Construction Activity Increases

This article In US News cites 10 cities where construction activity is returning to normal, and Charlotte is # 8 on that list.  It shows that we are up 23% in the area of multifamily (rental) housing.  Rentals remain very strong.  Here is a sampling of trailing 12 months at a few downtown condominiums:

• Avenue       33 leased average days on market 52
• Courtside    19 leased average days on market 36
• 5th&Poplar 26 leased average days on market 41
• Gateway      29 leased average days on market 51
• TradeMark  24 leased average days on market 31

This popularity in rentals is fueling developers to build more rentals.  Centro City Works is in the process of finalizing plans to begin construction in February on a rental building near the East/West LYNX Light Rail Station in the South End. 

Two other developments that have either finalized or received their building permits will place new apartment developments in downtown Charlotte, one on the corner of MLK Jr. Blvd and South Graham Streets across from the proposed construction site of the Charlotte Knights baseball stadium, and another at the intersection of West Fourth and Johnson & Wales Way in the Third Ward near the Doubletree Hotel.

Another potential site will occur when the former State Office Building on the corner of Graham and Trade Streets is torn down.  The building has been crumbling for the past 10 years at least, and an apartment/condo development was originally announced for that space.

Throw in the relocation of the Amtrak Station and MultiModal Terminal on South Graham and a picture of intense construction will change the character of the near Third Ward forever.

All this activity will help raise property values in the entire downtown area.