Lennar Snaps Up TOD Site For Uptown Mixed-Use Development
LMC Block 42 Holdings, an entity affiliated with homebuilder Lennar, acquired a block in Uptown near the Blue Line extension, for $23M. The deal involved seven parcels roughly bounded by the extension and East Eighth, North College and East Ninth streets. Lennar is planning a mixed-use project that will be developed in stages, the Charlotte Business Journal reports.
Though a groundbreaking hasn't been scheduled, the tentative start for the first phase is in Q4 2017, and would include a mid-rise with apartments over ground-floor retail, plus a taller building also of apartments over retail. The number of units and the size of the retail portion is yet to be determined, according to Lennar.
The second phase is even more preliminary, but could include a commercial component, such as an office building, or a hotel. HFF Carolinas' Justin Good, Ryan Clutter, Allan Lynch and Travis Anderson repped the seller, Ninth Street Investors, which is affiliated with Levine Properties. [CBJ]