Washington, D.C., developer Akridge and Virginia-based developer Kettler have partnered on two multifamily projects that will add a total of 865 new units to South End.
Both projects, a 450-unit, 31-story high-rise at 1427 South Blvd. and a 415-unit, seven-story midrise at 3119 South Blvd., are scheduled to break ground toward the end of the year.
Akridge and Kettler purchased 1427 South Blvd., a 0.9-acre property at the edge of South End and Dilworth, for $13.5 million on Dec. 20. The small business plaza currently there is home to Modern Man, Savvy Seconds Consignment, Fresh Nails, Lucky Fish and Destined To Make It.
On Jan. 11, the firms closed on the $17 million purchase of 3119 South Blvd., spanning 2.8 acres near lower South End. The property, formerly home to Pattons, Inc., is now vacant.
Dan Outen, Akridge vice president of the Carolinas, said the project at 1427 South will be about 550,000 square feet, and 3119 South will total about 400,000 square feet. Both properties will have ground-floor retail facing South Boulevard, as well as top-of-the-market amenities that include a resort-style pool, fitness center and co-working spaces.1427 will also have an outdoor terrace on the 10th floor and a rooftop sky deck.
Once construction begins, Outen said, 1427 will deliver in about 36 months and 3119 will deliver in about 24 months.
Luke Davis, Kettler chief investment officer, said Charlotte and the South End submarket, specifically, have been attractive for investment for the last several years.
“We are really attracted to the area given the growth of employment, as a whole, and the emergence of South End as a more urban neighborhood,” he said.
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These will mark the firms’ third and fourth projects in Charlotte.
South & Hollis, at 3441 South Blvd., is under construction now and expected to deliver this fall. The 310-unit, six-story building will have 9,500 square feet of ground-level retail. That project combines seven parcels for a total of 2.6 acres. Akridge and Kettler paid $9.3 million for that land. Hawkins Press, at 2200 Dunavant St., is a 426-unit multifamily project slated to deliver this summer.
Duncan Jones, Akridge senior vice president, said the firms plan to continue growing throughout Charlotte and the Carolinas as opportunities arise.
“The intent is to grow a lot in the Carolinas, in general, and respond to the best opportunities for the best projects,” he said. “A strength of ours is that we don’t need a specific, narrow business plan. We can be thoughtful and reactive and creative.”
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