Boulevard Development Corporation is LLC incurred $ 80 million in construction debt with S3 Capital Partners to fund the development of a luxury multi-family project in Charlotte, NC, Commercial Observer learned.
The loan will facilitate the construction of a project which will be located 1701 Boulevard East in Charlotte’s Dilworth neighborhood – in a prime area just south of the city’s downtown core, bordering the Great Atrium Health Carolinas Medical Center – and will sport 334 units, as well as an underground car park with 437 spaces, sources said. The case was concluded on July 27.
“Charlotte is one of the fastest growing cities in the country, with extraordinary population growth and development activity,” said the co-founder and director of S3 Capital. Joshua Crane. “We anticipate tremendous rental dynamics for this project, which offers a superior tenant experience with abundant amenities and an ideal location. “
GCG Advisory Partners‘ Joseph Hagner advised East Boulevard Development Co. on the transaction.
East Boulevard Development Company LLC is a registered entity with the State of North Carolina that is controlled by developers Brian phillips and Jim gross, according to information filed with the North Carolina State Department. Gross has a history of real estate development in the area.
In January 2020, the company acquired a handful of plots spanning 1.8 acres on the corner of East Boulevard and Lombardy Circle for just $ 7 million, with initial plans that envisioned four new buildings, including three eight-story condominiums and one five-story office asset that would have retail space on the ground floor. These plans also delineated a courtyard that would be above a four-level underground parking garage, the Charlotte’s Business Journal reported at the time, citing Mecklenburg County Records.
The 392,000 square foot project, however, will be built on 13 plots, which were assembled by Jim Gross Development Corporation, and is expected to be finalized and delivered to the market in the summer of 2023, according to sources familiar with the deal.
The property’s location next to the main Atrium Medical Center gives it access to one of the city’s major employers, and the asset will also benefit from a variety of stores just a few blocks away. Nearby there are three grocery stores – Harris rocking, The fresh market and Feeding lion – and a multitude of restaurants.