Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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Page 8 of 56

8 • October 2016 • Southeast Real Estate Business C A R O L I N A S CHILDRESS KLEIN, CROSLAND BEGIN CONSTRUCTION ON OFFICE BUILDING WITHIN WAVERLY IN CHARLOTTE CHARLOTTE, N.C. — Charlotte- based developers Childress Klein and Crosland Southeast have begun construction on The Hub, a six-story, 154,000-square-foot office building within the Waverly in south Charlotte. Designed by RJT+R, the building will feature exposed ceilings; modern lobbies and restrooms; a four-level, 840-space parking garage; and flexible floor plans. The Waverly is a 90-acre mixed-use development located at the intersection of Providence and Ardrey Kell roads. General contractor Shelco LLC expects to deliver The Hub in May 2017. Childress Klein and Cro- sland Southeast are co-developing the office building, the first of two within Waverly, in partnership with the Mat- thews family. SINGH OPENS $40 MILLION ASSISTED LIVING COMMUNITY IN CHARLOTTE CHARLOTTE, N.C. — Singh Develop- ment has opened Waltonwood Cots- wold, a 120,000-square-foot assisted living and memory care community in the Cotswold submarket of Char- lotte. The community is Singh's sec- ond Waltonwood-branded commu- nity in Charlotte. Development costs were estimated at $40 million. Walton- wood Cotswold is built on more than eight acres and features 91 assisted living apartments and 26 memory care apartments. Leah Nash is execu- tive director of the new community. Singh currently owns and operates nine other Waltonwood communities in Michigan and North Carolina and has several other communities in de- velopment and under construction. ARMADA HOFFLER, SOUTHERN APARTMENT GROUP TO DEVELOP $45 MILLION PROJECT IN CHARLOTTE CHARLOTTE, N.C. — Armada Hoffler Properties, a publicly traded REIT based in Virginia Beach, Va., has en- tered into a joint venture with South- ern Apartment Group to develop and own a new $45 million apartment community in Midtown Charlotte. The eight-story project will feature 225 apartment residences and a 350-space parking structure. Armada Hoffler and Southern Apartment Group plan to break ground on the property in the fourth quarter for a targeted comple- tion date in mid-2018. TERWILLIGER PAPPAS STARTS CONSTRUCTION ON SOLIS BEREWICK CHARLOTTE, N.C. — Terwilliger Pap- pas Multifamily Partners has broken ground on Solis Berewick, a 275-unit apartment community in Berewick, a mixed-use development in southwest Charlotte's Steele Creek area. The new multifamily community will be built adjacent to the Berewick Town Cen- ter's village green close to the Har- ris Teeter slated to open in October. Amenities will include a clubhouse, poolside pavilion with a firepit, fitness center and a pet park. Each of Solis Berewick's four buildings will include elevators. Terwilliger Pappas is part- nering with Cigna Realty Investors on the development, and Citizens Bank is providing construction financing. The development team includes archi- tect Cline Design Associates, interior designer Rule Joy Trammell Rubio, landscape architect and civil engineer LandDesign and general contractor Fortune Johnson. Solis Berewick will deliver its first homes and amenities for occupancy by mid-2017, with the entire community slated for comple- tion by early 2018. NAI AVANT ARRANGES $22.5 MILLION SALE OF MEDICAL OFFICE PORTFOLIO COLUMBIA, S.C. — NAI Avant has brokered the $22.5 million sale of a portfolio of nine Doctors Care facili- ties throughout South Carolina and Tennessee. Doctors Care, a wholly owned subsidiary of Blue Cross Blue Shield of South Carolina, operates more than 50 urgent and family care facilities with nearly 200 providers fo- cused on providing urgent care, fam- ily care, occupational medicine and employee wellness services. Dail Lon- gaker of NAI Avant represented the sellers, Medical Investment Holdings LLC and Port Royal Medical Invest- ments LLC, in the transaction. LAUREL STREET RESIDENTIAL BREAKS GROUND ON AFFORDABLE HOUSING COMMUNITY IN CHARLOTTE CHARLOTTE, N.C. — Laurel Street Residential has broken ground on a 112-unit affordable multifamily com- munity in the Belmont neighborhood of Charlotte. St. Paul Baptist Church is a partner in the development, which includes apartments for both seniors and the general public. The seniors housing component includes 60 units. The units are designated for seniors and families earning 60 percent of the area median income. The development is scheduled for completion by the end of 2017. Miles McClellan Construc- tion is the general contractor, Bohler Engineering is the civil engineer and Neighboring Concepts is the architect. Public and private investments are funding the development, including a 4 percent tax credit and tax-exempt bond allocations from the North Caro- lina Housing Finance Agency, a $4.4 million loan from the City of Charlotte Housing Trust Fund, an $8 million con- struction loan from Bank of America, permanent financing from Greystone and loans from the Zechariah Alexan- der Community Development Corp. and St. Paul Baptist Church. PORTMAN SIGNS REGIONS BANK TO OFFICE LEASE IN UPTOWN CHARLOTTE CHARLOTTE, N.C. — Portman Holdings has signed Regions Bank to a 63,806-square-foot office lease at 615 South College, a speculative 370,000-square-foot office building under construction in Uptown Char- lotte. Regions Bank is the first tenant to sign on at the 19-story office build- ing, which is expected to open in early 2017. The building is positioned at Up- town Charlotte's first light rail stop at Stonewall Station. Travis Garland of Portman Holdings, along with John Ball and Peter Conway of Trinity Part- ners, represented the ownership in the lease transaction. Sim Wilson, Mike Fa- hey and Mark Decherd of CBRE repre- sented Regions Bank in the lease deal. • 31,000 RSF floor plates ideal for traditional or creative floor plans • 14' 8"' Unfinished, 10' Finished Ceilings • Designed to achieve LEED Silver certification • Future on-site expansion space Features: • 4:1000 Parking Ratio; Option for higher ratios with 518 parking spaces on site • Floor-to-ceiling glass curtain wall panes provides abundant natural light • Highly visible signage with a corner location U N D E R C O N S T R U C T I O N Heritage Properties Inc. has selected Gilbane Building Company as the General Contractor and BB&T to provide construction financing for Legacy at Brier Creek. Mobilization has begun on site and construction is underway! Frank Quinn 919.582.3150 Kathy Gigac 919.582.3130 For more information on how to become part of the Legacy contact: Childress Klein and Crosland Southeast are co-developing The Hub, the first of two office buildings within the Waverly development in south Charlotte.

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