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NEW LIFE TO DEAD MULTIFAMILY

NEW LIFE TO DEAD MULTIFAMILY
Gastonia-based NLCM is picking up the pieces of an abandoned, 152-unit townhome project near NorthLake Mall and plans to convert it to about 240 rental units. (Out of the ashes, so to speak.)
 
Reames Road site where Gastonia-based NLCM is proposing a 240-unit apartment complex
TSR Commercial Real Estate Advisors? Ron Costner tells us the site is about 30 acres at Reames Road and Bayview Parkway. The now-defunct Portrait Homes  initiated the project several years ago as a townhome community, prepping 149 site pads for development, but walked away when parent company Pasquinelli Homebuilding went bankrupt. The new concept (including rental rates, amenities, and development cost) is still a work in progress, says Ron, who's advising on the project. NLCM (whose principal, Charles Gray, is also a principal at TSR) targeted the site since NorthLake Mall has been a multifamily magnet. It's filed a site amendment to allow the conversion, and a public hearing on the request is set for Feb. 20.
 
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