Charlotte's apartment boom has gone on so long now that new product is a little trickier than even this time last year. But developers are not discouraged, at least those who foresee continued demand in submarkets like the South End.
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"There's a lot of momentum and growth in Charlotte’s South End,” said Palmer McArthur, development manager at Pollack Shores Real Estate Group, which recently unveiled plans for a 350-unit apartment development at 327 and 349 Tremont Ave. “We anticipate continued housing demand in this neighborhood."
McArthur cited access to light rail as one factor, but also South End's other kinds of growth, such as grocery stores, office space and boutique hotels, which add to the desirability of the market. He noted that Pollack Shores — which is also active in a number of Southeastern multifamily markets — is particularly optimistic about the growth along West Tremont Avenue.
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The project will also include 2,500 SF of street-level retail. “This is [a] walkable corridor, and offering street-level retail will add to the street energy and walkability of the neighborhood,” Pollack Shores president and co-founder Steven Shores said. Design is underway on the development, which is within walking distance of Atherton Mill. Completion is slated for late 2018.
New apartment developments in Charlotte seem to be facing some headwinds. The good news is that the Charlotte market created about 22,000 new jobs during the 12 months ending in November. But that's down from 35,000 for the previous 12-month period. Also, more than 6,400 new units were completed in metro Charlotte during the 12 months ending in Q3 '16, according to Marcus & Millcihap, nearly 50% more than the previous yearlong period.
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