounded by North Brevard Street, Charles Avenue, Matheson Avenue and Jordan Place. Faison…

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Ravin: Market will reward thoughtful apartment design

When it comes to apartment design, David Ravin believes the market will soon begin rewarding those projects that have made the extra effort. Ravin is CEO of development firm Northwood Ravin, which is under contract to purchase a 3.76-acre city-owned site at the intersection of Caldwell and Stonewall streets. The city has said Northwood Ravin is planning a project up to eight-stories tall that will feature 400 apartment units and 50,000 square feet of office and retail space. The sale is expected…

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Camden planning rental townhome project next to Grandview complex

Camden Property Trust is planning a 28-unit rental townhome community for a 2-acre city-owned parcel between South Boulevard, East Morehead Street and Interstate 277. The site is adjacent to the company’s Camden Grandview apartment complex and would utilize Grandview’s existing amenities, according to real estate records. The townhome development would be accessed from South Boulevard, and Camden is planning roadway improvements including a turn lane and a new driveway. The property is one…

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New York Life buys Water Ridge office portfolio for $115 million

New York Life Real Estate Investors has purchased an 11-building portfolio at Water Ridge Office Park off West Tyvola Road for $115 million. Mainstreet Capital Partners and Goldman Sachs Group Inc. listed the portfolio for sale this spring. The buildings at Water Ridge, formerly known as LakePointe Office Park, total 844,958 square feet and are 82% occupied by tenants that include The Vanguard Group, SunTrust Banks Inc., Carolinas HealthCare System, Publix Super Markets and Midrex Technologies Inc. Built…

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KBS to buy uptown office tower for $147 million

A real estate investment trust managed by KBS has agreed to purchase the Carillon office tower in uptown Charlotte, according to a securities filing. The real estate investment trust, which is managed by KBS Capital Advisors, has agreed to buy the 476,308-square-foot building through a subsidiary for $147 million, according to the filing. The building, located at 227 West Trade Street, is owned by real estate firm Hines, which sold the Charlotte Plaza building earlier this year for $160 million. KBS…

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Bank of America signs 10-year lease renewal at Gateway Village

Bank of America Corp. has signed a 10-year lease renewal for its space at Gateway Village but appears to be downsizing a bit at the uptown Charlotte property. Cousins Properties Inc., the Atlanta-based real estate investment trust that owns the 1.1-million square-foot property with the bank, announced today that BofA has signed a renewal for 922,684 square feet. The company had previously leased the entire property in a deal that was set to expire at the end of 2016. “I’m delighted to announce…

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Lincoln Property Co. purchases uptown office tower for $71.6 million

Lincoln Property Company has purchased the 121 West Trade Street building in uptown Charlotte for $71.6 million. Lincoln purchased the 32-story office tower, located at the intersection of Trade and Tryon streets, on behalf on an Illinois pension fund client. The seller of the building, The Dilweg Cos., acquired the building two years ago for $59.6 million. “We have seen a recent surge of leasing activity at the building, underscoring the vibrancy of the uptown market, and we felt this was a…

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Big tenant MetLife makes big loan for Ballantyne Corporate Park

MetLife Inc., the largest tenant at Ballantyne, is now also a major lender to the south Charlotte office park. The Bissell Cos. has secured financing from MetLife Inc. for 2.5 million square feet of office space and two hotels at Ballantyne Corporate Park. MetLife provided Bissell with $345.6 million in non-recourse, long-term fixed rate debt for the properties, which did not include MetLife’s two buildings at the park. MetLife opened the headquarters for its U.S. retail business at Ballantyne…

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With First Ward Park open, what's next for Levine Properties?

This week marked the opening of First Ward Park, a new 4-acre park located along Brevard Street between ImaginOn and UNC Charlotte’s center city building. Developed by Levine Properties and Mecklenburg County, the park is expected to anchor a larger mixed-use redevelopment of eight blocks owned by Levine in the First Ward neighborhood. The county is scheduled to take ownership of the park later this month, with Levine swapping the park property in exchange for a county-owned block bounded by Eighth…

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20-story hotel and renovated Carolina Theatre expected to open in 2018

The construction of a planned 20-story hotel above the Carolina Theatre will occur simultaneously with renovations at the historic theatre, with both projects expected to start in mid-2016 and open in 2018, according to executives with Foundation for the Carolinas and Valor Hospitality Partners. The nonprofit foundation announced yesterday that it had selected Valor to develop the 200-room hotel above the Carolina Theatre. The foundation will lease the air rights to Valor, generating a revenue stream…

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Chen Development, Simonini Homes planning Cotswold townhome development

Davidson-based Chen Development and Simonini Homes are planning a 19-unit townhome development in Cotswold, at the corner of South Sharon Amity Road and Woodlark Lane. Chen Development has filed a rezoning request for a 1.4-acre site on the north side of South Sharon Amity Road. The property, located near the Cotswold Village retail center, consists of three single-family homes. Jeff Watson, a partner with Chen Development, says if the rezoning is approved, Simonini would bring its “City Homes”…

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Google Fiber leases former Dixie's Tavern building in uptown Charlotte

Google Fiber has leased the historic Philip Carey building, last occupied by Dixie’s Tavern, in uptown Charlotte. The company put up signs at the building today to coincide with the opening of First Ward Park, and Google Fiber is expected to move into the 12,000-square-foot space at the end of January, says Daniel Levine, head of Levine Properties, which owns the property. Google Fiber is currently working out of temporary space at the Transamerica Square building on North Tryon Street. Earlier…

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Foundation For The Carolinas selects developer for Carolina Theatre hotel project

The Foundation For The Carolinas has selected Valor Hospitality Partners to develop a 20-story, 200-room hotel above the Carolina Theatre. The foundation will lease the air rights for the hotel to Valor, generating revenue for the nonprofit, which purchased the uptown property at the corner of Tryon and Sixth streets from the city for $1 in 2013. The hotel is expected to generate an estimated $1.4 million in tax revenue annually, according to the foundation, which will not invest in the hotel. The…

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Charlotte Housing Authority seeks development proposals for prime site

The Charlotte Housing Authority is seeking development proposals for a 16-acre site in Dilworth where the organization envisions a mixed-use, mixed-income project featuring office, retail and a variety of residential units. The authority’s development subsidiary, Horizon Development Inc., is issuing a request for proposals for the site, which is anchored by the authority’s Strawn Tower and is bordered by South Boulevard, Templeton Avenue and Euclid Avenue. The Strawn building provides affordable…

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Firm planning 85-unit townhome project at former church site west of uptown

Hopper Communities is planning an 85-unit townhome development for the former Cannon Cathedral property just west of uptown Charlotte. The Charlotte real estate firm is seeking a rezoning for the 4.5-acre property at 200 Wesley Heights Way. In 2010, the city ordered the demolition of the former church at the site, known for its “Jesus Saves” sign atop the building. Prior to the recession, property owner New Bethel Church Ministries and Trevant Richardson planned a mixed-use project at the site…

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