Developer The NRP Group has started work on its long-planned 309-unit project at Parkwood Avenue and Brevard Street, calling the property Parkwood Station, after the nearby future Blue Line light rail station. NRP Group just closed on the 3.5-acre site, paying Vision Ventures more than $6.5M, the Charlotte Observer reports.
Parkwood Station will include a majority of studios and one-bedroom apartments: 23 and 180 units, respectively. There will also be 98 two-bedroom units and eight three-bedroom units, plus 412 parking spaces.
The project is one station away from Wood Partners' 261-unit apartment development at 25th and Brevard streets. Wood is expecting an early 2019 completion for its project; NRP Group plans to be finished in early 2018. Together, the two developments represent about a quarter of all the new units underway near the Blue Line extension, which will kick off service in less than a year.
Cleveland-based NRP Group is no stranger to the Charlotte market. The company developed Loft One35 on West Morehead Street, later selling it to an affiliate of the Kuwaiti government’s investment arm.
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