More development in NoDa, Third & Urban purchases $24,000,000 site by Lynx Sugar Creek Station
Real estate development along the light-rail line in NoDa is booming and the latest news is the redevelopment of a large site just a few blocks from our new condominiums at The Galleries NoDa and the Lynx Blue Line Sugar Creek Station.
Atlanta based developer Third & Urban purchased three parcels totaling 12.2 acres for $24,000,000. It is reported that two of the industrial buildings on the site will be redeveloped as adaptive reuse in addition to new construction development.
Jen Wilson with the Charlotte Business Journal reported on initial plans for the site according to Third and Urban’s managing partner Pierce Lancaster, “Our vision is to create a sense of place using the bones of the existing buildings which have so much character…. plans are still evolving as we initiate conversations with the community and we’re looking forward to participating in the evolution of this neighborhood.”
CBRE who brokered the sale of the parcels expects Third & Urban to create a something very special on the site. This is yet another example of the massive draw to The Arts District. “The NoDa submarket is one of the most popular areas in Charlotte among millennials and young professionals, and the population is on pace to grow over 33% in the next five years,” said Patrick Gildea, vice chairman with CBRE.
At The Galleries NoDa we are excited to observe even more growth adjacent to our iconic residential development. “It’s no wonder that our buyers see the benefit of investing in a new Galleries condominium in a neighborhood that offers the unique opportunity to live comfortably in the city’s most vibrant arts district while maintaining easy access to greater Charlotte and its outlying areas, said TJ Larsen, owner of My Townhome Realty. “We are excited to see Third and Urban’s 12.2 acre site mature and add yet another great amenity to NoDa, further solidifying this neighborhood’s position as one of Charlotte’s most desirable areas to live, work and play.”