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Charlotte Commercial Real Estate

MILL BUILDINGS TO BE RENOVATED

The City of Charlotte recently sold the historic Johnston  and Mecklenburg mills properties in NoDa for just over $1.2M to Community Builders. The Pittsburgh, Pa.-based Mid-Atlantic office of CBI plans to renovate them for affordable multifamily housing, CBI region director Rob Fossi tells us. (A total development cost and rental rates haven't been set.) CBI?s bid beat a $1.1M offer from Charlotte-based Merrifield Patrick Vermillion. The project's in the heart of the NoDa district, known for its eclectic music and arts scene. CBI is working to secure $4.6M in federal stimulus money to help with the cost. Each building could have up to 85 units, and construction may start as soon as January.

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