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Charlotte Real Estate News and Real Estate News/Links from Local and State Resources

Tue, Mar. 23, 2004

Home building gets big in NoDa
Project will put 250 condos, lofts on 14 acres

DOUG SMITH

A major development shift is occurring as NoDa, an arts district northeast of uptown, establishes itself as a trendy -- and affordable -- place to live.

The first wave of urban pioneers began renovating houses and restoring historic buildings 20 years ago in what natives know as North Charlotte, an early 1900s mill village.

More recently, a second wave of developers built small "infill" projects of 15 to 35 condos with loft and studio spaces among aging buildings along North Davidson and East 36th streets.

Now, the focus is turning to much larger-scale development.

Gateway Homes has just poured the foundation for the first phase of a 250-unit condo and loft project that will cover 14 acres and include office, retail and studio space.

"We've signed 13 contracts and we anticipate signing 10 more soon -- without advertising, without doing anything," said Doug Levin, who owns Gateway with partner Dave Ransenberg.

The Colony Lofts -- the company's first NoDa project -- sold its 25 townhomes and nine lofts within a month and generated a waiting list of buyers seeking condos in NoDa. Gateway notified them when it started the new development -- The Renaissance.

Levin said partners bought the site, on North Davidson about three blocks north of NoDa's center, about three years ago.

North Davidson and East 36th Street -- NoDa's square -- was the focal point of the neighborhood's revitalization, which began in the 1970s as dancers, actors and artists sought affordable mill houses and an artsy lifestyle.

Levin said Gateway's aim is to develop housing affordable to the young singles and young families attracted to the district's mix of galleries, shops, restaurants and performance venues.

Prices at The Renaissance start at $95,000 for a two-bedroom, two-bath townhouse-style unit totaling 1,025 square feet.

The largest unit -- 1,850 square feet -- sells for about $130,000 and includes an optional 180-square-foot rooftop deck, which would push the price to about $140,000.

Levin said about 80 percent of the condos will have one-car garages. Some units will have Juliet balconies and extra storage space.

The two-level townhomes will be stacked on top of each other, as well as some street-level retail shops.

The project will include about 20,000 square feet of ground-level office, retail and studio space, which Gateway is selling for $80 a square foot.

Other features: a pool, clubhouse, walking trail, preserved wetlands area and sculpture garden showcasing the work of Carolinas artisans.

The $35 million project will be constructed in three phases over about three years, Ransenberg said. The first units should be ready for occupancy by July.

The Renaissance isn't NoDa's only large-scale project.

Winter Properties is converting 100-year-old Highland Park Mill No. 3 to apartments in another venture at North Davidson and East 33rd Street.

And Urbana Urban Design is leading the effort to develop Herrin Towers, a 190-unit project of condos, lofts and single-family houses planned at Herrin Avenue and Spencer Street by Half Moon of Union LLC.

 

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