Independence Corridor Development Site

Independence Corridor Development Site

Charlotte, NC
Under Contract
  • Property Type: Development/Land
  • Property Size: / 13.15 Acres / 228 Units

Overview

Capstone Companies is pleased to present the Independence Corridor Multi-Family Development Site: a ±13-acre site located along the burgeoning Independence Boulevard (U.S. 74) corridor in Charlotte, NC and centrally located just a 7-minute drive to Uptown Charlotte, 10-minute drive to South End, 13-minute drive to South Park, 10-minute drive to Plaza Midwood, and 20-minute drive to the Ballantyne Corporate Park.

The Independence Corridor Development Site is ideally located squarely in the path of growth, sitting within a 3-minute drive of multiple development projects, including the proposed Silver Line light rail extension, the Eastland Mall redevelopment (future home of Charlotte's Major League Soccer headquarters), the 20-acre Meridian Place mixed-used development, and the MoRa Point retail development by Selwyn Property Group. Combined, these projects feature an abundance of office, retail, restaurants, and various lifestyle amenities.

The site offers multiple development strategies that could include traditional garden-style multi-family or townhome-style rental development. In 2019, current ownership rezoned the 9.3-acre portion of the site to allow a 119-unit for-sale townhome development. Due to the recent discovery of avoidable wetlands, the opportunity exists to rezone the property for greater density as a for-rent community.

Investment Highlights

Closest Comp: M-Station (2015), One Mile Away, $1375/Unit, $1.54 psf
Located Within 2,000 Feet of Future Silver Line Light Rail Station
Surrounded by Ongoing and Recently Completed Development Projects
7 Minutes to Uptown Charlotte and 150,000+ Jobs
Nonexistent Multi-Family Development Pipeline (Within 2.5 Miles)
Proven Path to Improved Entitlements with Owner Support

Contact Information

Eric Liebich Investment Sales Advisor P: 248.225.3706
O: 800.746.3175 ext. 730
eric@capstone-companies.com
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